Wema Bank, Nigeria: My Candid Review
By Kemi Adeyemi
Banking in Nigeria isn't for the faint of heart, and if you’ve been here long enough, you know exactly what I mean. Between unreliable networks, long queues, and the occasional “system downtime,” finding a bank that doesn’t test your patience is a blessing. For me, Wema Bank has been an interesting experience—both as a customer and as someone who’s watched them evolve over the years. So, if you’ve been considering banking with Wema or just want to know how they stack up, let me share my honest thoughts.
First Impressions: Walking Into Wema Bank
I remember the first time I walked into a Wema Bank branch in Ibadan. It was a small branch—not flashy like some of the big names out there—but it had a welcoming vibe. The staff were polite enough, and the guy at the customer service desk even cracked a joke about how I came in “just before Jollof time.” You know how Nigerians can be with food.
Opening my account was straightforward. They didn’t ask me to bring my great-grandmother’s birth certificate like some banks seem to do. Everything was processed quickly, and I walked out within 30 minutes with my account details. For a first experience, it was decent.
ALAT by Wema: The Digital Pioneer
Now, if there’s one thing Wema Bank deserves serious credit for, it’s ALAT, their digital banking platform. ALAT is Nigeria’s first fully digital bank, and honestly, they set the pace for other banks to follow. You don’t even need to visit a branch to open an account—everything can be done online. I opened an ALAT account for my younger sister, and the process was ridiculously simple. She got her virtual card instantly, and her physical debit card was delivered to her within a week.
The app itself is user-friendly. You can do all the usual things—transfer money, pay bills, buy airtime—but what really stands out are the extras. For example, you can set savings goals and automate your savings. They even have a feature called “ALAT Virtual Dollar Card,” which I’ve used to pay for international subscriptions like Netflix and Spotify without any stress.
That said, the app isn’t perfect. There was a time I couldn’t log in for an entire day because their server was down. I remember thinking, “What if I had an emergency?” Thankfully, the issue was resolved quickly, but it’s something they need to work on.
Day-to-Day Banking: Smooth But Not Without Hiccups
For everyday transactions, Wema Bank gets the basics right. Their USSD banking service (*945#) is reliable and works even when you’re stuck in an area with poor network coverage. I’ve used it to send money to traders in the market and top up my phone when I ran out of airtime in the middle of a call. It’s fast, convenient, and doesn’t require a smartphone.
Their debit cards work well too. I’ve used mine to withdraw cash from ATMs, shop online, and pay at POS terminals without any major issues. However, Wema Bank’s ATM network isn’t as widespread as some of the bigger banks. If you’re in a remote area, you might struggle to find a Wema ATM, and using other banks’ ATMs means extra charges.
One area where Wema Bank really needs to improve is their branch network. In some states, their presence is almost non-existent. If you live in Lagos or Abuja, you’re fine, but if you’re in a smaller city or town, you might struggle to access their services physically.
Customer Service: A Mixed Bag
Ah, customer service—the make-or-break factor for any bank. Wema Bank’s customer service is alright, but it’s not exceptional. If you walk into a branch, you’ll likely be attended to without much delay. The staff are generally friendly and willing to help. However, resolving more complex issues, like a disputed transaction, can take time and requires follow-up.
Their online customer service is a different story. On social media platforms like Twitter (@wemabank), they’re very responsive. I once had an issue with a failed transaction, and after sending them a DM, they got back to me within an hour. The matter was resolved the same day.
Calls to their customer care hotline, on the other hand, can be frustrating. You might spend several minutes on hold, listening to that repetitive jingle, before speaking to an agent. It’s not ideal, but unfortunately, it’s a problem many Nigerian banks share.
What Wema Bank Does Well
One of the things I truly appreciate about Wema Bank is their commitment to innovation. ALAT alone is proof of that. They’ve also introduced several features to encourage financial inclusion, especially for young people and small businesses.
For example, their SME Banking services are designed to help small businesses get access to loans, manage their finances, and grow. I have a friend who runs a catering business, and she swears by their SME packages. According to her, the process of getting a loan was straightforward, and the interest rate wasn’t as outrageous as what some other banks charge.
Another thing I like is their effort to engage with customers. Wema Bank regularly organizes events and initiatives, like financial literacy workshops, to educate people about managing their money. It’s a small thing, but it shows they’re thinking beyond just profits.
Areas Where They Can Improve
No bank is perfect, and Wema Bank has its flaws. For one, their branch network is too limited. If they want to compete with the big players, they need to expand their physical presence, especially in rural areas.
Also, while ALAT is a fantastic platform, it needs better stability. Nobody wants to be locked out of their account because “the system is down.” They’ve already done the hard work of building a great app; now they need to make sure it works flawlessly.
Finally, Wema Bank could do more to reduce transaction charges. While their fees aren’t the highest, they’re not the lowest either. In a country where every naira counts, small deductions can add up and make a big difference.
So, is Wema Bank worth it? I’d say yes, but it depends on what you’re looking for. If you value innovation and digital convenience, Wema Bank—and especially ALAT—might be a great fit for you. They’ve set themselves apart as a forward-thinking bank that’s willing to try new things.
However, if you’re someone who relies heavily on physical branches or needs a bank with a huge ATM network, you might find Wema Bank a bit limiting.
At the end of the day, banking is personal. What works for me might not work for you, and that’s okay. But if you’re open to trying something new, Wema Bank is definitely worth considering.
What about you? Have you had any experiences with Wema Bank or ALAT? Whether it’s good, bad, or somewhere in between, I’d love to hear your thoughts!