Global credit rating agency Fitch Ratings has upgraded Wema Bank’s National Long-Term Rating from BBB(nga) to A–(nga), reflecting improved financial stability and a stronger growth outlook for the bank.
The upgrade was announced via Wema Bank’s official statement on X on Thursday, confirming that the new rating has shifted the bank’s outlook from stable to positive.
Additionally, the Long-Term Issuer Default Rating (IDR) was affirmed at B-, reinforcing Wema Bank’s standing in Nigeria’s financial sector.
In response to the rating upgrade, Wema Bank expressed confidence in its market position, stating, “We’re proud to share that Fitch Ratings has upgraded Wema Bank’s National Rating from BBB(nga) to A–(nga) with a Positive Outlook. This milestone reflects our commitment to stability, growth, and excellence.”
Similarly, African rating agency GCR Ratings also upgraded Wema Bank’s National Scale Long and Short-Term Issuer Ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), maintaining a stable outlook for the bank.
Reaffirming its commitment to long-term resilience, Wema Bank commented, “GCR Ratings has upgraded Wema Bank’s national rating to BBB+(NG)/A2(NG), a testament to our 80-year legacy of resilience, excellence, and trust. We remain committed to building a future full of possibilities, with you by our side.”
Last month, Fitch Ratings affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating improvement is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, alongside a notable rise in profitability, driven by higher interest income and a stable base of low-cost current and savings deposits.
One of the key drivers of the upgrade is robust capitalization. According to Fitch, Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024, well above the regulatory minimum.
The agency added that additional capital raising efforts are underway to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Strengthening Market Position
The dual rating upgrades from Fitch and GCR indicate growing confidence in Wema Bank’s financial strength, operational efficiency, and long-term stability.
As the bank continues to expand its services and reinforce its market strategy, the positive outlook positions Wema Bank as one of Nigeria’s key players in banking and financial services.
