Wema Bank has announced the appointment of two Non-Executive Directors to its Board of Directors following the approval of the Central Bank of Nigeria. The two new directors are Prince Olusegun Adesegun and Mr Adeyemi Adefarakan, both of whom are bringing a wealth of corporate administrative experience to the bank. Prince Olusegun Adesegun is a Psychologist with a Masters’ Degree in Industrial Psychology from the University of Ibadan.
He worked in Pyramid Products Limited, starting as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988. Upon retirement, he engaged in private business and has over time garnered experience in marketing administration, management, and supply chain logistics solutions. He eventually became the CEO of Pecol Ventures Limited – a cash crop export and paper products company which he helped grow from a small producer to a large, world-class Agric-Export firm.
Between 2011 – 2015, Prince Olusegun Adesegun served as the Deputy Governor of Ogun State. He is currently a Career Counsellor and Consultant for high-quality investment decisions. In a career that spans 20 years, Adeyemi Adefarakan joins Wema Bank’s Board of Directors with valuable experience in global investment banking, portfolio risk, asset, and financial management exposure. He graduated with a BSc (Hons) in Economics & Accountancy from the prestigious City University, London, and holds a master’s degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K. He is also an alumnus of the Emerging CFO: Strategic Financial Leadership Programme at Stanford Graduate School of Business, USA, and currently pursuing a Global CEO Africa Programme in the triumvirate of business schools comprising Lagos Business School, Strathmore Business School (Nairobi, Kenya) and Yale School of Management (Connecticut, USA).
He forged his career on the trading floors of some of London’s financial powerhouses including State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management. In his years in London, he traded both vanilla and complex instruments and risk-managed multi-billion-dollar multi-asset portfolios. Mr Adeyemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited) alongside other board positions where he creates and extracts shareholder value through active board engagement.
Speaking on the appointments, Mr Ademola Adebise, MD/CEO of Wema Bank said: “It thrills us to welcome the new appointees to the Board of Wema Bank. The decision to appoint Mr Yemi and Mr Olusegun is because of their wealth of experience in corporate and public administration which is key to the success of the Board of Wema Bank. We believe their skills and industry will be valuable to the bank as we work to actualize our goals of becoming the Most Dominant Digital Banking Platform in Nigeria.”
Leading innovative financial institution, Wema Bank, is fulfilling its promise to make this year as exciting as possible for its customers with the commencement of its newly launched reward scheme, 5 for 5, in which customers stand an excellent chance to win amazing prizes over the next nine months.
Beginning from the 1st of July, the bank will be rewarding its customers with cash prizes to appreciate them for their unwavering loyalty and patronage. The reward scheme, which will run for a record of 9 months, will see some customers move up the social status ladder as millionaires emerge in the promo draws that will cover many customers in different locations in the country.
In the mind-blowing promo, N31.5 million would be given away to customers in nine months by the bank marking its 76th anniversary this year. There is a monthly grand prize of N1,000,000 for 1 customer, N100,000 for 20 customers and N10,000 consolation prizes for 50 customers monthly. This gives a total of 71 people getting rewarded each month.
Explaining the participation process, Retail Divisional Head, Wema Bank, Dotun Ifebogun, disclosed that it is open to new and existing customers. “All they need to do to win is fund their accounts with at least N5,000 and carry out a minimum of 5 transactions on either ALAT, USSD or with their cards, monthly and maintain a minimum account balance of N10,000 at the end of the month,” Dotun said.
He further noted that the unique thing about the 5 for 5 promo is the equal chance it gives everyone to participate. It is open to new and existing customers and those who reactivate their accounts. To meet those needs, banks need to make customer experience the starting point for process design hence our desire to reward as they transact. According to him, 5 for 5 Promo is another way of putting a smile on the faces of its customers and changing their lives for good.
Dotun stated: “5 for 5 is unique because our customers nationwide have the chance to become millionaires every month after electronic draws. We are known for going the extra mile to give our customers the best, and this is just one of our numerous ways of appreciating them.”
LAGOS,NIGERIA–26thJuly2019–WemaBankPLC(Bloomberg:WemaNL)(“Wema’or“the Bank”), announces its unaudited results for 6 months ended 30thJune 2019.
Gross earnings increased by 47% (Y-o-Y) to N40.83billion from N32.03billion in HI 2019.
Profit before Tax (PBT) grew by 64% Y-o-Y to N2.61billion in HI 2019 from N1.81billion in 2018
Deposit liabilities increased by 80% to N446.02billion from N369.20billion in 2018 FY
Net Loans increased to 96billion in H1 2019, an increase of 11.41% (N252.19 billion in 2018FY
Total Asset up by 40% to N632.53 billion (N488.80 in 2018 FY).
Ademola Adebise, MD/CEO of Wema Bank Plc, commenting on the results, stated that:
“The Financial Performance of the bank in the 1st half of the year is largely in line with our expectations and our strategic aspirations’
Despite the prevailing tepid economic conditions with GDP growing slowly at slightly above 2%, the bank has been able to grow deposits by 20.80% and increase its loan book by 11.41%. The Banks Loan to Deposit ratio (LDR) was above the new minimum threshold of 60% with NPLs below 5%. Gross Earnings increased by 27.47% to N40.83billion from N32.03billion reported in H1 2018 driven by a double-digit growth in Interest and Fee based income. Profit before Tax was N2.61billion, a 43.64% growth when compared to N1.82billion reported in H1 2018.
Regulatory ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 14.59% and Liquidity Ratio at 34.81%.
Within the 1st half of the year, inspired by the need for improvement of women and the society, the bank launched “Sara by Wema”, a female proposition designed to enable women benefit from growth opportunities that help maximize their personal or business goals. Also, within the period, the bank had its first Hackathon event with the aim of bringing the young and entrepreneurial mindset of Nigerian youths together to use technology to solve problems and to provide them with financial and advisory services. ALAT our flagship digital Bank now accounts for close to half-a-million customers on our platform’”.
Adebise further stated that, “the economy is still not growing fast enough and there are concerns that the fragile recovery can be derailed if key structural reforms are delayed”. For Wema Bank, our clear mandate of delivering on the Most Reliable, Convenient and Simple banking platform continues and we will measure our success by number of active customers and number of partnerships that we develop across the business landscape. We are positive that we will sustain the double-digit ROE numbers and provide better returns to shareholders.
LAGOS, NIGERIA – 28th October 2019 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the Bank”) announces its unaudited Q3’2019 financial results.
The Chief Finance Officer, Tunde Mabawonku gave the following updates:
“We are delighted to announce the Bank’s Q3 2019 results. The performance shows growth in key financial metrics despite the challenging macro-economic environment. Wema Bank recorded YoY growth of 55.56% in profit before tax (PBT) to close the quarter at N4.76billion. This was on the back of growth of 30.95% in Gross earnings from N48.99billion in Q3’2018 to N64.15billion in Q3’2019. The Bank continued to benefit from fees and other non-interest income which closed at N15.79billion in Q3’2019 compared to N10.10 billion in Q3’2018; a growth of 56.34%. Net interest income also recorded a growth of 8.85%, compared to Q3 2018. (Q3 2019; N17.2billion; Q3 2018; N15.8billion).’’
According to the Chief Finance Officer, “The key measure of success for us is growth in customers and customer activity – and we are glad that we are reporting strong double-digit growth here. Customer deposits grew by 23.69% to N456.8billion from N369.3billion in 2018 FY. Net loans grew by 13.76% from N252.2billion (2018 FY) to N286.9 billion (Q3 2019), with a loan to deposit ratio above the regulatory prescribed minimum threshold. NPL numbers remained below 5% while Capital Adequacy of 14.78% is above the regulatory minimum of 10%.
The Bank continues to do well in the Digital space, with ALAT. The Managing Director – Mr. Ademola Adebise also further reiterated this strong performance stating that, “The future for Wema remains growth through innovation and we are proud to be the leading Bank in the Digital Banking space. ALAT has revolutionized customer on-boarding in the industry, now we are taking on payments and commerce. We are creating a digital platform for youths, young entrepreneurs and young professionals. The Bank has also commenced trade partnership with the Bank of Africa group to strengthen its commercial business. We believe that with the focused execution of our 3-year strategy, Wema will remain the Bank to watch out for. The bank remains committed to sustaining this impressive performance and to deliver on the FY 2019 guidance across all key metrics.”
Gross earnings increased by 30.95% (Y-o-Y) to N15billion in Q3’2019 from N48.99billion in Q3 2018
Reported Profit before Tax (PBT) and Profit After Tax (PAT) of N76billion and N4.12billion, an increase of 55.56% and 56.06% respectively in Q3’2019 (Q3 2018; N3.06billion PBT, N2.64billion PAT)
Net-Interest Income grew to N2billion from N15.8bilion in Q3 2018; growth of 8.85%
A growth of 56.34% in Non-Interest Income to N79billion from N10.10billion in Q3 2018
Statement of Financial Position
Deposit Liabilities up by 23.69% to N8billion from N369.3billion in 2018 FY
Net loans grew by 13.76% from N2billion (2018 FY) to N286.9 billion (Q3 2019)
Total Asset increased by 25.70% to N7billion in Q3 2019 from N477.9billion in 2018 FY
ROAE of 11.93% in Q3 2019 (Q3 2018; 7.83%)
ROAA of 1.07% in Q3 2019 (Q3 2018; 0.85%)
99% NPL ratio (Q3 2018; 4.28%)
CAR is 14.78% (Q3 2018; 13.33%)
Fitch, GCR and Agusto re-affirm Wema’s National Long-term rating at (BBB-)
We have upgraded our core banking application and infrastructure to enhance customer service excellence across all banking channels
Our Agent banking network has increased to over 2,700, thus deepening our retail franchise and banking penetration.
LAGOS, NIGERIA – 22nd April 2020 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces its audited results for year ended 31st December 2019.
Total Asset growth of 46% to N715.87billion in FY 2019 (FY 2018: N488.80billion)
Non-Interest Income growth of 74% to N24.21billion in FY 2019 (FY 2018: N13.89billion)
Deposit growth of 56% (FY 2019: N577billion, FY 2018: N369billion)
Increases Dividend from 3kobo to 4kobo per share
Ademola Adebise, MD/CEO of Wema Bank Plc, commenting on the results, stated that:
“We are pleased to announce our 2019 financial year results. The results show that year on year, Wema Bank has continued its steady growth trajectory. The Bank recorded gross earnings of N94.89billion which was a 32.65% increase over the 2018 performance (FY 2018: N71.53billion). Profit before tax (PBT) was N6.76billion which represents a 40.83% growth over the N4.80billion reported in 2018 and profit after tax (PAT) was N5.20billion (N3.33billion in FY 2018).
The bank has continued to grow its deposit base, while also reducing its cost of funds. Deposits are up by 56.35% in the period (FY 2019: N577.28billion, FY 2018: N369.20billion). Loans and advances grew from N252.19billion in FY 2018 to N289.24billion in FY 2019, a y/y increase of 14.69%. The Bank has also increased its dividend payment from 3kobo per share to 4kobo per share translating to dividend yield of 8%.”
Ademola cautioned that, “while the results for 2019 showed very strong growth, the economic headwinds of the last few weeks has moderated our growth expectations for the next few months. It is expected that the economic and social impact of the Covid-19 virus will be far reaching. As a Bank we have also tried to play a role in supporting local and federal efforts in providing relief to those impacted directly and indirectly.
This “new normal” has necessitated massive adoption of technology across the economy and we are glad that we have stayed ahead of the curve and our previous technology investments have continued to yield results. ALAT, Nigeria’s First Fully Digital Bank, continues to record strong performance as adoption rates have grown and customer base is almost at the half a million mark. We plan to continue our growth in customer acquisition and retention despite the headwinds.”
– Ademola Adebise (MD/CEO)
Financial Performance Highlights for Full Year ended 31 December 2019
Income statement (N’bn)
Net Interest Income
Profit before Tax
Profit after Tax
Earnings Per Share
Balance Sheet (N’bn)
Loans and Advances(net)
Key Ratios (in %)
Return on Average Equity
Return on Average Asset
Net Interest Margin
Yield on Asset
Capital Adequacy Ratio
Non-Performing Loans Ratio
Cost to Income Ratio
Financial Performance Review for Full Year ended 31, December 2019
Gross Earnings grew by 32.65% y/y to N94.89billion in the period (FY’ 2018: N71.53billion), on the back of 22.64% and a 74.24% growth in interest and non-interest income respectively.
Profit Before Tax (PBT) increased by 40.83% y/y to N6.76billion in 2019 from N4.80billion in FY 2018.
Profit After Tax (PAT) up by 56.16% to N5.20billion in FY 2019 (FY 2018: N3.33billion).
Non-Interest Income grew by 74.24% (from N13.89billion in FY 2018 to N24.21billion in FY’ 2019), drivers are 22.93% y/y growth in net fees and commission and 167.32% y/y growth in trading income.
Customer Deposit up by 56.35% (FY 2019: N577.28billions, FY 2018: N369.20billion).
Net Loans and Advances closed at N289.24billion an increase of 14.69% when compared to FY 2018 (FY 2018: N252.19billion).
Non-Performing Loans (NPL) up to 7.38% in FY 2019 from 4.98% in FY 2018.
Total Asset up y/y by 56.35% (FY 2019: N715.87billions, FY 2018: N488.80billion)
ROAE slightly up y/y to 12.26% from 9.55% in FY 2018
ROAA remained flat at 1.02% (FY 2018: 1.09%)
The bank retained its Investment grade ratings from Fitch, GCR and Agusto -National Long-term rating at (BBB-).
Opened new branches; Ojuelegba and Ikorodu 2, to better serve and to expand our customer base.
To deepen our retail franchise and banking penetration, our Agency Banking network has increased to 3,186 from 1,281 agents in FY 2018.
Successfully completed our technology upgrade without service disruption to customers
Winners have emerged in the Wema Bank Royal Kiddies essay competition, which was organized by the Bank to commemorate the International Children’s Day Celebration last month.
The Wema Bank essay competition tagged “Write & Win”, was to test the creative writing abilities of young school children in Nigeria aged 5 – 12 years. It sought to develop the kids’ writing skills, promote their creativity, imaginative capabilities, reward creativity, as well as drive them towards excellence in their learning process. The Retail Divisional Head, Dotun Ifebogun, said “we want to ensure we support children and help channel their thoughts towards educational and mind building activities
According to his statement, Joanne Mosaku emerged as the overall winner having scored 78 percent, and was closely followed by Aiman Elelu and Oshodi Inioluwa, both of whom tied at 76 percent. He explained that the bank received over 100 entries for the essay competition and these were subjected to checks for qualification criteria of age, minimum account deposit of #20,000, and adherence to the deadline. The essays were assessed along with key parameters of content, organization, grammar, mechanics, and style, the bank said. A foremost online educational management company, Mind and Smith, assessed and graded the essays.
Out of the 10 winners, the top three Essays will each get Huawei tablets and Royal Kiddies branded T-shirts. The seven other finalists will each get a N20,000 prepaid gift card for school supplies in addition to a branded T-shirt. Wema Bank Royal Kiddies Account gives your kids an early start to financial freedom. It is for kids from birth to 12 years old and provides them access to school fees advance, scholarships to fund their education.
ALAT By Wema, Nigeria’s first digital bank, is hosting a speed-eating competition and here’s everything you need to know about it.
1. Who can compete? If you are a young Nigerian between the ages of 18 to 35, then you’re good to go!
To enter, sign up on the ALAT app with the code ‘SQUAD’, then head over to their social media channels to complete the registration.
2. How do I know when I am selected? Stay connected! Ensure your email is active and that you are following alat.ng on their social media pages; Facebook and Instagram for regular updates, also comment ‘i can eat’ on the food posts on the alat social media pages. The participation codes for each week will be posted.
3. The Competition. To excel in this contest all you need to do is bring yourself and a big appetite. This challenge will test how fast you can finish a food item before your opponent. The current world record for eating a 12-inch pizza is 32.28 secs! That’s the size of a medium pizza. Whew!
So how fast can you eat?
4. Fastest mouth (and fingers) takes all! The competition is open to you and your chosen friend, but just make sure that they type as fast as you eat. Because within the allotted time it takes you to eat, your friend has to complete the signup on the ALAT app.
5. Eat and Win! If contacted, you stand a chance to win ₦100k for eating! It doesn’t get more fun than that. You’re going to be battling with other people who believe they also have what it takes so be sure to bring your A-game.
Register on the app now, follow ALAT on social media(IG, Facebook), and sit tight because you just might be on your way to being on the most anticipated eating contest!
Lagos, Nigeria. Wednesday, June 16, 2021. To mark the 2021 ‘World Blood Donor Day-themed “Give blood and keep the world-beating,” staff of Wema Bank, Nigeria’s leading innovative bank, in partnership with the Department of Haematology, Lagos University Teaching Hospital (LUTH) have volunteered to donate blood to affirm the bank’s commitment to helping save lives.
This voluntary blood donation, the second in three years, has seen over 50 staff members take part in the exercise. This year’s edition which took place on Thursday, June 17, 2021, at the Bank’s corporate head office in Marina, Lagos saw over 40 staff taking part, ably aided by staff of LUTH.
Speaking on the significance of the exercise, Head, Marketing Communications and Investor Relations, Wema Bank, Funmilayo Falola reiterated the importance of blood donation. “To keep the world pulsating, it is important to say that blood connects us all; hence, blood donors have continuously saved lives and improve the health of the world”, she said.
“This purely voluntary initiative is our staff’s way of contributing to the important process of saving lives. For us as a bank, it is an opportunity for us to restate our industry leadership stance beyond financial services by entrenching health consciousness, creating awareness and providing a platform to encourage Nigerians to make timely voluntary blood donation a unique part of their lifestyle”, she added.
Speaking on behalf of the donor staff, Morolake Phillip-Ladipo, Team Lead, Reputation Management and External Relations, Wema Bank said the World Blood Donor Day which is globally observed every June 14 is very important in the bank’s staff calendar, who excitedly look forward to taking part in the exercise which they hope will help save lives of people in need of blood.
“It’s that time of the year again. Though, a little anxious, but the thoughts of knowing you are giving blood to save other lives brings you endless joy,” she said.
Adeyinka Adewale, Chief Medical Laboratory Technician, Department of Haematology & Blood Transfusion, LUTH commended the staff of Wema Bank for their sacrifice, saying it shows that more and more Nigerians are keen on donating blood, and look forward to World Blood Donor Day.
“This type of initiative makes our job as doctors much easier, and we are confident that the blood donated will help save lives. We aim to take this initiative with Wema Bank across the country, partnering with more stakeholders, and we believe that this enthusiasm will help deepen awareness about the importance of blood donation to the healthcare system’, he said.
The blood donation initiative is part of the bank’s iVolunteer @ Wema Scheme which aims to create opportunities for employees to share their skills, talent, time and resources through volunteering to the cause of humanity and sustainably adding value to the society through health sensitization.
At the beginning of this year, ALAT launched its earn on the go campaign, allowing members of its Trybe to not only earn money on the app but also stand a chance to win one of the three grand prizes at the end of the year.
For the duration of this campaign, all ALAT users with an active account, who have carried out at least 3 transactions in the last 6 months will be given a unique referral code.
This code is used to track the number of referrals made from a single account, whereby a customer receives one thousand Naira for every successful invitation to join the ALAT Trybe.
While referrals are ongoing, we will be tracking all our users’ progress and by December reward the top three referrers with prizes worth over seven hundred thousand Naira.
The first-place winner will receive the grand prize worth N350,000, while the second place and first runner up, will get a prize worth N200,000.00, and finally in the user that makes it to third place will be giving a prize worth N150,000.00.
To reward the efforts of all participating users, a quarterly raffle draw will be held twice in the year, where twenty people from the list of top hundred referrers will stand a chance to win Ten thousand Naira each.
Founded in 2018, Alat by Wema is the first fully Digital Bank in Nigeria, providing banking services through our Andriod, iOS, and Web apps to over a hundred thousand users in Nigeria.
In the last edition of our newsletter, we offered some advice to our readers on raising funds for their business. Fundraising, however, is only the first step of the long journey towards business success. Your money is only as good as how you manage it, and the successful business owner must be particularly diligent about how their funds are used.
With this in mind, we have decided to dedicate this month’s edition of the SME Newsletter to the management of business finances.
Some tips are provided below:
Separate your business and personal finances: Before you start the process of managing your business finances, you need to take the vital step of separating your business funds from your personal finances. This will help you keep a close eye on your business transactions and save you from a lot of stress and trouble later, when, for example, you are trying to apply for a loan or showcasing your books to potential investors.
Here at Wema Bank, we have two accounts that can help in this regard, the My Business Account and My Business Account Plus, which can be run with zero account maintenance fees, in addition to other excellent benefits.
Draw up a financial plan: A financial plan entails budgeting, accounting, forecasting, tax planning, and risk management. When kicking off with your business operations, you can start by drawing up a budget. A budget is a detailed plan for your projected expenses, and while most individuals tend to focus exclusively on these expenses, you should also focus on your projected income.
You can only plan your spending effectively when you have some idea when – and how much – income you would be receiving over a certain period. Once you have planned out your income and expenses (including things like taxes and staff salaries), you can then begin to figure out how much money you will have leftover for savings and possible re-investment, with the goal being increased profitability for your business.
Manage your cash flow: Financial management should be at the heart of your business operations. You must thoroughly understand the numbers that drive your business if you intend to be a successful entrepreneur. Sound financial management requires managing your cash flows efficiently.
Monitor your business expenses regularly (daily or weekly), review your business and financial operations and assess your core business and financial operations as they relate to your sales and operating margins. The knowledge and insights gained here can help you decide on the financial services (loans, for instance) and tools you will need and even warn you of coming problems or issues like fraud.
Hire the right talent (professionals): When running your business, you will discover very quickly that you cannot do everything yourself. Once you attain a certain level of scale in your operations, you will need to assemble a team. Irrespective of the individual tasks assigned to these employees, they will all be working with one goal in mind: making the most money for your business, either by maximizing incomes or minimizing expenses, most often a combination of both.
It goes without saying that your bookkeeper(s) or accountant(s) should be the best you can find (and afford!) as a good accountant can help you find deductions and tax savings and ensure that you remain penalty-free and get the most value for your money.
Sometimes, the best “talent” may not necessarily be human. In spite of the presence of a human team working for your business, you will need to:
Keep an eye on their operations, especially where it concerns your finances and,
Support them with the best software available.
With Wema Bank’s ALAT for Business (AFB), you can rest assured that your human team will be fully supported by a digital team member which will allow them (and you) to manage your account(s) and transactions, execute bulk transfers of up to ₦2,000,000,000, pay your bills and so much more. Note that you can access all these features securely, either via your mobile phone or via web.
In addition to ALAT for Business, you can use other accounting software to structure your books and monitor your expenses.
Decide what types of payments you will accept: Having a variety of payment options is a source of increased convenience for your customers. Any convenience for your customers is a source of increased revenue for you. While “cash is king”, you can never have too many options, whether they be Wema Bank’s Scan2Pay offering, our USSD channel (*945#), M-Cash, WemaPay, and ALAT (bank transfers).
When setting up payment options, make sure that you standardize payment terms (for easy entry into your books) and set up rules which will apply to all your customers (if you intend to permit payments in instalments, then all your customers should be able to do this, not just a select few). If you apply the same terms and rules across the board, you won’t have to worry about remembering the arrangements you made with each customer.
Have an emergency plan: No one goes into business with the expectation that things will go wrong, but if the past year taught us anything, it would be the importance of “hoping for the best and planning for the worst”. A good place to start here would be to maintain an emergency fund (it is generally advised that building an emergency fund should be prioritized over other forms of saving and investments in the first few months of running your business).
In some cases, however, your emergency may be larger than your emergency fund, and in this case, you may need to pursue other means of tiding over your challenges. This is where loans come in. Most business owners tend to shy away from taking loans, which is unfortunate, as loans can be a very effective tool for supporting your business when used correctly.
Note that applying for loans should not be the first port of call for a business that has just kick-started operations, in most cases, you will need to show a history of (successful) operations when applying for loans, and this requirement effectively rules applicants out if they are just starting out. For the established business owner, however, the process of applying for a loan should be launched at the right time.
It is advised that you do not wait for too long before applying for a loan (if you need one). Waiting for too long will be waiting until your business is already in financial trouble, which is when you are least likely to get a loan. You should apply when your financials are still in a good state so that the loans can then be used for expansion or as an emergency line of credit instead of rescue.
When considering a loan, you should start by engaging your financial advisor. As we highlighted in the last edition of this newsletter, Wema Bank maintains an SME Help Desk (SMEhelpdesk@wemabank.com) to help you with this.
Suppose your advisor points you in the direction of taking a loan. Wema Bank has a suite of offerings available to serve, whether you are a school owner, or you own a pharmacy, or run a hospital, or need general business support to finance your working capital needs (you can even borrow up to N5,000,000 without collateral!). Furthermore, we can facilitate your access to intervention funds made available by the Federal Government. We also offer corporate credit and debit cards which can help with easy and immediate access to cash.
In conclusion, cash is the lifeblood of your business. To succeed at business, you need to ensure that your funds are appropriately utilized (even as you work to grow them), which calls for a detailed and systematic application of yourself and your resources. Lastly, never hesitate to ask for help when you need it.
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