Wema Bank was incorporated in 1945 under the name Agbonmagbe Bank
Limited. It is Nigeria’s longest surviving indigenous financial institution.
The name of the bank was changed to Wema Bank in June 1970. During a
difficult period of instability, the brand suffered some neglect. Marketing
support, including advertising and promotions came to a near-zero
position. This negatively affected the brand and business performance.
A brand audit revealed a low spontaneous brand awareness level at 36%
amongst individual bank users, poor advertising awareness and message
recall, poor brand image, an uninspiring brand personality and a negative
brand equity gap. Wema Bank is perceived as old, local, slow/laid-back, not
adapting modern technology and therefore short on consumer
expectations of a modern bank.
The comprehensive brand strategy and identity review complemented
other initiatives aimed at repositioning Wema Bank in the minds of
consumers enhance its consumer appeal and aid the achievement of their
business growth objectives. In addition to the above, Wema Bank was
turning 70. It was therefore an auspicious time to introduce a new brand
identity to “refresh” the brand as part of the 70th anniversary celebration.
Wema Bank was successfully re-launched at an exclusive function, boasting
top Nigerian talent and business people.

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