Wema Bank revamps 9% loan offering for female SME owners

As part of its efforts at supporting women entrepreneurs, Nigeria’s financial institution, Wema Bank, has revamped its 9 per cent Loan Offering for Female SME owners.

The bank in a statement said the revamped offer includes a longer tenor, easier access and requires no guarantor or collateral, in accessing this facility.

“This is a boom for those wishing to restock their businesses for the festive season or other short-term business needs, “Wema Bank said.

Commenting on the offer, the Divisional Head, Retail Business, Wema Bank Plc. Dotun Ifebogun explained they reviewed it to make it easier for applicants to access the facility, which would help them grow their businesses.

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He said Wema Bank has shown its interest in the growth and development of female-owned businesses by also offering business training in the past through the Sara by Wema proposition, adding that the revamped loan offer is another effort in that 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 per cent 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 per cent of the business or 2/3 of signatories.”

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.