WEMA BANK

WEMA BANK

AN OLD BANK FACING A BRAND NEW FUTURE

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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