Fitch upgrades Wema Bank’s national rating to A–(nga)

Global credit rating agency Fitch Ratings has upgraded Wema Bank’s National Long-Term Rating from BBB(nga) to A–(nga), reflecting the bank’s improved financial stability and promising growth prospects. The upgrade, announced on June 12, 2025, also saw the bank’s outlook shift from stable to positive, signaling stronger market confidence in Wema Bank’s operations and future performance.

The Long-Term Issuer Default Rating (IDR) was affirmed at B-, maintaining Wema Bank’s solid standing within Nigeria’s competitive banking sector. In a statement shared on social media, Wema Bank expressed pride in the milestone, highlighting it as a testament to their commitment to stability, growth, and excellence.

In addition to Fitch’s upgrade, African credit rating agency GCR Ratings also raised Wema Bank’s National Scale Long and Short-Term Issuer Ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), while maintaining a stable outlook. The bank emphasized its 80-year legacy of resilience and trust, reinforcing its dedication to building a robust future for its customers and stakeholders.

Last month, Fitch upgraded Fidelity Bank’s National Long-Term Rating to A+(nga) from A(nga), citing strengthened capital buffers and improved profitability as key drivers.

The positive outlook for Wema Bank highlights its growing financial strength and operational efficiency, positioning it as a key player in Nigeria’s banking landscape.