Wema Bank Increases Loan Offering For Women In Small Businesses

To support women entrepreneurs, Wema Bank is taking measures that will revamp its 9% Loan Offering for Female owners of small and medium-scale enterprises (SMEs).

The revamped offer includes a longer tenor, easier access and requires no guarantor or collateral in accessing the facility.
Analysts say this is a boon for those wishing to restock their businesses for the festive season and other short-term business needs.
Divisional Head, Retail Business at Wema Bank Plc. Dotun Ifebogun explained that the review would make it easier for applicants to access the facility and grow their businesses.

He said Wema Bank has shown a practical interest in developing and growing businesses owned by females, having offered business training in the past through the “Sara by Wema” proposition.
Ifebogun added that the revamped loan offer would be another effort in the same direction as they will access business loans at a single-digit interest rate with insurance cover, among other benefits.”

According to Ifebogun, apart from requiring no collateral or guarantor, applicants can access a loan of up to N1 million with a one-year tenor instead of the previous six months, adding that people who do not have a Wema Bank account can also benefit by signing up on ALAT.

Highlighting other eligibility criteria, the Divisional Head, Retail Business, said to access the 9% Loan Offer, the beneficiary business “must be owned or run by a woman while the company shareholding must show that women own at least 51% of the business or 2/3 of signatories are women.”

He also explained that the facility is available to register and unregistered women-owned businesses operating for a minimum of two years, as well as new loan customers with applicants enrolled on at least one of Wema Bank’s channels.