Wema Bank Plc, the mid-tier lender that has long championed a “digital-first” retail identity, saw its deposit base swell by 30% to ₦3.28 trillion in 2025.
However, the surge was fueled predominantly by big-ticket corporate inflows rather than the retail momentum typically associated with its ALAT platform.
Corporate deposits jumped 35.8% to ₦2.35 trillion, significantly outstripping a more modest 17.4% growth in retail savings.
The shift suggests that while Wema remains a retail favorite, its recent aggressive pursuit of institutional liquidity has become the primary engine of its balance sheet expansion as it prepares for the 2026 recapitalization deadline.
The Institutional Pivot: Corporate Cash Leads the Way
Wema’s ability to attract ₦2.35 trillion in corporate funds signals a growing trust among institutional players:
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The “Wholesale” Surge: The 35.8% increase in corporate deposits highlights the bank’s success in capturing liquidity from government agencies, telcos, and FMCGs looking for competitive yields in a high-rate environment.
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Cost of Funds Implications: While corporate deposits provide “bulk” liquidity, they are often more expensive and price-sensitive than “sticky” retail deposits, potentially impacting the bank’s interest margins in 2026.
Retail Slowdown: Is ALAT Reaching a Plateau?
The 17.38% growth in retail deposits to ₦923.5 billion—while healthy—trailed behind the corporate segment:
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Competitive Squeeze: The slower retail growth may reflect the intense competition for “pockets” from fintech giants like Moniepoint and OPay, who have aggressively targeted the same digital-savvy demographic as Wema’s ALAT.
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Inflationary Pressure: With Nigeria’s inflation squeezing disposable income, the growth in “low-cost” retail savings accounts has naturally moderated across the banking sector.
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