Wema Bank, Bank of Uganda Sign Performance Pact

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Segun Oloketuyi, MD, Wema Bank

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WEMA Bank has sealed a pact with the Bank of Uganda to enhance capacity building, skills sharing and performance management. The pact was sealed in Lagos, when a delegation from the Bank of Uganda visited Wema Bank.

A statement by the lender stated that the BoU’s delegation was led by Agnes Kijjambu. The statement quoted her as saying that the Ugandan apex bank decided to partner Wema Bank after an extensive research. “While making our findings, Wema Bank was recommended to us by the Balanced Scorecard Institute, Washington. The institute assured us that Wema Bank is one of the leaders in the Nigerian banking industry in terms of best practices in strategy and performance management,” Kijjambu said.

Wema Bank noted that its performance management system was overhauled in 2013 with the adoption of the Balanced Scorecard methodology, in partnership with Balanced Scorecard West Africa. This is in line with its Project LEAP growth strategy that seeks to propel the bank to be a leading player within the retail and digital banking landscape.

The statement stated, “The Balanced Scorecard approach has led to improved effectiveness and productivity of staff, which has helped the bank to continue its steady growth. The bank closed the second quarter with an increase of 15.2 percent in interest income to N20.16 billion and a rise of 21.6 percent in non-interest income to N4.11 billion. Profit before tax rose by 11 percent to N1.3 billion when compared to the first half of last year.”

The bank also has continued its branch modernisation and expansion growth plans by reopening its branches in Lokoja and Minna. According to the lender, more branches will be opened before the end of this year.

—  Oct 10, 2016 @ 01:00 GMT

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