The Managing Director/Chief Executive Officer of Wema Bank, Ademola Adebise has said the bank remains a leading provider of human resources to the corporate world in Nigeria because of its giant digital posture in the banking space.
Adebise said Wema Bank parades itself today as bank to the FinTechs having launched the first fully digital bank in the country, ALAt as early as 2017.
The MD/CEO said this in Lagos on Saturday at the first reunion party for ex-colleagues of the bank.
Speaking in an interview with Newsclickng.com on how ALAT has performed and why industry players take keen interest in poaching Wema Bank staff, the computer scientist turned banker said:
“ALAT is performing superbly. It has given us visibility in terms of the brand equity, everybody looks up to ALAT, every FinTech in Nigeria makes use of ALAT especially when they are trying to attract foreign investors. There is no FinTech pitch that you hear in Nigeria that will not mention ALAT and we are very proud.
“It is a continuous process, since we launched ALAT in 2017, we have redesigned it. So what you are seeing today is like a second generation application and we will continue to do that. Today we also pride ourselves as the bank to the FinTechs. You know a lot of the FinTechs require settlement banks. We are the bank to a lot of the FinTechs. We continue to provide the human resources to the community. A lot of poaching is taking place, people are coming to poach our staff because we have a DNA that we have built in Wema Bank that is around digital so we’ll continue to invest.”
He noted that despite the harsh economic realities occasioned by the COVID-19 pandemic, Wema Bank closed year 2021 with positive numbers.
“In 2021 we closed with positive numbers. Our audit has just been completed; the accounts are going to be published before the end of March. It’s a much more improved performance compared to the previous year when we were all hit by the pandemic. And in 2022, we hope to be the dominant digital bank in Nigeria and we are working towards achieving that. As you know we launched the first fully digital bank in Nigeria, ALAT and it’s going to be a platform that grow even outside the shores of Nigeria.
Speaking on the importance of the reunion, Adebise said: “The reunion means a lot to us in the sense that it will engender strong community of ambassadors of the bank who will work towards the progress of the bank. For us it is a welcome development and also for members of the union it is an opportunity to connect with old folks and also be of help to the members.”
Nigerians, not CBN should be blamed for forex scarcity – Tunde Lemo
Also speaking at the reunion, Chairman of Titan Trust Bank, Mr Tunde Lemo said the Central Bank of Nigeria (CBN) should not be blamed for the insufficiency of forex in the country.
He noted that though the CBN has to tinker with the forex policy to pay the federal government’s debt, he insisted that Nigerians should be held responsible.
He argued that “because what determines the exchange rate of your currency is what you can offer to the world; so, if the demand for Nigeria product is very low compared to what we intend to import, definitely your currency will continue to take a plunge no matter what the CBN does.”
Lemo who was MD/CEO of Wema Bank from year 2000 – 2003 said he supports the advice of the International Monetary Fund (IMF) that there is a need to have a more market-friendly system of foreign exchange management.
“If CBN can do a bit of that, then we will see liquidity coming into the forex arena, but then Nigerians should be blamed for the depreciation of the naira because Nigerians have a high taste for ostentatious commodities imported from overseas,” he added.
Lemo commended the federal government for the role it played in helping the economy to exit recession within 15 months, adding that the banking industry has continued to add value to businesses because of its resilience spirit.
He hinted that the banking industry has been able to revitalise the economy notwithstanding the financial crisis of 2007 and 2008 and as well the challenges of COVID-19 witnessed in 2020.
He further explained that the economy did not take a plunge during the COVID-19 pandemic, adding that it was as if the banking industry foresaw the coming of the pandemic.
“Every bank today has migrated all its products to the digital platform and so whether COVID-19 pandemic is restricting you or not, banking business through the digital platform remains unaffected, and this was why we were to improve our Gross Domestic Product (GDP) in the first quarter and stood at 3.9,” he said.
According to him, “the GDP will continue to grow even though last quarter GDP performance was as a result of the lower base effect. The GDP will moderate in the first quarter and it will move up later especially this year which is before the election year. During an election year, we tend to see more inflation which will increase the GDP, there will be a lot of economic activities and it will be inflationary, so that is what I see on the horizon.
On the recent acquisition of Union Bank by Titan Bank, Lemo said: “The co-shareholders of Titan Trust Bank saw a unique opportunity in Union Bank; the bank has a legacy issue as a plus; the bank value is so much. The bank is a 104-year-old bank. The Union Bank’s presence is significant in the business environment. Titan Trust Bank has been looking at it, despite their age, they are the number one trade bank today. When you talk about trade financing, Titan Trust is number one and they saw an opportunity in Union Bank that can leverage our technology. Titan Trust is a bank that leverages fintech in deploying its services, which is why you don’t see our footprints all over the country and we thought by combining all that strength with the contemporary strength with the brand value of Union Bank we can make an impression in Nigeria by rapidly deploying modern banking to every nook and cranny. So, it is going to be a major synergy.”
