Banking
Wema Bank Grows Pre-Tax Profit by 231% in H1 2025, NPL at 3.17%
By Aduragbemi Omiyale
In the first half of 2025, Nigeria’s oldest indigenous bank, Wema Bank Plc, increased its profit after tax by 231 per cent to N101.2 billion from N30.55 billion in the same period of last year.
The pioneer of Africa’s first fully digital bank, ALAT, disclosed this information in its unaudited consolidated financial statements for the period ended June 30, 2025.
In the result submitted to the Nigerian Exchange (NGX) Limited, the company its gross earnings also improved by 70 per cent to N303.2 billion from N178.6 billion in the first half of 2024, with interest income expanding by 65 per cent to N240.1 billion from N145.5 billion and the non-interest income growing by 91 per cent to N63.08 billion from N33.10 billion in H1 2024.
The financial documents showed that the balance sheet of Wema Bank remained robust and well-structured, with total assets up to N3.963 trillion in H1 2025 from N3.585 trillion in the same period of last year.
Further, deposit base increased by 3 per cent on a year-to-date basis to N2.60 trillion from N2.523 trillion in FY 2024, loans and advances soared by 19 per cent to N1.426 trillion from N1.201trillion in FY 2024, and the non-performing loan (NPL) ratio stood at 3.17 per cent as at H1 2025, reflecting its continued focus on maintaining asset quality.
Further, the Return on Average Equity (ROAE) grew by 60.40 per cent, the Return on Average Assets (ROAA) increased by 4.64 per cent, the Capital Adequacy Ratio (CAR) was at 13.68 per cent, and the Cost-to-Income Ratio gained 47.55 per cent.
“Three years ago, we took our pre-tax profit from N14.75 billion in 2022 to N43.59 billion in 2023, and in 2024, our PBT stood at an impressive N102 billion.
“Now, just halfway through 2025, we have achieved over 99 per cent of our 2024 full-year PBT in just H1, and for us, this is just a starting point,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.
“As a bank, we have remained committed to surpassing expectations and redefining limitations and this is a standard we are prepared to uphold relentlessly.
“Wema Bank is the Bank that works for all and we will continue to pull all stops in delivering optimum value to every stakeholder, from our shareholders to customers, employees, partners, regulators, and every person and institution who has played a part in our 80-year journey and beyond,” he added.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
