Wema Bank, Nigeria's oldest indigenous lender, has entered a strategic partnership with Duplo, an African financial operations and payments platform, to digitise business finance services.
The collaboration aims to equip Nigerian enterprises with modern financial tools that align with their growth ambitions, according to Yele Oyekola, co-founder and CEO of Duplo, who spoke at the signing ceremony.
The move underscores the intensifying competition for corporate credit in Nigeria, where traditional bank loans are increasingly being displaced by commercial papers.
As businesses seek more efficient and flexible financing options, lenders are turning to fintech integrations to streamline operations and enhance service delivery.
This partnership allows Wema Bank to leverage Duplo's technology stack to offer a more seamless digital experience for its corporate clients.
This development fits into a broader trend across emerging markets, where established financial institutions are adopting digital strategies to maintain relevance.