Wema Bank cuts fraud losses by 95% in 2024
- Wema Bank reported a 95% reduction in fraud losses for 2024, falling to ₦29 million.
- The bank's profits more than doubled to ₦86 billion from ₦35 billion in 2023.
- Gross earnings increased by 91% to ₦432 billion from ₦225 billion in 2023.
Wema Bank's impressive turnaround in fraud management and financial performance highlights the importance of robust compliance measures and technological advancements in the banking sector. The bank's ambitious goals for growth and status elevation reflect a proactive approach to market challenges, but it will be crucial to monitor how effectively they can implement their plans and maintain this momentum.
