Wema Bank launches ALAT business’ Quick Loan for 17m SMEs

In a bid to assist Nigerian entrepreneurs, startups and corporate customers scale their businesses, Nigeria’s leading digital bank, ALAT by Wema, 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 (SME) 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.

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.”

In his words, 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.”


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