One of Nigeria’s most innovative banks, Wema Bank has recorded a boom in its electronic banking channels in 2022 as it generated N6.1 billion from its digital banking platform.
This was disclosed as part of its 2022 audited financial statement recently released.
The 2022 e-banking revenue represents a 79% increase compared to the 3.4 billion the bank generated from electronic channels in 2021.
According to the bank, the bank’s digital banking platform, ALAT was behind the growth as it gained traction and attracted more customers in the year under review. ALAT recorded a 131% increase in the number of customers on-boarded in 2022.
In addition, Wema Bank said its other card products also recorded a 98% increase in the number of new customers within the year.
Speaking on the bank’s crucial impact of its electronic banking channels, Wema Bank’s Chairman Board of Directors, Babatunde Kasali, said, “ALAT continues to be a key growth driver and success story for the Bank, recording a year-on-year increase of over 853,092 in the number of actively transacting customers on the platform.”
With the rollout of new and innovative features on ALAT, and our ALAT for Business platform, we are sure of increased growth and heightened performance on both platforms in the coming year.
“Wema Bank has always worked to put its customers first and meet their needs every step of the way, whether through their local bank branch or through ALAT, the digital banking platform. We will continue to work towards our goal of becoming Nigeria’s dominant digital banking platform, an objective that requires an unwavering focus on our digital business, a key lever for customer acquisition, retention, and engagement.”
Meanwhile, the bank observed that the increase in the use of its electronic channels has also led to an increase in the number of complaints received from its customers. It, however, said the complaints are being resolved promptly.
“While the growth in the level of adoption of our alternate/digital channels by customers has posed its own challenges, most notably the increase in the number of customer complaints received, the upgrade of the infrastructure/technology powering our contact center (Purple Connect) during the course of the year and the upscale in the skill set of our agents have ensured that customers’ complaints are resolved promptly with very minimal disenfranchisement reported,” the bank stated.