FAQs

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

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.

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.

Yes, you can liquidate, or part liquidate your facility

Our interest rate varies according to the product. All rates are competitive, and ranges varies between 9% – 31%

Tenor varies according to facility, for;

• Business Support Facility – 12 Months
• School Support Loan – 12 Months
• DBN – 5 Years
• Term Loan for Gaming Value Chain 12 Months
• CIFI – 10 Years

Depending on the product of interest, only DBN requires collateral.

You can apply by visiting any of our branches to complete the loan application form

Business loans are financial facilities availed to MSMEs and established businesses to upscale/ finance their business. Wema bank provides the following business loan facilities; Business Support Facility, School Support Loan, Development Bank of Nigeria Loan (DBN), Term Loan for Gaming Value Chain, Creative Industry Financing Initiative (CIFI)

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.

Easy Life Account is meant for anybody who has previously been excluded from banking services due to their inability to provide account opening documents.

Generally the unbanked population e.g. Traders, Farmers, Labourersetc

No

Yes. There is maximum savings threshold of N200,000 applicable on this account. That means the maximum balance you can have in this account at any point in time is N200, 000. Also there is a single deposit limit of N20,000. That means the highest amount you can deposit at once in this account is N20,000. There is also restriction on electronic transactions. The highest amount you can spend through electronic channels like ATM/Mobile Devices is N3,000 at once and a cumulative daily limit of N30,000 per day.

No. If there is a need to deposit more than N20,000 you will need to fill multiple deposit slips in order to accommodate that amount

Yes. Once you reach the N200,000 limit you will need to produce appropriate documents to accommodate your upgrade into Moment or the Standard Savings Account.

This account does not have a mandatory minimum opening balance. If you have funds to open the account with, it will be accepted, if not, account will be opened all the same.But note that this account must be funded within 2 weeks.

Yes you can, as long as you have sufficient balance to accommodate the cost.

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.

Moment Account is a savings account that can be opened by anybody that had previously been excluded from banking services by their inability to provide a satisfactory ID card and proof of address documents.

All you require is anyidentification document. Even a letter from your Pastor or Imam, withyour picture endorsed by the introducer, can serve as ID Card. You also need to provide twopassport photographs and a proof of address which could be a copy of your utility bill(PHCN, Water or Waste Management receipt)or shop receipt for shop owners

One of our Relationship Managers would visit your residence and sign a visitation report. This report would be attached to your account opening document for your account to be opened. This visitation report is for us to confirm that indeed you reside in the address/operate from the shop stated on your account opening form

Yes. Interest is paid on Moment account. The interest is calculated on daily basis but it is paid at the end of each month and credited directly into your account.

No. There is no monthly maintenance charge for operating the Moment account. Opening and operating this account is free. The only deduction you could see in your Moment account is the mandatory Federal Government tax on interest payment which is a 10% withholding tax and 5% VAT that are deductible from the interest amount paid to you. These deductions are remitted to the relevant government agency.

A customer can withdrawal higher than the ATM limit by entering into any Wema Bank Branch to carry out their transaction

Your account would be converted to a Personal Savings account. With the personal savings account, there are no limits to how much you can save or withdraw.

No. Lending is generally not allowed on Savings Accounts. You would need a Current Account or Salary Savings Account to access Personal Loan from the bank.

No. Wema Bank branches are online real time and you can have access to your account in any of our branches nationwide, at no cost. You can also transact banking business on any ATM machines across the country and do online banking on your account

Yes. MyBusiness Account was created specifically for micro, small and medium scale businesses. The product has three variants from which any business can choose, depending on the level of turnover done by the business in a month.

The three (3) variants of MyBusiness Account are: MyBusiness Account (Bronze) MyBusiness Account (Silver) MyBusiness Account (Gold)

Wema Bank recognizes that the nature and size of various businesses differ; hence room was created for every business to operate at their own levels. However, Companies can upgrade once the business experiences growth.

You can know the suitable variant by the volume of monthly withdrawals from your MyBusiness account. If total withdrawal in a month from your account is usually less than or equal to N5m, then Bronze is for you. If total withdrawal is within N5m and not more than N10m, then Silver is for you. If total withdrawal is usually over N10m but not more than N40m, then Gold would be for you.

Product Name Minimum Opening Balance Minimum Operating Balance Monthly Turnover Limit Monthly Flat Charge MYBUSINESS ACCOUNT -BRONZE N10,000 N10,000 N5m N2,000 MYBUSINESS ACCOUNT -SILVER N25,000 N25,000 N10m N5,000 MYBUSINESS ACCOUNT -GOLD N100,000 N100,000 N40M N7,500

Yes, in Wema Bank, we understand that small businesses operate on a thin trade margin, hence we have fashioned MyBusiness Account to ensure that margin is not eroded by bank charges in form of COT. With MyBusiness Account, there is no COT charge; a customer is just expected to pay a little fee for transactions done on the business account in a month.

No. The turnover limit is applicable to only withdrawals or debit and not deposits/lodgments.

Yes. MyBusiness Account prospects need to make funds available in their account for the cost of debit card, cheque book and Search Report (a requirement for account opening) in order not to have their account thrown below minimum balance when these charges are taken from the account. Kindly note that there are consequences for having a balance below the minimum balance specified.

Wema Bank would charge COT at a concessionary rate of N1/mille below the CBN approved COT of N2/mille resulting in a charge of N1/mille. This charge applies to the EXCESS above the debit turnover threshold of each category

Wema Bank would charge COT at a concessionary rate of N1/mille below the CBN approved COT of N2/mille resulting in a charge of N1/mille on ALL debit transactions for the month

This is because the customer has contravened the minimum balance covenant and the penalty applicable is a COT charge on all debit transactions for the month.

myBusiness Account is a current account and does not attract interest payment on balances.

Customers require the same documentation needed for a normal business current account with the minimum opening balance applicable to each of the variant. Also customers have to complete the MyBusiness Account Agreement Form indicating the desire and consent to run the business account under its special tariff system. (This form can be found on the Wema Bank Website and Intranet).

Yes, charges apply to MyBusiness account monthly irrespective of activity on the account in a month.

Yes, this is allowed, preferably at the beginning of a new month. Customers can also migrate from other account types to MyBusiness account provided all documentation is complete. However, an approval is required to migrate from Corporate Current Account to MyBusiness Account.

The customer can be charged COT on all transactions for the month if at a time prior to the time of switching to a higher variant, account balance was less than the minimum specified. Migration to a new variant is therefore advisably done at the beginning of a new month so that end of day balances throughout that month is equal to the minimum balance required on the new variant switched to.

There is no time limit or expected duration for a customer to remain on one variant of MyBusiness Account. There is also no restriction on the number of times the customer can migrate between variants.

For instance, in a Bronze variant, for a turnover of N5m, a customer would be required to pay N10, 000 as COT charges on a Corporate Current Account, this same customer would only need to pay N2, 000 in a month on MyBusiness account. There is therefore a saving of N8, 000in a single month.

Yes. MyBusiness account customers who are sole signatories to their account can request for a debit card from the bank.

MyBusiness Account can be opened in any Wema Bank branch in Nigeria

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.

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

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

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

This is a flexible account that enables customers conduct day-to-day personal or third-party transactions through the issuance or lodgment of a cheque.

Nothing. You can withdraw to the last kobo on your current account provided there is no accrued COT charges.

There is a charge of N2/mille on this account. This means, for every N1,000 withdrawn the bank charges onlyN2.

COT is the acronym for Commission on Turnover. For every debit turnover transaction on the account, the bank charges COT.

No. Debit turnover is not restricted. Customers can withdraw as many times as they want.

Yes. Wema Bank Personal Savings Account would be right for you.

This is a product that enables customers save towards future financial security. Your balance in this account can be viewed as an investment because you earn interest on this balance.

You can withdraw at any time. However, a maximum of three (3) withdrawals within a monthly is recommended to enable you earn interest on the balances in the account.

Interest will not be credited to your account for the particular month that withdrawal is more than three times.

No. Cheques are payable only into a current account or dedicated Savings account like Wema Treasure Account (WTA)

Savings Account can be opened at any branch of Wema Bank.

Yes. Apart from the competitive interest rate on your balances, you also enjoy secure and easy access to your funds anytime and access to several of our e-Product like Mobile banking, Internet banking etc.

Yes. Smart Save account is the product for you. With Smart Save, you can save daily, weekly or even monthly over a period of time for a specific purpose. This account comes with higher returns on your savings to help you further achieve your saving goal.

Prestige Current account is the product for you. There are two variants of PCA, namely PCA Individuals and PCA Non-individuals. You can open the PCA individual and run your account at zero COT.

Yes! Zero COT; no charge at all, as long as your monthly debit turnover is within N20million in a month.

Debit turnover is the volume of money that you withdraw from your account. In this case, Prestige Current Account will not charge any COT on the first N20m withdrawals per month

Wema Bank would charge COT at N2/mille for excessdebit transactions above N20mdone in that month.

Individuals require N100,000 while non-individuals need N500,000

Individuals must leave N100,000 in the account at every point in time while non-individuals must leave N500,000 in the account to enjoy the benefits attached to the product.

PCA non-individuals is targeted at small businesses, associations, Clubs, etc. It has a minimum opening and operating balance of N500, 000. They are exempted from COT charges and interest is paid on their balance as well.

The customer can draw below the specified minimum balance but COT charge would then apply on all the transactions done in that month.

Apart from the zero COT charge and interest payment on balances, PCA customers also get their first cheque book issued free, and they have access to Wema Bank variouselectronic banking channels.

Yes, a draft can be drawn on PCA and the charges for issuance of a draft/managers cheque would apply.

PCA individuals who require a personal loan would be required to open the Wema Bank current account. However, funds in this account can be used to pay monthly rentals on personal loans and Wema Asset Acquisition Scheme.

No. You can draw on this account as many times as possible, as long as the debit turnover limit of N20million is not reached in a month and withdrawal does not take the account below minimum balance.

No. The COT concession has been maintained automatically on our system, such that any transaction that reduces the balance in the account below the minimum balance or outdoes the monthly turnover will automatically attract COT of N5/mille.

Purple Account is Wema Bank product for the teenagers and young adults, aged between 13 to 24 years.

Yes. This product is specially designed for you. Students of higher secondary schools, tertiary institutions and fresh graduates are eligible to have this account.

No. This account is designed for all young adults and is to be opened and run by them solely. Your parents can always deposit into the account for your usage

Purple account is a savings account designed to encourage a savings habit among the young adults. You can have your parent send money to your account while you are in school for upkeep.

It is different because it is specially designed for young adults, interest payment on it is higher than that of normal savings and special benefits specifically targeted at young adults are available on this product.

Periodically, account holders would have the opportunity to benefit from incentive packages based on account balances/deposit build-up.

N1,000

Yes. Interest is paid monthly at a rate of 1% above the normal savings interest rate

The account holder have the option to migrate the account to any preferred Wema Bank product. This would be done on request. Outstanding documentation (if any) would be provided.

Nothing. Migration to another account class require the authorization of the account holder. However benefits described on the products for young adults aged between 13 and 24 years would not apply. The account begins to operate as a personal savings account from then on

Yes, you can liquidate, or part liquidate your facility at no cost

Our interest rate varies according to the product. All rates are competitive and ranges between 19% – 25%

Tenor varies according to facility, For;

• Personal Loan – 24 Months
• ALAT Salary Loan – 24 Months
• Credit Card – 45 Days Cycle Period
• WAAS – 48 Months
• Device Loan – 6 Months
• School Fees Advance – 9 Months

No, you do not need collateral to get any of our retail loan products

• You can access the salary-based loan on the ALAT app. Download ALAT click get a loan and follow the instructions.
• You can access other retail loans; WAAS, School Fees Advance, Device Loan and Credit Card by Visiting any of our branches.

Retail loans are financial facilities availed to salaried and self-employed individuals who are wema bank customers and non wema bank customers, to meet personal financial needs as at when due. Wema bank provides the following retail facilities; Personal Loan, Wema Bank Asset Acquisition Scheme (WAAS), School Fees Advance, Device Loan, ALAT Salary Loan and Credit Card.

Royal Kiddies Account would be right for her. It is a high interest yielding savings account designed especially for children.

Yes, a new alternate administrator can be appointed by notifying the bank in writing and stating the reason for the desired change and the name and details of the new alternate administrator.

Every child who opens this account is given a welcome gift pack. Apart from that, every account holder qualifies to win the Annual Wema Educational award.There is also no cost for draft issuance to pay school fees.

The child would get N500,000, which is ten times the account balance.

No. The maximum claim limit from the insurance benefit on this account is N10million. The highest claim any account holder can get in the event of accidental death or permanent disability is N10million.

No. The insurance claim is only accessible if the parent/administrator dies by accident or is permanently disabled and unable to continue to carry out his/her responsibilities as a result of accident.

The bank

The insurance company has the responsibility of verifying every claim.

The parent would have the option to migrate the account to Purple Account, the Wema Bank product for young adults or wait till the child is 18 and then hand over the account management to the child.

Nothing. Migration to another account class require the authorization of the account holder

N2,000 minimum

Yes, a minimum operating balance of N500 is required in the account at every point in time

It is an electronic card that is not linked to the account, but can be loaded with funds at any Wema Bank Branch. Funds can be loaded on the card by cash or from the parents accounts in Wema Bank.Your kid can use the E-Purse to make small purchases at POS locations

No. it is available strictly on request by the parents that may allow their kids make small purchases on their own thereby introducing the kids to electronic banking.

No, this account can be opened independently but having another account is more desirable.

Once a particular savings cycle is complete and customer withdraws the money, another cycle can begin. The account is so flexible that a new specific purpose can be inputted and savings can begin towards this purpose.

The system would recognize the inability to fulfill your savings obligation as a debt. This debt however does not attract any charges but bonus interest would be forfeited. Once your fulfill your obligation by putting money in your account, your debt clears.It is a way to encourage you meet your target as planned.

Yes. Smart Save account is the product for you. With Smart Save, you can save daily, weekly or even monthly over a period of time for a specific purpose. This account comes with higher returns on your savings to help you further achieve your saving goal.

The initial savings pattern you indicated at the beginning of your savings tenor would remain throughout the period indicated. However money brought in weekly would be recognized as top-up and bonus interest would be paid on the total balance

Yes. Interest is paid monthly at the normal savings interest rate. Bonus interest of 20% of the savings interest rate also applies.

Bonus interest is an additional interest given for meeting savings target. It is 20% of the normal interest paid into the account. It is paid if the customer does not withdraw from the account within a 3 month period and if the customer meet their savings obligation.

Bonus interest will be credited automatically to your Smart Save account as long as all the conditions for qualifying for it is met.

Yes, you can. The extra on the specified periodic savings amount will be treated as a top-up deposit.

The account would be closed in order for the total balance and accrued interest to be made available to the customer.

Account balance would be transferred to the nominated account provided by the customer at account opening stage. Where there is no such account, funds will be made available to the customer in cash or any other form of financial instrument acceptable to the customer upon written request.

No. Target savings can be transferred using e-channels and/or standing order instructions.

Smart Save can be opened at any branch of Wema Bank.

You would be charged 25% on the accrued interest

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.

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

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

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

Yes, you deposit can serve as collateral for bank loans

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.

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

The investment would be rolled over at the prevailing market rate

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

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

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.

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

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.

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.

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.

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.

Yes

By checking on ATM

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

? Endorsed mandate letter ? Computer ? Internet access

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

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

WTA is an acronym for Wema Treasure Account. WTA combines the features of savings and current account types. It is an account suitable for people who wants to enjoy the convenience of current account while retaining the benefit of Savings Accounts.

You may not need your current account anymore if you are okay with your cheques only being payable across Wema Bank branches. The cheque issued on WTA is a non-clearing cheque, which can only be cashed across Wema Bank branches. You will need a standard current account when you want your cheques to be presented at other banks.

Yes. There are two variants of WTA, namely WTA Individuals and WTA Non- individuals. The non-individuals is open to small businesses like yours and professional firms like law firms, Insurance brokers etc.

WTA is different because it offers special benefits that the generic savings account (cheque lodgment and issuance at zero COT payment) or generic current account (monthly interest payment) does not offer.

For non-individuals, N10, 000 while individuals require N5, 000 to open WTA.

Yes, with Wema Treasure Account (WTA), you can have your own personalized cheque book to pay third party transactions across the counter and also lodge in cheques that are issued in your name. You do all these with zero Commission on Turnover (COT) and being a savings account, you still get interest paid to you on the account balance. The unique features of Current and Savings accounts are merged in WTA.

Yes. Interest on WTA is 1% above personal savings account rate. The interest is paid monthly on the average balance in the account.

In Wema Bank, savings interest rate ranges between3.6% to 4.5% depending on the volume in your account. For WTA, interest rate is 3.6%+1% to 4.5%+1% depending on volume.

Yes. WTA has maximum withdrawal limit of thrice per month

The penalty for withdrawing more than thrice a month is forfeiture of interest payment for the month. If in the following month, withdrawal is not more than thrice, interest would be credited to the account.

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

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