Nigeria’s Wema Bank has been evolving for over 80 years, growing from a cooperative bank into a leader in digital banking. With technology at its core, it’s enhancing customer experience and driving financial inclusion. The bank has remained at the forefront of innovation. Central to this innovation is ALAT, its pioneering digital banking platform, which has reshaped Nigeria’s financial landscape.
We spoke with Ajibade Laolu-Adewale, Chief Partnership and Ecosystems Officer at Wema Bank, whose leadership in digital transformation has positioned him as a key industry figure. His impact led to his appointment as Chairman of the Committee of e-Business Heads in Nigeria, where he now collaborates with leaders from all Nigerian banks to advance digital banking initiatives.
In our conversation, he shared how innovation is redefining banking in Africa, strengthening Wema Bank’s leadership, and accelerating change across the industry.
Providing instant customer service is key to retaining customers. And that is what digital transformation enables us to do, as a financial service provider.
Ajibade Laolu-Adewale
Chief Partnership and Ecosystems Officer at Wema Bank
A digital-first approach
Wema Bank saw the future of banking early. At its 70th anniversary, the bank launched its digital transformation strategy, resulting in ALAT, a fully digital banking platform. Today, the app has over 8 million active users, setting the benchmark for financial technology innovation in Nigeria.
“We built ALAT to simplify banking and bring financial services closer to people. The success of Nigerian fintech today owes a lot to ALAT’s use case in validating digital transformation strategies,” says Ajibade.
With ALAT, opening an account, activating a debit card, and managing transactions takes just minutes – all from a mobile device. Seamless KYC verification and automated onboarding make banking effortless, helping individuals and businesses easily access financial services.
Tailoring banking for a diverse market
Unlike traditional banking, which often needs multiple branch visits for account setup and transaction approvals, Wema Bank streamlined its customer experience through digital engagement. Customers can now control their banking preferences remotely, including managing cards and transactions while traveling.
For Wema Bank, customer segments are not about demographics – they are about tech affinity. Some customers embrace digital banking, while others prefer traditional methods. Maintaining a hybrid approach, Wema Bank ensures that financial services stay inclusive, accessible, and tailored to every customer’s needs.
The power of personalization and AI
Wema Bank’s innovation goes beyond digital banking – it’s about understanding customers at every stage of their journey. Ajibade firmly believes in Customer Lifecycle Management (CLM), leveraging AI-driven personalization to deliver tailored support. The result? More intuitive, seamless, and customer-centric banking.
We know when a customer downloads our app, even if they don’t complete registration. Our systems intelligently follow up via email, calls, or messages, ensuring they are guided through onboarding. Technology is the driving force behind this personalized engagement.
Ajibade Laolu-Adewale
Chief Partnership and Ecosystems Officer at Wema Bank
But AI isn’t just about acquiring new customers – it’s about keeping them engaged. Wema Bank uses AI-powered insights to reactivate dormant accounts, enhance retention strategies, and anticipate customer needs. This approach ensures timely financial solutions and improved user experience.
Infobip: Enabling seamless communication
Wema Bank’s digital transformation strategy is strengthened by its partnership with Infobip. While they currently use Infobip for SMS notifications, their vision is bigger – expanding our partnership to include real-time customer engagement through digital channels like WhatsApp.
While SMS still has a role to play in time -sensitive notifications like one-time passwords (OTPs), Adewale believes WhatsApp’s instant, interactive capabilities make it the preferred choice for banking interactions. At the time of writing, Wema Bank is exploring more avenues to expand their digital banking offerings including with WhatsApp, as they recognize the demand and potential that comes with the channel.
Infobip’s global reach ensures seamless message delivery, regardless of customer location. Their integration with Meta allows us to tap into AI-driven messaging solutions that improve banking efficiency and customer service.
Ajibade Laolu-Adewale
Chief Partnership and Ecosystems Officer at Wema Bank
As a key industry thought leader, Adewale envisions Infobip’s impact reaching far beyond Wema Bank – empowering African financial institutions with secure, scalable digital banking solutions that drive innovation and financial inclusion.
The future of Wema Bank and digital banking in Africa
Wema Bank is on a mission to build Africa’s most intelligent and engaging bank, powered by AI and automation. As financial services shift to digital, the bank remains focused on enhancing convenience, security, and customer experience – every step of the way.
“The future is now. Customers expect instant services, and banks that deliver will lead the industry. Through innovation and strategic partnerships, Wema Bank is redefining banking in Nigeria and beyond,” Ajibade concludes.
Wema Bank is not just keeping up with digital transformation – it’s playing a key role in shaping the future of banking in Africa. Thanks to its commitment to technology, financial inclusion, and customer-centricity, it continues to drive innovation in the industry.
