Wema Bank upgrades to national banking licence

Wema Bank Plc, formerly a regional player can now operate throughout the federation following the upgrade of its license to National by the Central Bank of Nigeria (CBN).

The upgrade granted by the apex bank on November 17 has also  been conveyed to the Nigerian Stock Exchange NSE, informing the capital market platform of its new status which has now moved from a regional player to one with national appeal.

The lender in a statement said, ” the upgrade of the Bank’s license from a Commercial Banking license with Regional Authorization to that of a Commercial Banking license with National Authorization was conveyed in CBN’s letter dated November 17, 2015.”


With this development, flurry of operational activities is expected to commensurate with its new status.

“Wema Bank is expected to increase its branches network and Information Technology platform.
As it is, the Bank might be seeking investors support in raising fresh capital in order to drive its commercial banking operators,”  market analysts said.

The apex bank graded banking license after the repeal of the universal banking guidelines and replaced it with three grade of licenses namely regional, national and international.

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