By 
By Osasome, C.O
Move underscores the bank’s strategic role in safeguarding trust, resilience and growth in Nigeria’s digital economy
Wema Bank Takes Proactive Stand Against Digital Fraud
Wema Bank has suspended customer engagements on Telegram as a proactive security measure. The suspension is aimed at protecting customers from escalating phishing scams. It also addresses fraudulent accounts impersonating the bank and its digital offerings.
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In a public advisory, the bank clarified that ALAT does not operate on Telegram. It warned customers to immediately disengage from any accounts claiming to represent Wema Bank or ALAT on the platform. The advisory emphasised that legitimate banking communications occur only through verified channels.
Rising Phishing Threats and the Bank’s Response
According to the bank, cybercriminals are increasingly exploiting Telegram to create fraudulent Wema Bank and ALAT profiles. The fake accounts are designed to harvest sensitive customer information, including One-Time Passwords (OTPs). This data is then used to carry out financial fraud against unsuspecting customers.
The suspension was triggered by routine internal security checks. It signals the bank’s broader security-first posture across its operations. The objective is to protect customers, preserve trust, and secure Nigeria’s rapidly expanding digital financial ecosystem.
This action builds on a similar step taken earlier in June, when Wema Bank temporarily suspended customer engagement on X (formerly Twitter) after detecting widespread account impersonation and scam activity.
Verified Channels Remain Open to Customers
To prevent customers from falling victim to phishing schemes, Wema Bank has reiterated that all customer enquiries and support requests should be routed strictly through verified channels, including:
- Official customer service phone lines
- The bank’s authorised customer support email
- Verified social media accounts on Instagram and Facebook
- LinkedIn, noting that the Managing Director/CEO, Mr. Moruf Oseni, operates only a verified LinkedIn account
The bank stressed that any communication outside these channels should be treated as suspicious.
Protecting Trust in Nigeria’s Digital Economy
As Nigeria’s longest-surviving indigenous bank, founded in 1945, Wema Bank operates over 150 branches nationwide alongside its ALAT digital banking ecosystem.
Its latest action highlights the growing responsibility of financial institutions to secure digital channels as online banking adoption accelerates across the country.
By prioritising customer protection and digital trust, Wema Bank is reinforcing a core pillar of Nigeria’s digital economy—confidence in secure, reliable financial services.
National Recognition for Digital Economy Leadership
Wema Bank’s leadership in digital banking and risk management was recently recognised at the 15th West Africa Convergence Conference (WACC) 2026, where the bank served as a strategic partner.
At the event, Wema Bank Plc was named among the 50 Most Influential Figures in Nigeria’s Digital Economy (Institutional Category), reflecting its growing influence in shaping digital finance, inclusion and innovation. The award was presented by Professor Nentawe Yilwatda, National Chairman of the APC.
Financial Strength Backing Digital Confidence
Wema Bank’s digital leadership is underpinned by strong financial fundamentals.
The bank’s retail banking transformation and the ALAT ecosystem drove gross earnings to ₦669.59 billion. Profit after tax recorded a 125.36% surge to ₦194.46 billion. Total assets also grew significantly, approaching ₦5.23 trillion.
The bank’s Capital Adequacy Ratio of 28.05 per cent significantly exceeds regulatory requirements. This robust position demonstrates the financial resilience needed to underpin Nigeria’s digital transition. Crucially, it provides a buffer against the intensifying cyber threats the sector faces.
A Signal to the Ecosystem
By shutting down vulnerable engagement channels while strengthening verified touchpoints, Wema Bank is sending a clear signal to the broader financial and fintech ecosystem: digital growth must be matched with robust security, accountability and consumer protection.
In an era of rising phishing threats, the bank’s actions reinforce its strategic importance not just as a financial institution, but as a trusted pillar of Nigeria’s digital economy.
