Wema Bank launches ALAT rapid loan function for 17 million SMEs

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

According to a statement from Wema Bank, the additional functionality 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 million naira. He added that Quick 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 prepared by PricewaterhouseCoopers (PwC) shows that there are around 17.4 million small and medium enterprises (SMEs) in Nigeria and that they contribute around 48% of the national GDP, representing 96% of companies and 84% 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 and hamper the growth and development of the sector,” said Robson.

“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 are looking for.

“Hence the launch of Quick Loan on ALAT for Business, a platform that currently serves our corporate clients and SME owners. We believe that this additional functionality will help alleviate some of the issues faced by entrepreneurs and businesses. The ALAT for Business Quick Loan is open to new and existing clients registered on the ALAT for Business platform and does not require cumbersome paperwork. The feature, Quick Loan, is specially designed for our corporate clients and SME owners, ”he explained.

“ALAT For Business is the online banking platform designed to help corporate clients and entrepreneurs optimally manage their business accounts and stay on top of their finances anytime, anywhere. Customers can transact up to N100 million, make bulk transfers, pay bills and other collections with no hidden charges, among others. ALAT by Wema has continuously supported entrepreneurs, young startup creators, business and SME owners in various capacities over the years. This year, the digital bank hosted the ALAT Talk Series, a session aimed at training young Nigerians in business management, strategy, technology and other key business areas ”, a- he declared.


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