The support of Nigeria’s leading digitally-driven financial institution, Wema Bank, for Small and Medium Enterprises (SMEs) has been recognized in the 2021 KPMG Nigeria Banking Industry Customer Experience Survey.
The report classifies Wema Bank as number three in SME Banking, this is three places higher than the bank’s 2020 classification.
Wema Bank has been consistent in its drive to support the growth and development of SMEs in the country. The bank has initiated several financial and advisory support programs to boost SMEs, some of which include: Single-digit loans for women, uncollateralized loans for SMEs, quarterly SME webinars, access-to-market initiatives, and a plethora of other advisory and support services
In the last year, Wema Bank pioneered the establishment of the first bank-led SME business school in the country, aimed at boosting critical knowledge and capabilities for SMEs at no cost to beneficiaries. The business school which enjoys the support of Frankfurt School of Finance and Management, Germany, has reputable consultants and organizations such as Ernst & Young, MTN, Microsoft, Google, Agusto, etc. facilitating at the program.
The KPMG survey ranked banks using the six pillars of customer experience excellence, including integrity (being trustworthy and engendering trust), resolution (turning a poor experience into a great one), and expectations (managing, meeting and exceeding customer’s expectations. The others were empathy (understanding the customer’s circumstances to drive deep rapport), personalization (using individualized attention to drive emotional connection) and time and effort (minimizing customer effort and creating frictionless processes).
In a statement on the survey report, KPMG said, “This year’s leaders show digital banking excellence and have adapted well to higher transaction volumes and complaints.”
Commenting on the bank’s KPMG ranking, the Managing Director/CEO, Wema Bank, Ademola Adebisi, said it was an affirmation of the bank’s commitment to the growth and well-being of SMEs as critical contributors to the economy.
He said, “At Wema Bank, we recognize SMEs as an important part of the economy, and we are always on the lookout for their well-being. We are happy that the SMEs acknowledge our contributions, hence our ranking”
Speaking further, he stated that recognitions such as this are an invitation to do more. He, therefore, gave the bank’s unwavering commitment to intensifying its support to SMEs in the year 2022.
Recall that in 2020, Wema Bank received the SME Bank of the year award from Business Day, and in 2021, the bank has again received this recognition from KPMG as a customer experience leader in the banking industry. This is definitely a bank to look out for in 2022.
The KPMG Nigeria Banking Industry Customer Experience Survey has been held annually for the last 15 years with the 2021 edition themed “Changing Customer, Changing Priorities”.