As Nigeria continues to push through the COVID-19 pandemic, many individuals are still grossly affected by the social, health, and economic crisis brought on by the deadly virus.
The economic consequences of businesses, organizations, and other necessary functions of states temporarily shutting down is the increased level of poverty, job losses, pay-cuts, and static wealth flow that is currently being experienced on a relatively massive scale. With the government having announced the anticipation of the loss of up to 39.4 million jobs by December this year, due to the pandemic, a large number of the middle class to lower class Nigerians are being pushed steadily below the poverty line.
At this crucial time, financial lee ways that come as soft loans, grants, and complementary funds to small business owners and salary earners would help keep employed individuals above the line and significantly decrease extreme poverty levels.
ALAT by Wema’s Salary Earners Low-interest loans is a prime example of the sort of intervention needed to respond to this economic concern. Described fittingly as a “Salary
Booster”, these low-interest loans are open to ALAT’s existing as well as new salary earning customers, whether or not they have their salary account domiciled with Wema Bank.
The flexible, quick, easily accessible, and seamless (no paper work) process attached to this service makes it even more timely and suited for the spontaneous financial concerns that are sure to arise regularly during this pandemic. All that is required of customers is to download the ALAT app on the android or IOS app store, or visit ALAT’s webpage and sign up to be able to access loans that will help keep them afloat until the next payday or attend to pressing emergencies.
Salary earners are entitled to a loan of N50,000 up to N4,000,000 which will be received within hours and will have a time limit between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.
The rate at which Nigerians can maintain a substantial living standard during this time will determine the extent to which the government’s consolidated efforts to contain the coronavirus pandemic would go. Thus there is a need for radical shifting of concentrated wealth distribution into a more expansive and human-focused practice.