FAQs 2018-01-22T14:59:20+00:00

FAQs

How many additional cards can I apply for? 2018-01-22T13:14:50+00:00

One Supplementary Card

What do I do if I have any complaint? 2017-12-11T13:21:02+00:00

If you have a complaint, contact your branch or call our contact center on +2348039003700 or email purpleconnect@wemabank.com

How do I request a replacement card? 2017-12-11T13:15:53+00:00

Just call +2348039003700, or drop into your request in any of Wema Bank’s nearest branch.

Can I rollover my principal and interest? 2017-12-11T12:28:49+00:00

Yes, you can rollover only your principal or with the interest

Is the Term Deposit exempt from Tax or any tax rebate available under any Term Deposit Option? 2017-09-15T11:44:30+00:00

Term deposits are not exempted from tax and Interest on Term Deposits is subject to Withholding Tax of 10%

What happens if the bank representative is unable to reach me on or before maturity of my investment? 2017-09-15T11:35:08+00:00

The investment would be rolled over at the prevailing market rate

What is the interest rate applicable for Term Deposits? 2017-09-15T09:36:38+00:00

The Interest Rates on term deposit of the bank is subject to change from time to time and the same is provided on the website of the Bank and also available at every branch

How can I know my credit balance? 2017-09-14T17:56:44+00:00

By checking on ATM

Is there an annual fee for the card? 2017-09-14T17:54:41+00:00

Yes

What can I do if I cannot make payments? 2017-12-11T13:27:39+00:00

If you think you are going to fall behind with your payments, the first step is to stop using your credit card and ask any additional cardholder to do the same. You should also advise the Bank as soon as possible so that it is aware of your situation and can advise you of your options and, if necessary, a payment plan. The next step is to establish a payment plan budget to pay off your debt. You will need to review your original budget and cut back on non-essential items.

Will I be charged anything extra if I use my card overseas? 2018-01-22T13:26:32+00:00

No

How do I dispute a transaction listed on my statement? 2017-09-14T17:40:59+00:00

If you believe there is an unauthorized transaction shown on your account, call +2348039003700 or email purpleconnect@wemabank.com or go to a branch with a copy of your statement, and details of the transaction. Our representatives will commence a Dispute Investigation, please note this process may take some time; i.e. up to several weeks to resolve as it may be necessary to retrieve information or copy of a voucher from another bank through Visa.

What is a CVV and where is it on my card? 2017-09-14T17:40:17+00:00

All Wema Bank Visa Credit Card includes a security feature known as a Card Verification Value (CVV). It is printed at the back of your card close to the white signature strip. When you are making a purchase by mail order, online or over the phone you may be asked to quote the printed code in order to verify the card is in your possession.

How do I make payments into my account? 2017-12-11T13:30:08+00:00

You can make payments in several ways:

• Wema online Banking, Wema Mobile: Using Online banking, transfer desired repayment amount which must be equivalent to the10% minimum repayment advised on your statement to your credit card account.

• Direct Credit across the counter in Branch: You complete a deposit slip with the card account number and desired repayment amount (either Cash or cheque).

How is interest calculated on my credit card? 2017-12-11T13:35:50+00:00

Interest is charged only on utilized amount and not on total Credit limit. There is also an interest free period of up to 45 days. 2% interest (flat) is calculated on the unpaid balance.

How does the Wema Bank Visa International Credit Card work? 2017-09-14T16:44:45+00:00

Upon approval of an application, a credit limit is determined based on measures such as income, current levels of debt and capacity to repay. While the total balance of spend does not need to be paid off entirely each month, a minimum payment of 10% is required and interest will be charged on the outstanding balance.

How much do I have to pay monthly? 2017-12-11T14:25:34+00:00

The least amount you must pay by the due date is the “minimum payment”, found on your monthly statement. This amount is usually 10% of the total utilized amount plus all fees and interest

How do I close or cancel my card? 2017-12-11T14:27:21+00:00
What should I do if I suspect an unknown or unauthorized transaction? 2017-12-11T14:28:33+00:00

If you notice an unknown or unauthorized transaction on your account call us immediately on+2348039003700 or email purpleconnect@wemabank.com

Who can apply for a Wema Bank Credit Card? 2017-09-06T17:26:53+00:00

To apply you must be 18 years of age or older, have a salary account in Wema Bank with a minimum net income of One million Naira (1,000,000 NGN per anum) and be able to make regular repayments.

How do I apply? 2017-09-06T17:26:23+00:00

You can apply by visiting the branch closest to you to complete an application form.

How do I activate my card and create a PIN once I receive it? 2017-09-06T17:25:50+00:00

To activate your Wema Bank Credit Card you must ll our contact center on +2348039003700 in person and answer some verification/secret questions. Once activation has been confirmed, visit the nearest Wema Bank ATM to change your default PIN thus:

Insert your card and input the default PIN, Select the option ‘PINCHANGE’ and then choose ‘ATM PIN’. You Enter a new four digit PIN (different from the earlier one entered) and re-enter same for Confirmation you wait for the ATM to display or print “PIN CHANGE SUCCESSFUL”

When will I receive my card? 2017-09-06T16:57:41+00:00

If you are eligible for a credit card upon completion and submission of your application and your new Visa credit card will be delivered to you within 10 working days from the date all the necessary information is received.

Can I sell before maturity? 2017-09-06T16:00:18+00:00

Yes you can sell T-Bills before maturity through the OTC market based on the forces of demand and supply. For example a N100,000.00 face value TB maybe selling for less or more depending on the yield expectation of the buyers. If your face value is trading at a higher price, it means you can sell your treasury bills at a profit as such your N100,000.00 can sell for N101,000.00 or more. If your face value is trading at a lower price, it means you can sell your treasury bills at a loss as such your N100,000.00 can sell for N99,000.00 or less. Please note that the above analogy goes for the standard volume of N250million. However, some banks may buy off the lower amounts from their customers.

Can I roll over my investment? 2017-09-06T15:59:56+00:00

The CBN does not rollover your investment automatically. However, you can give your bank a mandate to rollover the principal and interest on your T-Bills upon maturity. Reinvesting the income on TB’s provides the unique benefits of compounding interest.

What is a true yield? 2017-09-06T15:59:22+00:00

True Yield is your actual return on investment. Using the example above, the initial yield for the N100,000.00 is 10 per cent. However, because they pay you interest upfront, your true yield is actually the N10,000.00 in interest divided by the N90,000.00 actually deducted from your account. That is N10,000.00/N90,000.00 0r 11.11 per cent. This is thus higher than the 10 per cent at which you won. The true yield is completely earned when you hold to maturity.

When is the interest paid? 2017-09-06T15:59:03+00:00

The interest element of T-Bills is paid to you upfront and credited to your bank account. For example, if you purchase a N100,000.00 T-Bills with an interest rate of 10 per cent, your account is debited with N90,000.00. As such, your N10,000.00 interest is paid up front. Upon maturity, you are paid the full/ “face value” N100,000.00. The upfront payment of your interest makes your true yield actually higher.

Can I still buy if my bid is rejected? 2017-09-06T15:58:41+00:00

You can purchase T-Bills from the secondary market Over the Counter through your bank or a broker. This is also where buyers and sellers of T-Bills trade the notes in exchange for cash. The minimum volume you can purchase from the secondary market is N250million or as advised by the regulatory bodies.

Apart from the Interest rates, what are the benefits? 2017-09-06T15:46:36+00:00

Some of the benefits include:

? Income from T-Bills are also tax free

? A good source of steady stream of income.

? T-Bills are good investments for people who wish to save

? T-Bills are considered liquid and can be converted to cash quickly

? They can be used as collateral for cash backed loans in some banks

What is the Stop rate? 2017-09-06T15:46:14+00:00

The stop rate refers to the maximum interest rate preferred/issued by the CBN out of all the bids submitted within a bid window. It then means that all the bid rates that fall from and below the accepted marginal rates (stop rate) will win and those above rejected.

What is the Bid rate? 2017-09-06T15:45:53+00:00

The Bid rate is the interest rate that you are willing to receive for the principal that you are investing in the T-Bills. For example you can indicate a bid rate of 10 per cent as your expected interest rate and hope that it is selected, as it will most likely be different from that of other intending buyers.

How can I buy T-Bills? 2017-09-06T15:45:38+00:00

To buy T-Bills you will have to approach your bank with a request letter or to fill a form. Either way, you indicate the amount you want to buy as well as your bid rate. If you are not sure of a rate, you can choose that advised by your bank.

When are they it usually sold? 2017-09-06T15:45:04+00:00

T-Bills is sold every other Wednesday (bi-weekly) as announced by the CBN. The CBN announces issuances in their websites and in the pages of the newspaper. You can also ask your bank account officer to notify you ahead of an issuance.

What is the minimum amount I can buy? 2017-09-06T15:44:37+00:00

You can buy for as low as N1, 000 and in multiples of N1,000 thereafter. However, banks typically accept minimum purchases of N100,000 or more.

Are T-Bills safe? 2017-12-11T15:09:11+00:00

T-Bills are one of the safest forms of investment and are backed by the full faith and credit of the Federal Government of Nigeria.

What are the durations (tenor) for the T-Bill? 2017-12-11T15:10:13+00:00

Tenors are usually for 91days, 182days and 364 days. Therefore, if you invest for say 91days, your investment will mature after three months etc.

What are T-Bills? 2017-09-06T15:06:10+00:00

T-Bills are government guaranteed debt instruments issued by the Central Bank of Nigeria to control money supply in the economy.

Where can I buy T-Bills? 2017-09-06T15:05:27+00:00

T-Bills can be bought through any official dealer. The easiest will be through your bank.

What is the meaning of Invisible Remittance? 2017-09-05T16:37:42+00:00

Invisibles Remittances relate to payment for services (intangible transactions) such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, etc. Payment is by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler’s cheque or Cash. Each payment type has its specific document requirement as stipulated in the Central Bank of Nigeria FX Manual

What does Non-Valid for Forex/Advance Payment mean? 2017-09-05T16:37:17+00:00

This involves processing of Online Form M and shipping documents for Pre Arrival Assessment Report to enable the importer clear consignment on arrival at the ports. The bank does not facilitate the payment on this mode of importation.

What is an Import Bill for Collection? 2017-09-05T16:36:49+00:00

A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange. This means the handling by banks of documents in accordance with instructions received in order to obtain payment and/or acceptance, or deliver documents against payment and/or against acceptance, or deliver documents on other terms and conditions. Against Acceptance of Bill of Exchange or Promissory Note or Letter of Undertaking to make Payment This involves the release of the shipping document to the buyer based on the release condition stated on the Collection Order. Release Free Of Paymentimplies that the shipping document be delivered to the buyer without extracting any commitment to make payment. Documents Against Payment implies that the buyer makes payment before documents are released for clearing the imports. Though internationally recognized, this does not apply in Nigeria as the Central Bank of Nigeria guidelines state that the imported items must be cleared from the port before payment can be made to the supplier. The documents required for Bills for Collection Remittance

  • One set of documents from the supplier to the issuing bank(Zenith Bank).
  • Two sets of documents submitted to overseas bank for payment (the document will later be forwarded to the bank) The documents required for processing of Risk Assessment Report (RAR)
  • Processed Form M
  • Bill History
  • Bill of lading/Airway Bill/ Way Bill
  • Original Combined Certificate of Value and Origin (CCVO)
  • Manufacturers Certificate/ Certificate of Analysis/Photosanitary Certificate
  • Customs clearing document (Exchange Control Document) a.) Single Goods Declaration b.) Used RAR c.) Payment schedule d.) Terminal Delivery Order/Gate Pass e.) Duty receipt
  • Authority letter from Customer to buy foreign exchange in line with the company’s signature mandate.

What are Export Transactions? 2017-09-05T16:15:34+00:00

Export transaction is the sales of goods by our customers to buyers outside the shores of Nigeria. Exports of goods may be ‘Commercial’ whereby payments are received in foreign currency as proceeds of sale, or ‘Non-commercial’ whereby no payment is expected or received. The internationally accepted means of payment for commercial exports are Letters of Credit, Bill for Collection and Payment In Advance. Commercial export amount can be FOB (Free on Board) whereby total value of goods does not include freight, or C&F (Cost and Freight) where total value of goods include freight. The exporter will process the Form NXP, forward shipping documents and inflow the Export Proceeds through the bank. Processing of commercial export is through Letter of Credit, Bills for Collection, and Advance payment. We negotiate Export documents, process export levy, draft and certify export proceeds repatriation to the CBN on behalf of our customers.

Information on contractors and pension bonds 2017-09-05T16:11:31+00:00

The report on FGN bonds issued for settlement of pension arrears and local contractors are provided as Special FGN Bonds in the ‘Schedule of FGN Bonds Issued to Date’ (Bond Auction, Operations and Result)

What is dematerialization of bond certificates? 2017-09-05T16:11:03+00:00

It is a term which describes a shift from issuance of physical certificate to an electronic form. It involves the use of a depository, in this case, the Central Securities Clearing Systems Ltd(CSCS) which provides the platform for the securities. Although DMO still issues physical certificates on request, modern securities trading system de-emphasizes the use of physical certificates. Advancement in electronic communication and custodian services allow book-entry records and trade verification which has made trading more reliable and easier to manage than the use of physical certificates.

What are the benefits of FGN bonds to the Economy? 2017-09-05T16:10:36+00:00

It fosters economic development by promoting the use of lon-term funds for lon-term investment in the economy It serves as an efficient way of mobilizing domestic financial resources for productive investment in a non-inflationary manner It allows self reliance of the country by reducing over reliance on short-term borrowing form CBN & commercial banks It provides a basic infrastructure for the development of the financial system and the overall economy It serves as a diversified portfolio investment outlet to corporate and individual investors

Are there Risk and Reward in investing in bond? 2017-09-05T16:10:19+00:00

Any time you lend money you run the risk that it will not be paid back – credit risk. Another source of risk for certain bonds (bond with call option) is that your loan may be paid back early, or ‘called’ this is known as prepayment risk. When you buy a bond, the prospectus will indicate whether a bond is callable and give you a ‘yield-to-call’ figure. The greatest danger for a buy –and-hold bond to an investor is rising inflation rate – inflation risk. A rise in inflation makes prices fall and yields-or interest rates-rise. However, inflation risk, credit risk and prepayment risk are all figured into the pricing of bonds. The more the risk the higher the yield. Investors demand higher yields for longer maturities, as the longer you tie your money up in a bond the more at-risk.

Corporate Bond 2017-09-05T16:09:43+00:00

Corporate bond are debt obligation issued by private or public corporations. The corporations use the funds for building facilities, purchase of equipment to expand the business, etc. When you purchase corporate bond, the corporation promises to return your money, or principal at maturity date, but you are being paid interest semi – annually. The interests you receive are taxable. Corporate bonds do not give you an ownership interest in the issuing corporation.

Government Sponsored Enterprise Bond 2017-09-05T16:09:23+00:00

These are bonds that help support project relevant to public policies, such as helping certain groups, such as farmers, homeowners, students, etc to raise money for financing specific projects. These bonds do not carry the full-faith and-credit of government. The investors are likely to hold them in high regard because they have been issued by a government agency.

FX Products 2017-09-05T16:08:25+00:00

A Letter of Credit (LC) is an undertaking by a bank, on behalf of an importer (the applicant) to the beneficiary to make payment, provided that the exporter complies with all the terms and conditions stipulated by the credit. Letters of credit can be confirmed or unconfirmed and are irrevocable upon Issuance. Payment is made at Sight, Deferred Payment, and Mixed payment or by Acceptance. Cash Backed LC involves the applicant providing funds for the opening of the LC. Unconfirmed Sight and Deferred LC involve payment at a later date upon presentation of compliant shipping documents. Confirmation Line and Usance LC involve opening a Confirmed LC using the bank’s offshore facility which will be repaid by the customer at maturity. Requirements for Letters of Credit

  • One set of documents from the supplier to the issuing bank(Zenith Bank).
  • Two sets of documents submitted to overseas bank for payment (the document will later be forwarded to the bank) The documents required for processing of Risk Assessment Report (RAR)
  • Copy of Form M
  • Transport Document
  • Commercial Invoice/Final Invoice
  • Packing List
  • Standard combined Certificate of value and Origin (CCVO) (Form C16)
  • Manufacturer Certificate/Certificate of analysis/Photosanitary Certificate NB: All Shipping documents must be issued after Form M approval date and Letters Credit issuing date. That is shipping Document must not predate Form M and Letter of Credit.
How to invest in FGN Bond 2017-12-11T15:20:59+00:00

Application forms can be obtained from any of the authorized dealers(PDMMs), or download from the DMO’s website Complete the application forms and submit through any of the PDMMs Common- price auction system is normally employed as opposed to multiple price auctions Payments for the allotment are payable in full on application Minimum of N10,000.00 and multiple of N1,000 thereafter Investors can also access the FGN bonds after the auction through the secondary market FGN bonds purchase is confirmed by registration in the depository (CSCS) or by issue of certificates Interest is paid semi-annually until the maturity date when the principal amount is repaid 9. Payment of interest is through issue of interest warrant (cheque) or direct transfer to current or savings bank accounts.

How can I be aware of the forth coming issues? 2017-12-11T15:24:35+00:00

National Dailies DMO Website – FGN bond Issuance Calendar

What are the benefits of FGN bonds to the Government? 2017-12-11T15:26:35+00:00

It helps government funds its deficits in a non-inflationary manner It provides benchmark yield-curve for pricing other securities/bonds It engenders rational management of Government’s fiscal and monetary operations It provides the basic infrastructure for the development of the financial system and the overall economy It strengthens the implementation of monetary policy by the Central Bank of Nigeria It introduces transparency, discipline and stability in the financial system

State and Local Government Council Bonds 2017-09-05T15:50:03+00:00

When you purchase state and local government council bonds you are lending to the issuers who promise to pay you a specified amount of interest (usually semi – annually) and return the principal to you on a specific maturity date. State and local government bonds are debt obligation issued by the state government, local government councils and other governmental entities to raise money to build schools, roads, hospitals as well as other projects for public good.

What is the attractiveness/benefits of FGN Bonds to the investors? 2017-12-11T15:21:21+00:00

It serves as risk-free investment It is income is tax exempt It provides relatively high and stable returns The principal element ( collected at maturity) can be used as collateral for securing credit facilities from banks Bondholders that want cash can trade the bonds on the floor of Nigeria Stock Exchange(NSE) for immediate cash before maturity It qualifies as liquid assets for banks from two years to maturity

Why should I invest in FGN bond? 2017-09-05T15:24:30+00:00

Retirement Starting or expanding a business Settlement after apprenticeship Pay children school fees in future(e.g for University education) Building a house Future projects by town unions, associations, student union To fund future social events such as Marriages and weddings, etc Settlement of pension insurance obligation( for Corporate Fund Managers), etc

Sovereign Bond(such as FGN Bond) 2017-09-05T15:16:46+00:00

When you buy FGN bonds you are lending funds to the federal government for a specified period of time. The FGN bond is considered as the safest of all the investments because it is backed by the ‘full faith and credit’ of the government. They have no default risk, meaning that it is virtually certain your interest and principal will be paid as and when due. The income you earn is exempted from state and local taxes.

What is a bond? 2017-09-05T13:27:06+00:00

A bond is a loan and the investor or holder of the bond is the lender. When you purchase a bond, you are lending money to a government, local government council, state government, federal agency or a corporation, known as the issuer. The government uses it to fund budget deficit, for instance, or to build roads, electric power stations, finance factories, etc. When you purchase a bond, in return the issuer promises to pay you a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it ‘matures’

What is the difference between a bond and a stock? 2017-12-11T15:30:13+00:00

The key difference between stocks and bond is that stocks make no promise about dividends or returns, but when the Government Issue a bond, it guarantees to pay back your principal (the face value) plus interest. If you buy the bond and hold it to maturity, you know exactly how much you are going to get back. That is why bonds are also known as ‘fixed-income’ investment – you are sure of a steady payback or yearly income. The buyer of stocks or shares in a company has purchased part of the equity and becomes part –owner. He is only entitled to dividend declared by the company when it makes profit.

What happens at maturity of my deposit? 2017-09-05T11:02:20+00:00

Your relationship manager would contact you before maturity to agree on whether to terminate the deposit or to rollover, an advice to this effect would be sent to you.

Can my deposit serve as collateral for loans and advances? 2017-09-05T11:01:40+00:00

Yes, you deposit can serve as collateral for bank loans

If I have an existing Customer ID, do I need to go through the procedure and formalities of account opening again? 2017-09-05T11:01:15+00:00

No, you need not go through any formalities. You just have to send a dully signed letter

What is the minimum amount of investment in Fixed deposit? 2017-09-05T11:00:41+00:00

The minimum amount is N100,000 and there is no maximum amount

What is the minimum tenor for which deposit can be kept with the bank? 2017-09-05T11:00:15+00:00

The minimum tenor for fixed deposit investment is 30 days, other tenors are in multiples of 30 such as 60, 90, 180, etc. However, should the maturity date fall during the weekend or holiday, 1 or 2 days can be added to the tenor

Can I give a standing Instruction on how my principal and interest would be treated at every maturity? 2017-09-05T10:59:06+00:00

Yes you can give a standing instruction on your account and it would be carried out, this can only be countered by a duly endorsed instruction from you.

What if I pre-terminate my investment before maturity? 2017-09-05T10:38:47+00:00

You would be charged 25% on the accrued interest

For corporate entities 2017-09-05T10:24:21+00:00

Fixed deposit Account opening Form/ Letter of Instruction Two (2) recent identical passport photographs for each of the signatories Memorandum and Article of Association Valid proof of identification (International passport, National ID card, Voters card or a Driver’s License Proof of address (A recent utility bill, dated within the past three months)

How do I open a Fixed/Term Deposit Account? 2017-09-05T10:23:02+00:00

If you already had a current or savings account you will only require to write a letter instructing the bank to create an account on your behalf If you did not have an account with the bank you would be required to provide the following Fixed deposit Account opening Form/ Letter of Instruction Valid proof of identification (International passport, National ID card, Voters card or a Driver’s License) Proof of address (A recent utility bill, dated within the past three months) Duly executed Signature mandate 2 Recent identical passport photographs

Who qualifies as a guarantor? 2017-08-16T13:56:42+00:00

Family member of the Proprietor of the business (Spouse or child or identifiable sibling who share the same name with the Proprietor), Pastor or Imam of an established religious body, Head of the Trade Union, Head of the Market Association and A person of good standing in society eg a lawyer, doctor or civil servant

What documents must be presented by the guarantor? 2017-08-16T13:37:38+00:00

Duly executed personal guarantee, notarized statement of net-worth, 2 passport photograph, means of identification and undated, signed cheque leaflet.

Is it compulsory that I present a guarantor? 2017-08-16T13:36:24+00:00

You can present a guarantor or guarantee of registered trade association or union or any other form of security available and approved for this product. You do not need a guarantor, if you secure the loan with deposit in your other accounts like savings or fixed deposit or can provide C of O of landed property/lock up shop.

operate a savings account; can I apply for this loan? 2017-08-16T13:35:42+00:00

Yes, however, you will need to open a current/MyBusiness Account for disbursement and repayment purposes

6 months 2017-08-16T13:35:02+00:00

You can use more than one statement of accounts, provided they are in the same name.

How many months statement of account will be used to appraise my application? 2017-08-16T12:57:06+00:00

6 months

What is the tenor of the facility? 2017-08-16T12:51:00+00:00

Between 3 – 12 months

I be charged if I failed to pay due installment? 2017-08-16T12:50:39+00:00

will be charged 1% penal charge of the unpaid installment from the date of default.

How do we determine the tenor of loan? 2017-08-16T12:35:11+00:00

This is deduced from the business cycle of the customer as expressed in purchase and sales turnover over time

Are there other charges apart from the interest? 2017-08-16T12:33:40+00:00

Yes. Other fees include; Management fee 1%, Commitment fee 1% and Insurance fee 1% on the loan amount; payable only once.

what is the applicable interest rate for ExpressCredit? 2017-08-16T12:28:28+00:00

Answer: The rate of interest is based on perceived risk associated with each customer which can either be low or high. It is 2.75%flat per month for low risk customer and 3.25%flat per month for high risk customer. The level of risk is determined by thecustomers’ rating score on the evaluator.

What is statement of Net worth? 2017-08-16T12:22:15+00:00

This is a list of assets and liabilities of the guarantor. To make it formal, a notary public will need to authenticate it.

What is next step after duly execution of the offer letter? 2017-08-16T12:21:23+00:00

Once you have duly accepted the offer, you will need to get a guarantor that will provide a statement of net worth and undated cheque to cover the value of the loan taken.

How do I know that my application has been approved? 2017-08-16T12:19:14+00:00

Your Relationship Manager will call or bring the offer letter to you for acceptance or rejection when it is ready. This is should be done within 48 hours of submitting your application and required documents.

What documents do I need to support my ExpressCredit Loan application? 2017-08-16T12:18:24+00:00

For individual: Duly filled cash flow loan application form, valid & acceptable means of identification. In addition to the aforementioned; all registered companies must also support their applications with copy of certificate of incorporation/Certificate of registration and Form C07 Your Relationship Manager will fill KYC form for both business premises and residential address and duly filled business loan questionnaire.

I have an existing loan with my otherbank; can I still have access to this loan? 2017-08-16T12:18:00+00:00

Yes, you can enjoy the loan provided you have not defaulted of loan repayment and your cash flow can still accommodate additional periodic repayment.

My account in other Banks are better funded than my Wema Bank account, can I still apply? 2017-08-16T12:17:30+00:00

You can use the statement of accounts from your other banks to support your first application. For renewal of the loan, only credit transactions in Wema bank will be considered. Hence, it is advisable that you move your transactions to Wema bank.

My account with the bank is dormant; can I still have access to this loan? 2017-08-16T12:17:06+00:00

Since you already have an account you can access the loan. However, you will need to reactivate your account first and include 6 months statement of account from your other bank before you can be eligible for the loan. Kindly visit your branch for reactivation process.

I don’t have an account with any bank, can I enjoy this loan? 2017-08-16T12:15:30+00:00

Yes you can but you need to open an account with the bank and run it for a minimum of 3 months to enable the bank know the pattern of your business before you can qualify.

What is the maximum amount? 2017-08-16T12:14:34+00:00

Amount obtainable is tied to 80% of average credit turnover of the customer in the last six months subject to a maximum of N1,000,000.00

For how long must I be in a particular line of business before I can be considered for this loan? 2017-08-16T12:01:15+00:00

At least 12 months; within which he/she may have experienced a full year circle of the line of business.

What is the minimum amountI can apply for under this scheme? 2017-08-16T12:01:13+00:00

Amount obtainable is tied to 80% of average credit turnover of the customer in the last six months subject to a minimum of N100,000.00

Can a foreign company apply for this loan? 2017-08-14T13:07:55+00:00

No. The ExpressCredit loan ismainly for indigenous businesses/business owners operating within Nigeria

What are businesses that are excluded from this loan? 2017-08-14T13:05:48+00:00
  • Any business deemed unfit by Wema Bank management
  • Businesses engaged in pyramid sale distribution plans, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
  • Businesses deriving its revenue from gambling activities
  • Businesses engaged in any illegal activity
  • Loan packagers
  • Businesses deriving its revenue from the sale of products or services of an indecent sexual nature
  • Businesses primarily engaged in political or lobbying activities
  • Speculative businesses
  • Any business deemed unfit by Wema Bank management
Can a school apply for this loan? 2017-08-14T13:04:55+00:00

ExpressCredit as presently designed is for businesses that generate cash inflow on a regular short cycle and can repay on a weekly, fortnightly or monthly basis. Since school’s income is per school terms, it cannot repay within a short cycle, hence schools cannot enjoy this facility as at now.

Is the product available to all businesses? 2017-08-14T13:01:08+00:00

Most Micro and Small Enterprises sphere (see list below) are eligible as long as its cash flow can accommodate the amount being requested for and it’s appropriately rated on the Evaluator.

  • Convenience stores
  • Bakery/Delicatessen
  • Hair dressers
  • Tradesmen/ women
  • Law firms
  • Accounting firms
  • Guest houses (duly registered with the Nigerian Tourism Development Corporation NTDC and/or Lagos State Hotel Licensing Authority)
  • Small Hotels (duly registered with the Nigerian Tourism Development Corporation NTDC and/or Lagos State Hotel Licensing Authority)
  • Small scale manufacturing
  • Web designing & programming
  • Any legitimate business deemed fit Wema Bank management
Who can benefit from ExpressCredit? 2017-08-14T12:59:25+00:00

This loan is available to Micro and Small business concerns as well as individual business owner who trades in their personal names. Their business may not necessarily be registered with the CAC.

Please note that this loan is geared at supporting the above-stated category of customers to grow their businesses. It is for existing and growing businesses and not appropriate for businesses experiencing difficulties or in need of financing to kick start (start-up) activities.

What is the duration for deploying the Wema WebPay Solution. 2017-07-28T15:21:55+00:00

Not more than 15 working days subject to the organization’s speed-to-implement.

What is the pricing for having the Wema WebPay Solution. 2018-01-22T12:32:33+00:00

Highly competitive implementation fee ? 1.25% per transaction (up to N2,000 cap)

Which organizations can it be deployed to? 2017-07-28T15:19:31+00:00

? Manufacturing Companies ? Airlines and other Transport players ? Hotels ? Supermarkets ? SMEs ? Educational institutions ? NGOs/ Churches

What is Wema WebPay Solution (CIPG)? 2017-07-28T15:18:28+00:00

Wema Webpay Solution otherwise known as CIPG (Consolidated internet payment gateway) is web-basedsolution that is integrated into the merchant’s website and this enables cardholders to pay for services using their MasterCard, VISA card, Verve card and eTranzact cards. The solution is based on online web-payment technology, which enables people to pay online real-time from any part of the world

What are the applicable charges for WemaCollect? 2017-07-28T15:06:51+00:00

While we operate a flexible fee structure, our charges on this product are based on the scope of the project. It is treated on organization by organization bases.

What are the features of WemaCollect? 2017-07-28T15:05:33+00:00
  • Customizable to meet specific organizational needs
  • Provision of specific online robust reporting tools based
  • It provides more details about thepayer i.e who paid? What did he/she pay for?
  • Integration of multiple collection channels
  • Ability to integrate seamlessly with organization’s existing platform to provide for real-time payment
  • Cost efficient compared to bank drafts
  • Generate receipts for the customers
What is the target market? 2017-07-28T15:04:22+00:00

Every Organization that requires customization ofcollections which include but not limited to the following:-

  • MDAs (at all level) for IGR collection
  • Institutions of learning / professional bodies
  • Manufacturing sector
  • Aviation and Transport
  • Cable TV operators for bills payment
  • Telecommunication sector
What is WemaCollect? 2017-07-28T13:01:01+00:00

WemaCollect is Wema Bank’s cutting edge solution that can be customizedto meet our customer’s specific collection needs. The solution is a real-time,robust and highly secured electronic collection solution that enablesorganizations receive payments from her esteemed subscribers in all ourbranches/all bank branches while you monitor payment online real-time atthe comfort of your office. Required parameters are customized to meetorganizational information needs and can be interfaced to work with.

What does the Bank and transaction initiating branch gain? 2017-07-28T12:39:56+00:00

• Transaction float • Portal access fee • Transaction income

What is the pricing for having the School portal solution. 2018-01-22T12:28:17+00:00

This is highly dependent on the population of the school and also the scope of the project. The pricing is highly negotiable.

Can the school opt for only the fees payment module without enlisting on the portal solution? 2017-07-28T12:38:42+00:00

Yes. The school can opt for the only the fees payment module and do the portal solution later.

What does the school require to enlist on this School solution? 2017-07-28T12:38:15+00:00

? Endorsed mandate letter ? Computer ? Internet access

What schools are eligible? 2017-07-28T12:37:18+00:00

? Primary School ? Secondary Schools ? Colleges of Education ? Polytechnics ? Universities

What is Wema School online Solution? 2017-07-28T12:36:42+00:00

Wema Online School Management Solution is a highly personalized web-based solution that captures the entire schools’ process and makes all operationsaccessible via the web, thus allowing schools to effectively serve all stakeholders – students, teachers, administrators, and parents. The solution is based on portal technology, which enables the greatest possible customization and personalization.

Who are the target organizations on e-bills Pay Platform? 2017-07-28T12:29:38+00:00

e-BillsPay platform are pre-payments and post-payments for goods and services such as • Utility bills (water rate, electricity bills, telephone bills, etc.), • purchases, • Revenue collections, • other fees e.g. school fees, subscriptions, levies, premiums etc.

What are the applicable charges? 2017-07-28T12:27:46+00:00

It is dependent on the scope and fee sharing income agreed with the merchant during setup

Who is a biller/merchant? 2017-07-28T12:26:20+00:00

A biller or merchant is the organization profiled on e-Bills Pay by NIBSS to receive payments for services rendered to individual customers

What are the modes of payment by customers? 2017-07-28T12:25:40+00:00

•Cash •From account

What are the channels for initiating e-bills Pay transaction by customers 2017-07-28T12:24:29+00:00

Two delivery channels have been adopted by Wema bank for initiating e-BillsPay transactions. a. Branch Teller b. Internet Banking

Why is interest not paid into Current Account? 2017-07-28T10:02:33+00:00

Because it is a transactional account, you can withdraw and deposit money as many times as you want. If interest payment is required, it is advised that you open any of theWema Bank Savings accounts or PCA.

What happens if I need to withdraw part of my savings urgently before tenor expiry date? 2017-07-27T17:00:56+00:00

The customer’s account would be closed in order to make that amount available to the customer for withdrawal. A new account number would be generated and the balance would be deposited as a new account opening balance; normal deposit or top-up deposit as the case may be may then continue.

Do I need to pay the bank anything for running a Savings Account? 2017-12-11T16:07:53+00:00
Who can benefit from ExpressCredit? 2017-07-24T18:26:22+00:00

This loan is available to Micro and Small business concerns as well as individual business owner who trades in their personal names. Their business may not necessarily be registered with the CAC.

Please note that this loan is geared at supporting the above-stated category of customers to grow their businesses. It is for existing and growing businesses and not appropriate for businesses experiencing difficulties or in need of financing to kick start (start-up) activities.

Who do I contact for enquiries? 2017-07-24T18:24:34+00:00

You may contact our 24hr Interactive Contact Centre, Purple Connect, on 07000PURPLE (07000787753), +234-8039003700, send an SMS to 07051112111 or drop us an e-mail at purpleconnect@wemabank.com.

Alternatively, you could chat with us via our live chat platform by clicking on this link. Our Customer Care Officers are also available to assist you at any of our branches.

What is Wema Bank Visa Credit Card? 2017-07-24T18:23:40+00:00

Is a Naira denominated Credit card, which provides customers with a revolving credit line, via all channels – POS, Web & ATMs accepted in Nigeria and all over the world, at tens of millions of merchant locations and over 1.8 million ATMs, wherever the Visa logo is displayed.

A credit card is a card to which a certain amount called a ‘limit’ has been assigned for use by the cardholder. The limit is usually the bank’s money availed as credit to the customer subject to various risk acceptance criteria.

What is a bond? 2017-07-24T18:21:06+00:00

A bond is a loan and the investor or holder of the bond is the lender. When you purchase a bond, you are lending money to a government, local government council, state government, federal agency or a corporation, known as the issuer. The government uses it to fund budget deficit, for instance, or to build roads, electric power stations, finance factories, etc. When you purchase a bond, in return the issuer promises to pay you a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it ‘matures’.

Fixed and Call Deposits 2017-07-24T18:19:20+00:00

Our fixed deposit is designed to help you grow your savings for future investments OR towards a specific event; your dream house or even towards a stress free retirement. We help you grow your savings with guaranteed high returns. Fixed Deposits are tenured deposits that offer competitive interest rates and flexible investment periods of 30, 60, 90 and 180 days and above. Call deposit as the name implies means that the investor can ‘call’ for the deposit at any time since the tenor is not fixed.

What is e-Bills Pay? 2017-07-24T18:15:57+00:00

The e-Bills pay is collection platform introduced by NIBSS for the purpose of making electronic payments i.e bills, fees, premium, IGR, subscriptions to billers (Merchants) by their customers.

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