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E-Financial

KPMG Ranks Wema Bank Among Customer Experience Leaders

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The support of Nigeria’s leading digitally driven financial institution, Wema Bank, for Small and Medium Enterprises (SMEs) has been recognized in the 2021 KPMG Nigeria Banking Industry Customer Experience Survey.

The report classifies Wema Bank as number three in SME Banking, this is three-places higher than the bank’s 2020 classification.

Wema Bank has been consistent in her drive to support the growth and development of SMEs in the country. The bank has initiated several financial and advisory support programs to boost SMEs, some of which include: Single digit loans for women, uncollateralized loans for SMEs, quarterly SME webinars, access-to-market initiatives, and a plethora of other advisory and support services

In the last one year, Wema Bank pioneered the establishment of the first bank-led SME business school in the country, aimed at boosting critical knowledge and capabilities for SMEs at no cost to beneficiaries. The business school which enjoys the support of Frankfurt School of Finance and Management, Germany, has reputable consultants and organizations such as Ernst & Young, MTN, Microsoft, Google, Agusto, etc. facilitate at the program.

The KPMG survey ranked banks using the six pillars of customer experience excellence, including integrity (being trustworthy and engendering trust), resolution (turning a poor experience into a great one) and expectations (managing, meeting and exceeding customer’s expectations. The others were empathy (understanding the customer’s circumstances to drive deep rapport), personalization (using individualized attention to drive emotional connection) and time and effort (minimizing customer effort and creating frictionless processes).

In a statement on the survey report, KPMG said, “This year’s leaders show digital banking excellence and have adapted well to higher transaction volumes and complaints.”

Commenting on the bank’s KPMG ranking, Ademola Adebise, managing director/CEO, Wema Bank, said it was an affirmation of the bank’s commitment to the growth and well-being of SMEs as critical contributors to the economy.

He said, “At Wema Bank, we recognize SMEs as an important part of the economy, and we are always on the lookout for their well-being. We are happy that the SMEs acknowledge our contributions, hence our ranking”

Speaking further, he stated that recognitions such as this are an invitation to do more. He therefore gave the bank’s unwavering commitment to intensifying its support to SMEs in year 2022.

Recall that in 2020, Wema Bank received the SME Bank of the year award from Business Day and in 2021, the bank has again received this recognition from KPMG as a customer experience leader in the banking industry. This is definitely a bank to lookout for in 2022.

The KPMG Nigeria Banking Industry Customer Experience Survey has been held annually for the last 15 years with the 2021 edition themed “Changing Customer, Changing Priorities”.


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E-Financial

GTCO to Become First Nigerian Bank to List on London Stock Exchange

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By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.

GTCO to Become First Nigerian Bank to List on London Stock Exchange

As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.

The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.

On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.

It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.

In place of the GDRs, the group will list all its ordinary shares directly.

aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.

The shares will also begin trading on the LSE’s main market for listed securities.

According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.

Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.

This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.

As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.

 


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E-Financial

NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

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The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.

Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.

The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.

This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.


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E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

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World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


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