Wema Bank launches ALAT Business’ Quick Loan For 17m SMEs
Nigeria’s leading digital bank, ALAT powered by Wema Bank Plc, has launched Quick Loan to assist Nigerian entrepreneurs, startups and corporate customers scale up their businesses.
According to a statement from the Wema Bank, the additional feature which is hosted on ALAT for Business, its corporate internet banking platform, will help small/medium-scale enterprises (SME) and corporate customers access loans between N100,000 to N10 million. It added that Quick Loan will enable ALAT for Business users to access loan services virtually from any location without the need to locate a physical branch.
“A Nigeria SME survey report developed by PricewaterhouseCoopers (PwC), shows there are about 17.4 million small and medium-scale enterprises (SMEs) in Nigeria and these contribute about 48 per cent of the national GDP, accounting for 96 per cent of businesses and 84 per cent of employment in the country.”
Product Manager ALAT for Business, Samuel Robson, 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, “Robson said.
“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.
“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,” he said.
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