Wema Bank, recently, hosted some staff of Uganda’s Apex Bank; The Bank of Uganda (BoU), on a week-long knowledge and skills sharing session on Balanced Score Card and Performance Management.
Speaking on the BoU’s decision to take a cue from Wema Bank’s Performance Management System, Mrs Agnes Kamya Kijjambu, who led the delegation from Uganda, said the Bank of Uganda decided to partner with 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,” said Kijjambu.
Wema Bank’s 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 the Bank’s Project LEAP growth strategy that seeks to propel the Bank to be a leading player within the Retail & Digital Banking landscape.
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% in interest income to N20.16 billion and a rise of 21.6% in non-interest income to N4.11 billion. Profit before tax rose by 11% to N1.3 billion when compared to the first half of last year.
The bank has continued its branch modernization and expansion growth plans by reopening its branches in Lokoja and Minna. More branches are expected to be opened before the end of 2016