Late Chief Mathew Adekoya Okupe-Agbonmagbe after operating as a government certified money lender and because of increasing pressure from clients to expand the reach and scope of the flourishing business. Late Okupe Agbonmagbe a banking licence under the name of AGBONMAGBE BANK in May 1954.
It was the first indigenous bank in Nigeria, it had 7 branches; Ebutte meta, Mushin, Ifo, Sagamu, Ago-iwoye, Ijebu igbo and Zaria. Most of its customers were high net worth traders and forwarding agents of food and animals between the north and Lagos kolanuts traders, timber merchants and exporters.
It became Wema Bank through acquisition by Wema Board in 1969. In 1987, the bank transformed to Wema Bank Plc as it is known till date, the only and longest surviving indigenous Bank in Nigeria.
Chief M.A Okupe had 10 wives and 40 children, he died on November 1, 1984 at the age of 86.
