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% of the country’s GDP and account for 96% of businesses and 84 percent of employment.
Samuel Robson, Product Manager ALAT for Business, emphasized the importance of SMEs in Nigeria’s economic, employment, and export growth. “Despite the significant contribution of SMEs to the Nigerian economy, challenges that impede the sector’s growth and development persist,” Robson stated. “Loan access has been one of the most challenging factors faced by this sector, and we understand the need to support SMEs by providing easy access to the loans they seek,” he said in his statement.