Empowering Nigerian youths: Wema Bank’s 79 years legacy of impact and innovation

In a world where opportunities are the currency of progress, Wema Bank has stood as a steadfast ally, empowering Nigerian youths for over seven decades. Founded in 1945 as Agbonmagbe Bank Limited, Wema Bank has undergone a remarkable transformation, evolving from a regional bank to a national bank. Through strategic expansion and a relentless focus on innovation, Wema Bank has cemented its reputation as Nigeria’s most digitally innovative bank, leveraging technology to provide seamless banking solutions to millions of youths nationwide.

While many banks that started alongside Wema Bank have faded into obscurity, Wema Bank has continued to thrive and evolve, staying true to its core values while embracing change and innovation. The introduction of ALAT in 2017 marked a significant milestone in Wema Bank’s journey, propelling it to the forefront of digital banking in Africa. With its intuitive interface and seamless user experience, ALAT quickly captured the attention of millions of users, becoming the preferred banking app for youths seeking convenience, flexibility, and financial freedom. ALAT’s innovative approach to banking has earned it accolades and recognition, solidifying its position as a trailblazer in the industry.

Beyond its user-friendly design, innovative features, and commitment to financial inclusion, the ALAT app extends beyond traditional banking channels, catering to the digital wants and needs of today’s tech-savvy youth. ALAT’s accessibility is further enhanced by its USSD Code (*945#), empowering users to perform transactions with just a few taps on their smartphones, providing a convenient alternative for users without smartphones or internet access.

In addition to its accessibility, ALAT offers a diverse range of features and products tailored to meet the dynamic lifestyles of Nigerian youths. ALAT Goals revolutionizes the concept of savings, enabling users to set and achieve their financial goals with ease. Furthermore, ALAT Loans provide quick and hassle-free access to credit, allowing youths to seize opportunities and overcome financial challenges without delay.

With ALAT For Business and ALATPay, the app also caters to young entrepreneurs, simplifying business operations and facilitating growth. Overall, ALAT’s commitment to accessibility, innovation, and youth empowerment continues to redefine the banking experience in Nigeria, ensuring that every young Nigerian feels empowered and supported on their financial journey.

Building on the success and impact of ALAT, Wema Bank has expanded its efforts to further support the aspirations of young Nigerians. Through strategic alliances with government agencies, educational institutions, and industry stakeholders, Wema Bank has spearheaded initiatives that transcend traditional banking services. From entertainment to entrepreneurship, digital skills to financial empowerment, Wema Bank’s commitment to nurturing talent and fostering innovation has left an indelible mark on the lives of Nigerian youths.

The journey begins with Sounds of ALAT, a groundbreaking competition aimed at discovering and nurturing musical talent among Nigerian youths. This initiative not only provided a platform for aspiring artists to showcase their creativity but also offered mentorship and support to help them realize their dreams while making an ever-lasting impact on the creative scene by creating the official ALAT jingle. The winners, OnyealisigweBright, Fashoro Taiye, and Kareem Tomiwa, embody the transformative power of music and the impact of Wema Bank’s support. Collectively, Wema bank rewarded them with over N5,000,000 in prizes, with the top three participants receiving cash prizes of N3 million, N2 million, and N1 million, respectively.

Entrepreneurship lies at the heart of Wema Bank’s mission to empower Nigerian youths, as evidenced by the Transforming Nigerian Youth Program. This initiative, launched in partnership with the MasterCard Foundation and the Entrepreneurial Development Center, provides aspiring entrepreneurs with the skills, funding, and mentorship needed to succeed. While still in progress, the five top participants of this program who have exemplified the resilience and innovation fostered by the program were bestowed with cash rewards totaling N2,500,000 from Wema bank, with each recipient receiving a grant of N500,000 to fuel their entrepreneurial endeavors.

Hackaholics, Wema bank’s youth and startup-focused initiative that provides a platform for young innovators with game-changing ideas and products to bring their ideas to life through technology, is not only giving young creatives across different verticals a platform but also redefining Africa’s future for the better. This youth-focused ideathon provides a platform for aspiring innovators to bring their ideas to life and address pressing societal challenges. Since its inception, Hackaholics through Wema bank has harbored a vision of empowering the next generation of innovators and problem-solvers.

Hackaholics cultivate essential skills such as problem-solving, critical thinking, and collaboration, equipping participants with the tools they need to thrive in the digital age. Jane Agbohowo’srevolutionary healthcare platform, IRETI, is a testament to this. Hackaholics not only provided her with the financial backing of up to 15 million naira to launch but also connected her with industry experts who helped refine her vision. Today, IRETI is making a significant impact in the healthcare sector.

Nelson Atonwu’s mobile money management app, GRIP, is another example of the transformative power of Hackaholics. These success stories, along with many others, have emerged from the event, showcasing its impact on nurturing young African talent and rewarding participants with grants to scale their solutions and turn their ideas into reality.

With Wema Bank positioning itself as a leader in a rapidly digitizing world and with an unyielding commitment to youth empowerment, the FGN/ALAT Digital SkillnovationProgramme stands as a catalyst for digital empowerment and economic prosperity. This initiative, launched in collaboration with the Federal Government of Nigeria, aims to equip millions of Nigerian youths and small businesses with essential digital skills.

Through this strategic partnership with the government, the program unlocks access to markets, connects participants with investors, and accelerates the growth of budding startups. While also offering funding opportunities, including angel investment, venture capital, and seed funding, to participants to help accelerate the growth and expansion of their ventures, validate business models, and attract additional investors. As participants graduate, enter the workforce, or launch their ventures, they become agents of change, driving Nigeria’s digital agenda forward and shaping the future of its economy.

Recognizing the importance of meeting youths at every touchpoint, Wema Bank launched the NYSC-ALAT Accelerator Programme to empower National Youth Service Corps (NYSC) members with free training, mentorship, and access to finance. This initiative fosters a culture of entrepreneurship and innovation among Nigeria’s youth to help reduce unemployment and underemployment rates, thereby stimulating economic performance and national development.

In the realm of financial empowerment, Wema Bank’s 5 for 5 Promo stands out in its commitment to transforming lives. Through this innovative promotion, Wema Bank has rewarded many Nigerians with monthly cash prizes, providing young Nigerians like Divine Nwangwu and Muritadho ShakirohOpeyemi with N1 million cash prizes each to help them achieve their dreams.

With these initiatives, Wema Bank is reshaping the narrative of youth empowerment in Nigeria, empowering individuals to unleash their full potential and shape a brighter future for generations to come.

Amidst Wema Bank’s array of youth-focused initiatives lies Sara by Wema, a guiding light of empowerment for young women across Nigeria. This initiative, specifically designed to support and uplift young women, embodies Wema Bank’s commitment to gender equality and women’s empowerment.

At its core, Sara by Wema aims to create a nurturing and inclusive community where young women, ladies, and girls can thrive and feel valued. Sara by Wema offers a range of programs tailored to meet the unique needs and aspirations of young women. From financial literacy workshops to entrepreneurship training and leadership development programs to mentorship initiatives, Sara by Wema equips young females with the skills and confidence to pursue their dreams and overcome obstacles.

Perhaps most importantly, Sara by Wema creates a sense of belonging and sisterhood among its members. Through networking events, peer support groups, and community engagement activities, Sara by Wema ensures that young women feel valued, respected, and supported as they navigate their personal and professional journeys.

In essence, Sara by Wema is more than just an initiative—it’s a movement. It’s a movement that empowers young women to dream big, break barriers, and shatter stereotypes. It’s a movement that celebrates the potential and promise of every young woman, and it’s a movement that is changing lives and shaping the future of Nigeria, one empowered young woman at a time.

Over the past 79 years, Wema Bank has served as a guiding light for Nigerian youths, embarking on a transformative journey that has reshaped the country’s youth development landscape. From its origins as Agbonmagbe Bank Limited to its evolution into the pioneer of Nigeria’s most digitally innovative bank, Wema Bank has remained steadfast in its commitment to nurturing talent, driving innovation, and fostering growth across various sectors.

Through strategic initiatives and partnerships, Wema Bank has provided young Nigerians with the tools, resources, and opportunities they need to thrive in a rapidly changing world. Initiatives such as the FGN/ALAT Digital SkillnovationProgramme, the NYSC-ALAT Accelerator Programme, the 5 for 5 Promo, Hackaholics, the Sounds of ALAT competition, and the Transforming Nigerian Youth Programme have impacted various sectors of youths’ lives, including education, entrepreneurship, financial literacy, employment opportunities, innovation, and community engagement.

With each dawn of a new day, Wema Bank remains committed to youth empowerment, with a renewed focus on digital innovation, entrepreneurship, and community engagement, and is poised to continue shaping the future of banking and empowering lives for generations to come. As the bank reflects on its remarkable journey, one thing remains clear: Wema Bank is not just a financial institution; it is a catalyst for change, a champion of progress, and a ray of hope for Nigerian youths, empowering them to dream big, reach their full potential, and create a better tomorrow for themselves and their communities.