Wema Bank Launches ALAT Quick Loan App Targeting 17million SME’s

ALAT by Wema, Nigeria’s largest digital bank, has developed Quick Loan to help Nigerian entrepreneurs, startups, and corporate customers scale their enterprises. The new tool, which is available on ALAT for Business, the bank’s corporate internet banking platform, would allow SME and corporate customers to access loans ranging from N100,000 to N10,000,000. ALAT for Business users will be able to obtain loan services remotely from any location, eliminating the need to visit a physical branch. According to a PricewaterhouseCoopers (PwC) Nigeria SME survey report, there are around 17.4 million small and medium-scale enterprises (SMEs) in Nigeria, which generate about 48% […]



To Increase Remittance Inflows, First Bank Is Expanding Its IMTO Network

To improve diaspora remittance inflow into Nigeria, First Bank of Nigeria Limited has expanded its network of International Money Transfer Operators or IMTOs. The bank said in a statement that the hike is aimed at making it easier for its customers to receive money in a safe and secure manner from almost 100 countries across the world. “With over 750 branches across the country, customers can get money from the nearest FirstBank branch to them,” the bank said. “FirstBank has worked with Western Union, MoneyGram, Ria, Transfast, and World Remit over the years. Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes, and[…]



Bank Profits May Suffer As A Result Of Fintech’s Intrusion Into Financial Services

Financial analysts have warned that as Fintechs’ services become more prominent in the delivery of financial services, they may pose a significant threat to bank profitability. Although many banks are unconcerned about the threat, analysts from Coronation Merchant Bank observed in a research on Nigerian banks titled “Nigerian Banks, Resilience Built In” that fintechs will be one of the greatest threats to banks’ total profitability. This is because their (fintech) banking platforms would appeal to tech-savvy customers who dislike visiting their local bank offices and could provide far more efficient services than traditional banks, they claimed. While most of the[…]