Wema Bank launches ALAT company’s rapid loan for 17 million SMEs



Through Omodele Adigun

TO helping Nigerian entrepreneurs, startups and corporate clients grow their businesses, Nigeria’s leading digital bank, ALAT by Wema, has launched Quick Loan.

The additional functionality, which is hosted on ALAT for Business, its online banking platform for businesses, will help small and medium-sized enterprises (SMEs) and corporate clients access loans between 100,000 and 10,000,000 N Fast Loan will allow ALAT for Business users to access loan services from virtually any location without the need to locate a physical branch.

A Nigerian SME survey report developed by PricewaterhouseCoopers (PwC), shows that there are around 17.4 million small and medium enterprises (SMEs) in Nigeria and these contribute around 48 percent of the national GDP , accounting for 96 percent of businesses and 84 percent of employment in the country.

ALAT for Business Product Manager Samuel Robson highlighted the central role SMEs play in growing Nigeria’s economy, jobs and exports. However, “despite the significant contribution of SMEs to the Nigerian economy, challenges persist that hamper the growth and development of the sector,” said Robson.

In his statement, he stressed that “access to loans has been one of the most difficult factors facing this sector and we understand the need to support SMEs by providing them with easy access to the loans they seek. “.

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