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% […]



Non-Performing Loans Decreasing – CBN 

Non-performing loans in the banking industry fell marginally from 5.8% in May to 5.7 percent in June, indicating that the banking sector is more resilient. This was revealed in the personal statements of members of the Monetary Policy Committee by the Central Bank of Nigeria. According to Robert Asogwa, a member of the MPC, the banking system remained stable with ample liquidity. “Even though aggregate domestic credit grew by only 4.30 percent in June 2021 compared to 4.79 percent in May 2021, system liquidity remained ample,” he said. “At the same time that credit to the government was declining, credit[…]



Sterling Has Launched ‘i Go Trade’ To Make It Easier For Micro-traders To Get Loans

Sterling Bank has announced the launch of its new loan product ‘I Go Trade’ to help close the financial inclusion gap and provide client-centric solutions to its diverse customer base. The product would make low-interest, collateral-free loans up to N300,000 more accessible to artisans and other small business owners throughout communities. This loan will provide beneficiaries with financial flexibility, allowing them to receive the finances they need to acquire inventory, working capital, and other assets that will help them stay afloat and eventually make a profit. Shina Atilola, Divisional Head, Retail and Consumer Banking, commented on the new product, explaining[…]