Wema Bank introduces Quick Loan for 41.5m SMEs
To assist Nigerian entrepreneurs, startups and corporate customers scale their businesses, Nigeria’s leading digital bank, ALAT by Wema Bank Plc, has launched Quick Loan.
The additional feature which is hosted on ALAT for Business, its corporate internet banking platform, will help small medium-scale enterprises (SMEs) and corporate customers access loans between N100,000 to N10,000,000.
Quick Loan will enable ALAT for Business users to access loan services virtually from any location without the need to locate a physical branch.
MSMEs contribute 50 percent to Nigeria’s GDP and account for 86.3 percent of jobs (59.6million jobs in 2017), according to a report by the National Bureau of Statistics (NBS) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Samuel Robson, product manager ALAT for Business, highlighted the pivotal role that SMEs play in the economic, employment, and export growth in Nigeria. However, “despite the significant contribution of SMEs to the Nigerian economy, challenges persist that hinder the growth and development of the sector,” said Robson.
In his statement, he stressed that “loan access has been one of the most challenging factors faced by this sector and we understand the need to support SMEs by providing easy access to the loans they seek.” “Hence the launch of Quick Loan on ALAT for Business, a platform that currently serves our corporate customers and SME owners.
“We believe this extra feature will help to mitigate some hassles entrepreneurs and businesses experience. The ALAT for Business Quick Loan is open to new and existing customers registered on the ALAT for Business platform and does not require cumbersome paperwork.
The feature, Quick Loan, is specially designed for our corporate customers and SME owners,” Robson explained.
ALAT For Business is the internet banking platform designed to help corporate customers and entrepreneurs manage their business accounts optimally and stay on top of their finances from anywhere and anytime.
Customers can make transactions of up to N100 million, make bulk transfers, pay bills and other collections without hidden charges, among others.ALAT by Wema has continuously supported entrepreneurs, young startup founders, business, and SME owners in various capacities over the years.
This year, the digital bank has facilitated the ALAT Talk Series, a session aimed at training young Nigerians on business management, strategy, technology, and other key business areas.