"User control over data on our Daily platform"
Wema Bank Reports Significant Profit Growth in H1 2025
Wema Bank, a leading commercial bank in Nigeria, has announced a pre-tax profit of 100.5 billion Naira ($65 million) for the first half of 2025, marking a staggering 229% year-on-year increase. This impressive growth comes as the bank's shares closed at 22 Naira ($0.01) on Thursday, with a year-to-date performance of 148%.
The bank's earnings before tax surged due to a rise in interest income and improved performance on loans to customers and businesses. Wema Bank is one of the eight commercial banks that have met their recapitalisation targets from the Central Bank of Nigeria, joining the likes of Access and Zenith Bank.
Other commercial banks, such as GTBank, have also recently enjoyed investor confidence similar to Wema Bank.
MTN Nigeria's Strong Performance and Infrastructure Investment
MTN Nigeria, the country's largest mobile network operator, reported a net profit of ₦414.9 billion ($271 million) in the first half of the year, reversing a ₦519.1 billion ($339 million) loss in 2024. The company's capital expenditure (excluding leases) increased by 288.4% year-on-year to $377.13 million in the first half of 2025.
MTN Nigeria has been spending heavily on infrastructure to turn its network into a platform for other operators. This month, the company announced the completion of the first phase of its $235 million Tier 3 data center.
NINAuth: Centralizing Identity Verification in Nigeria
In a separate development, the National Identity Management Commission (NIMC) has successfully launched the NINAuth platform, a centralized e-identity verification and authentication service. The platform is now fully operational and has been adopted by all telecommunications operators in Nigeria, including MTN and Airtel.
The migration to NINAuth ended a three-week pause in SIM swap services and restored normal telecom service operations. It empowers individuals with greater control over their personal identity data, protecting citizens' privacy by regulating and securely authenticating their identities, reducing fraud risks and unauthorized access.
The platform is employed for verification and authentication by various Ministries, Departments, and Agencies (MDAs), facilitating secure government service access and integration across sectors. It strengthens confidence in digital transactions such as SIM registration, financial services, and e-commerce by providing a reliable identity verification backbone.
NIMC offers self-service portals and a dedicated app for Nigerians to verify their National Identification Numbers, control data access, and update personal information, including for diaspora Nigerians through upgraded enrolment platforms.
Despite some concerns about the risks posed by centralizing identity verification on one platform, NINAuth is intended to balance data protection with ease of verification.
In summary, NINAuth is now fully operational, widely adopted across telecom operators and government agencies, and significantly improves data control and identity verification processes in Nigeria by centralizing and securing digital identity authentication. It also supports better user access and control over personal data, though centralized systems continue to carry inherent privacy risk debates.
[1] NIMC Launches NINAuth Platform [2] Data Privacy Concerns with NINAuth [3] MTN Nigeria Embraces NINAuth [4] Airtel Nigeria Adopts NINAuth [5] NINAuth Self-Service Portal
[6] The growth in Wema Bank's profits showcases the impact of financial innovation on business performance. [7] The bank's success underscores the potential for digital transformation in the Nigerian banking sector. [8] Wema Bank's journey highlights the potential for fintech ventures to drive growth in the African finance market.
[9] MTN Nigeria's increased capital expenditure demonstrates a commitment to technological advancement in telecommunications. [10] The completion of the Tier 3 data center signifies progress in the digital transformation of the Nigerian telecom industry. [11] The NINAuth platform epitomizes the role of technology in modern identity verification processes, merging with other sectors such as finance, education, and lifestyle digitalization, and the gambling and sports industries.
