[Nigeria] Wema Bank Partners Bank of Uganda

Wema Bank has disclosed that it recently hosted some staff of Uganda's apex bank; The Bank of Uganda (BoU), on a week-long knowledge and skills sharing session on balanced score card and performance management.

Speaking on the BoU's decision to visit Wema Bank, Mrs Agnes Kamya Kijjambu, who led the delegation from Uganda, said the Bank of Uganda decided to partner with Wema Bank after an extensive research.

"While making our findings, Wema Bank was recommended to us by the Balanced Scorecard Institute, Washington. The Institute assured us that Wema Bank is one of the leaders in the Nigerian banking industry in terms of best practices in strategy and performance management," said Kijjambu.

A statement from the bank explained that Wema Bank's Performance Management System was overhauled in 2013 with the adoption of the Balanced Scorecard methodology, in partnership with Balanced Scorecard West Africa.

This, it said was in line with the bank's Project LEAP growth strategy that seeks to propel it to be a leading player within the retail and digital banking landscape.

"The Balanced Scorecard approach has led to improved effectiveness and productivity of staff, which has helped the bank to continue its steady growth. The bank closed the second quarter with an increase of 15.2 per cent in interest income to N20.16 billion and a rise of 21.6 per cent in non-interest income to N4.11 billion. Profit before tax rose by 11 per cent to N1.3 billion when compared to the first half of last year.

"The bank has continued its branch modernization and expansion growth plans by reopening its branches in Lokoja and Minna. More branches are expected to be opened before the end of 2016," the statement added.

Established in 1945, Wema Babillion R of Nigeria's longest surviving indigenous bank. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its customers. In 2009, the bank initiated a strategic repositioning exercise which culminated in a decision to operate as a commercial bank with regional authorisation in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011.

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