# Wema Bank

> Source: https://docs.barcoder.ai/docs/wallets/wema-bank
> research date 2026-06-01 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Wema — official](https://www.wemabank.com/)

## Key details

- **Parent:** Wema Bank Africa's first fully digital bank launch May 2 2017

## Overview

**Wema Bank** is **NGX: WEMABANK** + **Nigerian commercial bank** + **Nigeria's oldest indigenous commercial bank since May 2 1945** + **one of Nigeria's largest commercial banks** + **ALAT by Wema Bank Africa's first fully digital bank launch May 2 2017** <sup>[1][1], [Nigeria report](https://docs.barcoder.ai/docs/payments/NG)</sup>.

## History

**May 2 1945 — Agbonmagbe Bank founded by Chief Matthew Adekoya Okupe as Nigeria's oldest indigenous commercial bank** distinctive Nigerian banking heritage.

**1969 — Agbonmagbe Bank renamed Wema Bank**.

**May 2 2017 — ALAT by Wema Bank launched as Africa's first fully digital bank** distinctive Nigerian + African digital banking pioneer.

## Ownership & operator

**Operating entity**: **Wema Bank Plc** (Nigerian commercial bank; NGX: WEMABANK).

**Major shareholders**: **Nigerian retail + institutional + foreign investors free float**.

**Regulators**: **CBN Central Bank of Nigeria**.

## Technical integration

ALAT by Wema mobile app (iOS + Android; ~2.5M+ Wema Bank + ALAT customers) + wemabank.com online + Wema Bank branch network across Nigeria + Wema Visa + Mastercard + Verve cards; NG IBAN + NIBSS Instant Payments + NQR Nigeria.

## Implementations & partners

**Wema Bank digital subsidiary**: ALAT by Wema (ALAT by Wema Bank; Africa's first fully digital bank since May 2 2017 launch).

**Major Nigerian banking + payments competitors**: [Zenith Bank](https://docs.barcoder.ai/docs/wallets/zenith-bank) (Zenith Bank; NGX: ZENITHBANK; Nigerian commercial bank; one of Nigeria's largest commercial banks) + [First Bank of Nigeria (FirstMobile)](https://docs.barcoder.ai/docs/wallets/first-bank-nigeria) (First Bank of Nigeria FBN; NGX: FBNH; Nigeria's oldest commercial bank since 1894) + [GTBank (Guaranty Trust Bank; GTWorld)](https://docs.barcoder.ai/docs/wallets/gtbank) (Guaranty Trust Bank GTBank; NGX: GTCO; Nigerian commercial bank) + [Access Bank](https://docs.barcoder.ai/docs/wallets/access-bank) (Access Bank; NGX: ACCESSCORP; Nigeria's #2 commercial bank by assets) + [UBA (United Bank for Africa)](https://docs.barcoder.ai/docs/wallets/uba) (UBA United Bank for Africa; NGX: UBA; Pan-African banking group) + [Union Bank of Nigeria](https://docs.barcoder.ai/docs/wallets/union-bank-nigeria) (Union Bank of Nigeria UBN; NGX: UBN; Titan Trust Bank parent) + [Fidelity Bank Nigeria](https://docs.barcoder.ai/docs/wallets/fidelity-bank-nigeria) (Fidelity Bank Nigeria; NGX: FIDELITYBK; Nigerian commercial bank) + [Ecobank / Ecobank Mobile App](https://docs.barcoder.ai/docs/wallets/ecobank) (Ecobank Transnational Inc; ETI; Pan-African banking group across 35+ African countries) + [Stanbic IBTC Nigeria / Stanbic IBTC Mobile 3.0 (APPbility)](https://docs.barcoder.ai/docs/wallets/stanbic-ibtc) (Stanbic IBTC; NGX: STANBIC; Standard Bank Group Nigerian subsidiary) + [OPay](https://docs.barcoder.ai/docs/wallets/opay) (OPay; Nigerian super-app + mobile money) + [Kuda Bank](https://docs.barcoder.ai/docs/wallets/kuda-bank) (Kuda Bank Nigerian digital bank) + [Carbon](https://docs.barcoder.ai/docs/wallets/carbon) (Carbon Nigeria digital bank) + [Flutterwave](https://docs.barcoder.ai/docs/wallets/flutterwave) (Flutterwave; Nigerian fintech) + [Paystack](https://docs.barcoder.ai/docs/wallets/paystack) (Paystack; Stripe-owned Nigerian payment processor).

**Regulators**: CBN Central Bank of Nigeria.

## Status

**Active, NGX:WEMABANK + Nigerian commercial bank + Nigeria's oldest indigenous commercial bank since May 2 1945 + one of Nigeria's largest commercial banks + ALAT by Wema Bank Africa's first fully digital bank launch May 2 2017** <sup>[1][1], [2][2]</sup>.

## Sources

[1]: https://www.wemabank.com/ "Wema — official"
[2]: https://en.wikipedia.org/wiki/Wema_Bank "Wema — Wikipedia"
[ng-cro]: https://docs.barcoder.ai/docs/payments/NG

- [1] [Wema — official][1]
- [2] [Wema — Wikipedia][2]
- <sup>[Nigeria report](https://docs.barcoder.ai/docs/payments/NG)</sup> In-corpus: `reports/countries/NG-nigeria.md`

## Source

Biography extracted from [wema-bank.md](https://docs.barcoder.ai/source/wallets/wema-bank). See `matrix.md` for standards-support matrix if present.