Wema Bank, Bank of Uganda Seal Performance Pact

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 recently when a delegation from The Bank of Uganda to visited Wema Bank, a statement by the lender said.

The BoU’s delegation was led by Mrs. Agnes Kijjambu.

“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 was quoted to have 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, it said, was 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 read in part, “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 per cent in interest income to N20.16bn and a rise of 21.6 per cent in non-interest income to N4.11bn. Profit before tax rose by 11 per cent to N1.3bn when compared to the first half of last year.”

The bank further said it had 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.