Wema Bank secures $50m facility from foreign correspondent banks

Wema Bank has secured over $50 million in trade lines from various foreign correspondent banks and development finance institutions in excess of $20 million to support SMEs, amongst others.

Through these developments, the bank has reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs whilst also underscoring the confidence of foreign financial institutions in the bank’s risk management systems.

In a previous statement, Wema Bank said that it remained committed to providing the value-adding financial support to various sectors of the Nigerian economy – especially as it relates to SMEs.

Wema Bank’s recent return to profitability has been hailed as outstanding by industry watchers and investors given the challenges faced before the new management came on board.

However, the management’s commitment to the transformation process it put in place has been hugely successful and has seen it return to profitability within four years whilst also instituting sound corporate governance and risk management frameworks in the process.
Established in 1945, Wema Bank offers various international trade and treasury services to its customers.