FAQs

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Personal Savings Account

Does Wema Bank have an account I can put some money in every now and then?

Yes. Wema Bank Personal Savings Account would be right for you.

What is Personal Savings Account?

This is a product that enables customers save towards future financial security. Your balance in this account can be viewed as an investment because you earn interest on this balance.

How much interest do I get?

Interest rate of between 3.6% and 4.5% per annum is applicable.

When is the interest paid?

It is calculated on daily basis but it is paid at the end of each month and credited directly into your account. If your account is left untouched, you will earn interest on this initial interest in the second and subsequent months the amount remains in the account. This is called the power of “Compound Interest”.

How much do I need to open this account?

You need a minimum of N2,000 only, to open the savings account.

Do I need to pay the bank anything for running a Savings Account?

No. The only deductions you could see in your savings account is mandatory Federal Government tax on interest payment. There is a 10% withholding tax and 5% VAT that are deductible from the interest amount paid to you. These deductions are remitted to relevant government accounts.

How often can I withdrawal from this account?

You can withdraw at any time. However, a maximum of three (3) withdrawals within a monthly is recommended to enable you earn interest on the balances in the account.

If I withdraw more than three (3) times in a month what happens?

Interest will not be credited to your account for the particular month that withdrawal is more than three times.

Can I borrow money from the bank on this account?

No. Lending is generally not allowed on Savings Account. You would need a Current Account or Salary Savings Account to access Personal Loan from the bank.

Can I lodge a cheque into this account?

No. Cheques are payable only into a current account or dedicated Savings account like Wema Treasure Account (WTA)

Where can I open Savings Account?

Savings Account can be opened at any branch of Wema Bank.

Do I need to be at the branch where I opened my account to operate it?

No. Wema Bank branches are online real time and you can have access to your account in any of our branches nationwide, at no cost.

What do I need to open the Savings Account?

You require, an identification document such as Voter’s Card, National ID Card, current Driver’s License and International Passport; 2 Passport photographs and the minimum account opening balance in cash or a Wema Bank cheque written in your name

Are there any other benefits from this account?

Yes. Apart from the competitive interest rate on your balances, you also enjoy secure and easy access to your funds anytime and access to several of our e-Product like Mobile banking, Internet banking etc.

Wema Treasure Account (WTA)

What is WTA?

WTA is an acronym for Wema Treasure Account. WTA combines the features of savings and current account types. It is an account suitable for people who wants to enjoy the convenience of current account while retaining the benefit of Savings Accounts.

Can a savings account operate like a Current account?

Yes, with Wema Treasure Account (WTA), you can have your own personalized cheque book to pay third party transactions across the counter and also lodge in cheques that are issued in your name. You do all these with zero Commission on Turnover (COT) and being a savings account, you still get interest paid to you on the account balance. The unique features of Current and Savings accounts are merged in WTA.

If I can issue cheque on this account at zero COT, then do I need any standard current account anymore?

You may not need your current account anymore if you are okay with your cheques only being payable across Wema Bank branches. The cheque issued on WTA is a non-clearing cheque, which can only be cashed across Wema Bank branches. You will need a standard current account when you want your cheques to be presented at other banks.

Who qualifies to have this account?

Individuals, Professional firms, Associations, Trade & Cooperative Societies and other small enterprises.

I run a school, can I operate WTA account?

Yes. There are two variants of WTA, namely WTA Individuals and WTA Non- individuals. The non-individuals is open to small businesses like yours and professional firms like law firms, Insurance brokers etc.

How is this account different from my savings or current account?

WTA is different because it offers special benefits that the generic savings account (cheque lodgment and issuance at zero COT payment) or generic current account (monthly interest payment) does not offer.

Is this account then better than a generic saving or current account?

Not necessarily. It depends on the nature of your business and purpose for which the account is required. If your business is large and you require your cheques to be cashable in any bank across Nigeria, WTA may not be suitable, and we would advise you to open the Wema Bank Current account.

How much is needed to openthis account?

For non-individuals, N10, 000 while individuals require N5, 000 to open WTA.

Must I leave a minimum balance in this account?

Yes. A minimum operating balance of N5, 000 (for individuals) or N10,000 (for non-individuals) must be left in the account at every point in time.

Do I get interest on my money in WTA?

Yes. Interest on WTA is 1% above personal savings account rate. The interest is paid monthly on the average balance in the account.

What is the personal savings interest rate?

In Wema Bank, savings interest rate ranges between3.6% to 4.5% depending on the volume in your account. For WTA, interest rate is 3.6%+1% to 4.5%+1% depending on volume.

Is there any limitations, I should know about to enjoy all the benefits of this product?

Yes. WTA has maximum withdrawal limit of thrice per month.

What happen if I withdraw more than three times?

The penalty for withdrawing more than thrice a month is forfeiture of interest payment for the month. If in the following month, withdrawal is not more than thrice, interest would be credited to the account.

Can I borrow money from the bank on this account?

No. Lending is not allowed on Smart Save Account. You would need a Current Account or Retail Salary Savings Account to access Personal Loan of the bank.

What are the requirements needed for this account to be opened?

You require, an identification document such as Voter’s Card, National ID Card, current Driver’s License and International Passport; 2 Passport photographs, one good reference and the minimum account opening balance in cash or a Wema Bank cheque written in your name.

Where can I open this account?

WTA can be opened in any Wema Bank branch in Nigeria

Smart Save Account

I am thinking of buying a car next year. Does Wema Bank have a product I can save strictly in every month to help achieve this?

Yes. Smart Save account is the product for you. With Smart Save, you can save daily, weekly or even monthly over a period of time for a specific purpose. This account comes with higher returns on your savings to help you further achieve your saving goal.

How much is required to open this account?

Smart Save has the minimum opening balance of N5,000.

Must I leave a minimum balance in this account?

No minimum operating balance is required as there will be only incremental deposits on the account and no withdrawal is expected until the expiration of the savings tenor.

Do I need to have any other Wema Bank Account before I can operate a Smart Save Account?

No, this account can be opened independently but having another account is more desirable.

How is this account different from my savings account?

Smart Save Account is different because it offers higher benefits and encourages compulsory savings habit on a regular basis.

How does this account work?

At the point of account opening, customer would have stated how much they would like to save and for what purpose. Customer would also state the duration of savings and desired pattern of saving, daily, weekly or monthly. Subsequently, customer would be expected to honour the agreement as stated at the point of account opening.

What happens to the account after I have finished saving for the particular purpose I first opened the account for?

Once a particular savings cycle is complete and customer withdraws the money, another cycle can begin. The account is so flexible that a new specific purpose can be inputted and savings can begin towards this purpose.

What happens if I don’t save according to the pattern I described at account opening?

The system would recognize the inability to fulfill your savings obligation as a debt. This debt however does not attract any charges but bonus interest would be forfeited. Once yourfulfill your obligation by putting money in your account, your debt clears.It is a way to encourage you meet your target as planned.

What happens I decide to change my savings pattern from weekly to monthly?

The initial savings pattern you indicated at the beginning of your savings tenor would remain throughout the period indicated. However money brought in weekly would be recognized as top-up and bonus interest would be paid on the total balance

Does funds in my Smart Save Account earn interest?

Yes. Interest is paid monthly at the normal savings interest rate. Bonus interest of 20% of the savings interest rate also applies.

What is Bonus interest?

Bonus interest is an additional interest given for meeting savings target. It is 20% of the normal interest paid into the account. It is paid if the customer does not withdraw from the account within a 3 month period and if the customer meet their savings obligation.

Where is the bonus interest paid into?

Bonus interest will be credited automatically to your Smart Save account as long as all the conditions for qualifying for it is met.

What are the requirements for this account to be opened?

You require an identification document such as National ID Card, current Driver’s License, Voters ID card or International Passport; 2 Passport photographs, Account opening balance; copy of utility bill (water, electricity or telephone) issued in the last three months and duly completed individual savings account opening form and a duly completed Supplementary Smart Save Account opening form

What isthe Supplementary Smart Save Account opening for?

This is the form that clearly shows the customer’s monthly savings amount, savings tenor, account opening deposit, account to liquidate deposits into upon liquidation and other vital information.

Will I be allowed to deposit more than specified target amount?

Yes, you can. The extra on the specified periodic savings amount will be treated as a top-up deposit.

What happens if I desire to withdraw total savings before target date?

The account would be closed in order for the total balance and accrued interest to be made available to the customer.

What happens if I need to withdraw part of my savings urgently before tenor expiry date?

The customer’s account would be closed in order to make that amount available to the customer for withdrawal. A new account number would be generated and the balance would be deposited as a new account opening balance; normal deposit or top-up deposit as the case may be may then continue.

Upon the conclusion of my target savings how will I access my funds?

Account balance would be transferred to the nominated account provided by the customer at account opening stage. Where there is no such account, funds will be made available to the customer in cash or any other form of financial instrument acceptable to the customer upon written request.

Must my deposits be paid across the counter with cash?

No. Target savings can be transferred using e-channels and/or standing order instructions.

Where can I open Smart Save Savings Account?

Smart Save can be opened at any branch of Wema Bank.

Purple Account

What is Purple Account?

Purple Account is Wema Bank product for the teenagers and young adults, aged between 13 to 24 years.

I am in the university, do I qualify for this product?

Yes. This product is specially designed for you. Students of higher secondary schools, tertiary institutions and fresh graduates are eligible to have this account.

Does my parent need to give their approval for me to open this account?

No. This account is designed for all young adults and is to be opened and run by them solely. Your parents can always deposit into the account for your usage.

How does the account work?

Purple account is a savings account designed to encourage a savings habit among the young adults. You can have your parent send money to your account while you are in school for upkeep.

How is this account different from a normal savings account?

It is different because it is specially designed for young adults, interest payment on it is higher than that of normal savings and special benefits specifically targeted at young adults are available on this product.

What special benefit is available on this product?

Periodically, account holders would have the opportunity to benefit from incentive packages based on account balances/deposit build-up.

What is the opening balance for the Purple Account? N1,000

N1,000

How much do I need to leave in the account?

Nothing. You can withdraw to the last kobo on your Purple account.

Do I get interest on this account?

Yes. Interest is paid monthly at a rate of 1% above the normal savings interest rate

How often can I withdrawal from this account?

You can withdraw at any time. However, a maximum of three withdrawals within a monthly is recommended to enable you earn interest on the balances in the account.

If I withdraw more than three times in a month what happens?

No interest will be credited to your account for that particular month that withdrawal is more than three times.

Can a draft be issued on a Purple Account and what charges will apply?

Yes, a draft can be issued and no charge will apply for this service, if the draft is for the payment of the school fees. Other purposes will attract normal draft/manager’s cheque issuance fee.

What happens when a Purple account holder outgrows the age limit set on the Purple Account?

The account holder have the option to migrate the account to any preferred Wema Bank product. This would be done on request. Outstanding documentation (if any) would be provided.

What happens when a Purple account holder does not migrate to another product after outgrowing the product?

Nothing. Migration to another account class require the authorization of the account holder. However benefits described on the products for young adults aged between 13 and 24 years would not apply. The account begins to operate as a personal savings account from then on.

Royal Kiddies Account

I’d like to open an account for my two year old niece, what product does Wema bank have for her?

Royal Kiddies Account would be right for her. It is a high interest yielding savings account designed especiallyfor children./p>

How does it work?

Royal Kiddies account is a savings account designed to help parents/guardians save towards the education of their children/wards. The account can be opened by a parent or guardian in the name of the child, but would be run by the parent/guardian who will be named the ‘Administrator’ of the account. The administrator who is the parent/guardian has the responsibility of naming another person as ‘Alternate Administrator’ in case, he is unable to perform his duties of running the account.

Can I change the alternate administrator after the account has been opened?

Yes, a new alternate administrator can be appointed by notifying the bank in writing and stating the reason for the desired change and the name and details of the new alternate administrator.

What does my child stand to benefit from having this account?

Every child who opens this account is given a welcome gift pack. Apart from that, every account holder qualifies to win the Annual Wema Educational award.There is also no cost for draft issuance to pay school fees.

What do I, as the parent stand to benefit from opening this account for my child?

As a parent, this account would give you the full assurance of the continuity of your child’s education in the event of accidental death or permanent disability. This is because this account comes with an insurance benefit on the parent/administrator. In the event of accidentaldeath or permanent disability, the child gets ten times the balance in this account.

If my child has N50,000 in this account, what happens in the event of accidental death?

The child would get N500,000, which is ten times the account balance.

So my child would get N20million, if there is N2million in the account?

No. The maximum claim limit from the insurance benefit on this account is N10million. The highest claim any account holder can get in the event of accidental death or permanent disability is N10million.

Can my child get this insurance benefit if I die from a heart attack?

No. The insurance claim is only accessible if the parent/administrator dies by accident or is permanently disabled and unable to continue to carry out his/her responsibilities as a result of accident.

The insurance benefit on this account, who pays the premium?

The bank

Does the bank in anyway remove from savings in my child’s account to pay this premium?

No. The balance is your child’s account does not in any way reduce. It would rather increase from interest paid on monthly basis.

How would a child get this insurance claim?

A child would get the claim of ten times the account balance after the bank has been notified of the accidentaldeath or permanent disability of the administrator. The bank would notify the insurer and after due diligence has been done and claim verified to be true, the child’s account would be credited with insurance pay out.

How would the bank verify that an administrator died by accident?

The insurance company has the responsibility of verifying every claim.

What happens when the child outgrows the age limit set on the products?

The parent would have the option to migrate the account to Purple Account, the Wema Bank product for young adults or wait till the child is 18 and then hand over the account management to the child.

What happens when account holder does not migrate to another product after outgrowing the product?

Nothing. Migration to another account class require the authorization of the account holder

How much is required to open Royal kiddies Account?

N2,000minimum

Is there a minimum operating balance?

Yes, a minimum operating balance of N500is required in the account at every point in time

Do I get interest payment on this account?

Yes. Interest payment is 1% above normal savings interest rate

How often can I withdrawal from this account?

You can only withdraw once on this account in a month. Withdrawal more than once would lead to forfeiture of the credit interest on the account for the month

Can I get a debit card on this account?

No. Debit cards would not be issued on this account. However, a Royal Kiddies e-purse can be made available on request.

What is the Royal Kiddies e-purse?

It is an electronic card that is not linked to the account, but can be loaded with funds at any Wema Bank Branch. Funds can be loaded on the card by cash or from the parents accounts in Wema Bank.Your kid can use the E-Purse to make small purchases at POS locations

Is it mandatory that I get the E-purse on account opening?

No. it is available strictly on request by the parents that may allow their kids make small purchases on their own thereby introducing the kids to electronic banking.

Prestige Current Account

What is PCA?

PCA is an acronym for Prestige Current Account; it is a variant of the current account, which allows the customer enjoy COT concession provided certain conditions of the product are met.

I am an individual, I need to issue a cheque sometimes to pay for services but COT charges are always a disincentive to opening a current account...

Prestige Current account is the product for you. There are two variants of PCA, namely PCA Individuals and PCA Non-individuals. You can open the PCA individual and run your account at zero COT.

Zero COT...?

Yes! Zero COT; no charge at all, as long as your monthly debit turnover is within N20million in a month.

What is debit turnover?

Debit turnover is the volume of money that you withdraw from your account. In this case, Prestige Current Account will not charge any COT on the first N20m withdrawals per month

What happens if I withdraw more than N20million in a month?

Wema Bank would charge COT at N2/mille for excessdebit transactions above N20mdone in that month.

What is the minimum amount required to open this account?

Individuals require N100,000 while non-individuals need N500,000

Do I need to leave a minimum balance in the account?

Individuals must leave N100,000 in the account at every point in time while non-individuals must leave N500,000 in the account to enjoy the benefits attached to the product.

Do I get interest on the money in this account?

Yes. Interest is paid on daily balances in the account provided the minimum daily operating balance requirement is satisfied throughout the month and turnover limit is not exceeded.

How does the PCA Non-individuals work?

PCA non-individuals is targeted at small businesses, associations, Clubs, etc. It has a minimum opening and operating balance of N500, 000. They are exempted from COT charges and interest is paid on their balance as well.

What if the customer wants to draw below theminimum operating balance?

The customer can draw below the specified minimum balance but COT charge would then apply on all the transactions done in that month.

What are the other benefits of operating a PCA account?

Apart from the zero COT charge and interest payment on balances, PCA customers also get their first cheque book issued free, and they have access to Wema Bank variouselectronic banking channels.

Can a draft be issued on a PCA account and would charges apply?

Yes, a draft can be drawn on PCA and the charges for issuance of a draft/managers cheque would apply.

Can a loan be booked on this account?

PCA individuals who require a personal loan would be required to open the Wema Bank current account. However, funds in this account can be used to pay monthly rentals on personal loans and Wema Asset Acquisition Scheme.

Is there any limitation on the number of withdraws I can do on this account?

No. You can draw on this account as many times as possible, as long as the debit turnover limit of N20million is not reached in a month and withdrawal does not take the account below minimum balance.

Is there need for human intervention in maintaining the COT concession?

No. The COT concession has been maintained automatically on our system, such that any transaction that reduces the balance in the account below the minimum balance or outdoes the monthly turnover will automatically attract COT of N5/mille.

Personal Current Account

What is Personal Current Account?

This is a flexible account that enables customers conduct day-to-day personal or third-party transactions through the issuance or lodgment of a cheque.

How much do I need to open this account?

You are required to open this account with a minimum of N2,000

How much do I need to leave in the account?

Nothing. You can withdraw to the last kobo on your current account provided there is no accrued COT charges.

Do I get interest on this account?

No. Interest is not paid on the personal current account.

Why is interest not paid into Current Account?

Because it is a transactional account, you can withdraw and deposit money as many times as you want. If interest payment is required, it is advised that you open any of theWema Bank Savings accounts or PCA.

How often can I withdrawal from this account?

There is not restriction on withdrawal. Withdrawal can be as often as is desired.

Can I borrow money from the bank on this account?

Yes. To access personal loan or the Wema Asset Acquisition Scheme, a personal current account should be opened.

What charges applies on this account?

There is a charge of N2/mille on this account. This means, for every N1,000 withdrawn the bank charges onlyN2.

What is COT?

COT is the acronym for Commission on Turnover. For every debit turnover transaction on the account, the bank charges COT.

What is debit turnover?

Debit turnover is the volume of money that you withdraw from your account.

Is there a limit on the debit turnover on Personal current account?

No. Debit turnover is not restricted. Customers can withdraw as many times as they want.

MyBusiness Account

I don’t want to pay COT because it affects my profit.I need a bank account that would not take all my income as bank charges…does Wema Bank have any account that can help me?

Yes, in Wema Bank, we understand that small businesses operate on a thin trade margin, hence we have fashioned MyBusiness Account to ensure that margin is not eroded by bank charges in form of COT. With MyBusiness Account, there is no COT charge; a customer is just expected to pay a little fee for transactions done on the business account in a month.

I run a small bakery and MyBusiness only generates a small income. Do I qualify?

Yes. MyBusiness Account was created specifically for micro, small and medium scale businesses. The product has three variants from which any business can choose, depending on the level of turnover done by the business in a month.

What are the three variants of MyBusiness Account?

The three (3) variants of MyBusiness Account are: MyBusiness Account (Bronze) MyBusiness Account (Silver) MyBusiness Account (Gold)

Why do you have three variants and not only one?

Wema Bank recognizes that the nature and size of various businesses differ; hence room was created for every business to operate at their own levels. However, Companies can upgrade once the business experiences growth.

How do I know which variant is suitable for me?

You can know the suitable variant by the volume of monthly withdrawals from your MyBusiness account. If total withdrawal in a month from your account is usually less than or equal to N5m, then Bronze is for you. If total withdrawal is within N5m and not more than N10m, then Silver is for you. If total withdrawal is usually over N10m but not more than N40m, then Gold would be for you.

What are the features of MyBusiness Account?

Product Name Minimum Opening Balance Minimum Operating Balance Monthly Turnover Limit Monthly Flat Charge MYBUSINESS ACCOUNT -BRONZE N10,000 N10,000 N5m N2,000 MYBUSINESS ACCOUNT -SILVER N25,000 N25,000 N10m N5,000 MYBUSINESS ACCOUNT -GOLD N100,000 N100,000 N40M N7,500

Does it mean that I can only deposit up to the limit amount for each of the variants?

No. The turnover limit is applicable to only withdrawals or debit and not deposits/lodgments.

Are there other charges I need to be aware of on this product?

Yes. MyBusiness Account prospects need to make funds available in their account for the cost of debit card, cheque book and Search Report (a requirement for account opening) in order not to have their account thrown below minimum balance when these charges are taken from the account. Kindly note that there are consequences for having a balance below the minimum balance specified.

What happens if I withdraw more than the approved turnover limit on any of the variants in a month?

Wema Bank would charge COT at a concessionary rate of N1/mille below the CBN approved COT of N2/mille resulting in a charge of N1/mille. This charge applies to the EXCESS above the debit turnover threshold of each category

I run a printing press, and my turnover in a month is between N20m to N45m. Can I still open MyBusiness Account?

Yes. The appropriate variant for this level of turnover would be the MyBusiness Account – Gold. With the Gold, the business account would be charged just N7, 500 in a month. During months in which the debit turnover overshoots the threshold, the account would be charged N1/mille for only the excess over the limit.

What happens if the account is withdrawn below the minimum operating balance requirement in any of the variants?

Wema Bank would charge COT at a concessionary rate of N1/mille below the CBN approved COT of N2/mille resulting in a charge of N1/mille on ALL debit transactions for the month

Why COT is charged on all debit transactions on the month and not only on the excess like it’s done for overshooting the turnover threshold?

This is because the customer has contravened the minimum balance covenant and the penalty applicable is a COT charge on all debit transactions for the month.

Do I get interest payment on the minimum balance and other balances in my account?

myBusiness Account is a current account and does not attract interest payment on balances.

How often can I withdrawal from this account?

There is no restriction on withdrawal. Withdrawal can be as often as is desired once the maximum debit limit is observed.

What do I need to open the MyBusiness Account?

Customers require the same documentation needed for a normal business current account with the minimum opening balance applicable to each of the variant. Also customers have to complete the MyBusiness Account Agreement Form indicating the desire and consent to run the business account under its special tariff system. (This form can be found on the Wema Bank Website and Intranet).

My business is dynamic. Some months, I get a lot of business and some months, I don’t get any at all. Would I still be charged the monthly fee if no activity is done on my account in a month?

Yes, charges apply to MyBusiness account monthly irrespective of activity on the account in a month.

Can I switch from one variant to another?

Yes, this is allowed, preferably at the beginning of a new month. Customers can also migrate from other account types to MyBusiness account provided all documentation is complete. However, an approval is required to migrate from Corporate Current Account to MyBusiness Account.

What happens if I migrate to another variant in the middle of the month?

The customer can be charged COT on all transactions for the month if at a time prior to the time of switching to a higher variant, account balance was less than the minimum specified. Migration to a new variant is therefore advisably done at the beginning of a new month so that end of day balances throughout that month is equal to the minimum balance required on the new variant switched to.

How often can I migrate between variants?

There is no time limit or expected duration for a customer to remain on one variant of MyBusiness Account. There is also no restriction on the number of times the customer can migrate between variants.

Can I borrow money from the bank on this account?

Yes. Customer who open and run MyBusiness Account for a minimum of three months have access to the Wema Bank Business Booster loan. The loan is an SME financing loan which requires limited collateral but takes into consideration the customer’s cash flow and turnover on MyBusiness account.

Can I have an overdraft line on this account?

No. An overdraft line is not allowed on MyBusiness Account because of the minimum balance requirement of the product. If the customer’s account is drawn below minimum balance, COT at N2/mille would be charged on all transactions for the month.

What are the advantages of this business account over the normal Corporate Current Account?

It is better because it is cheaper for the customer: • A fixed monthly charge is applicable on debit turnover within the variant band • Where debit turnover exceeds the variant limit, reduced COT rate is payable on the excess amount only. • It makes planning easier since customer’s monthly transaction charge is known • Because of reduction in bank charges, the business profit is increased. • There is easy access to Business Booster loan with less stress on collateral.

Can you illustrate with an example?

For instance, in a Bronze variant, for a turnover of N5m, a customer would be required to pay N10, 000 as COT charges on a Corporate Current Account, this same customer would only need to pay N2, 000 in a month on MyBusiness account. There is therefore a saving of N8, 000in a single month.

Can an individual open MyBusiness Account?

For now, no. The product is for registered businesses and cannot be opened by individuals who want this kind of charging system on their current account or individuals who run account in their personal names. The bank has however identified that a large segment of the MSME market run businesses in their personal names and we are working towards accommodating them on the product. However, for now, individuals can be accommodated on products like Wema Treasure Account - Individual or Prestige Current Account - Individual

Can MyBusiness Account holders have a debit card?

Yes. MyBusiness account customers who are sole signatories to their account can request for a debit card from the bank.

Where can I open this account?

MyBusiness Account can be opened in any Wema Bank branch in Nigeria

Moment Account

What is Moment Account?

Moment Account is a savings accountthat can be opened by anybody that had previously been excluded from banking services by their inability to provide a satisfactory ID card and proof of address documents.

How much is required to open this account?

This account does not have a mandatory minimum opening balance. If you have funds to open the account with, it will be accepted, if not, account will be opened all the same

Is there a mandatory amount I must retain in the account?

What do I need to open the Moment Account?

All you require is anyidentification document. Even a letter from your Pastor or Imam, withyour picture endorsed by the introducer, can serve as ID Card. You also need to provide twopassport photographs and a proof of address which could be a copy of your utility bill(PHCN, Water or Waste Management receipt)or shop receipt for shop owners.

What happens if I do not have a utility bill or shop receipt?

One of our Relationship Managers would visit your residence and sign a visitation report. This report would be attached to your account opening document for your account to be opened. This visitation report is for us to confirm that indeed you reside in the address/operate from the shop stated on your account opening form.

Does this account earn interest?

Yes. Interest is paid on Moment account. The interest is calculated on daily basis but it is paid at the end of each month and credited directly into your account.

How muchinterest is paid?

Interest rate on Moment Account is the same as that of a Personal Savings Account – 3.6% - 4.5% per annum depending on volume.

How often can I withdrawal from this account?

You can withdraw at any time. However, a maximum of three (3) withdrawals within a month is recommended to enable you earn interest on the balances in the account.

What happens if I withdraw more than three (3) times in a month?

Do I need to pay the bank to run the Moment Account?

No. There is no monthly maintenance charge for operating the Moment account. Opening and operating this account is free. The only deduction you could see in your Moment account is the mandatory Federal Government tax on interest payment which is a 10% withholding tax and 5% VAT that are deductible from the interest amount paid to you. These deductions are remitted to the relevant government agency.

Is there any condition attached to running this account?

Yes. There is maximum savings threshold of N400,000 applicable on this account. That means the maximum balance you can have in this account at any point in time is N400, 000. Also there is a single deposit limit of N50,000. That means the highest amount you can deposit at once in this account is N50,000. There is also restriction on electronic transactions. The highest amount you can spend through electronic channels like ATM/Mobile Devices is N10,000 at onceand a cumulative daily limit of N100,000 per day.

What if I want to withdraw more than N50,000?

A customer can withdrawal higher than the ATM limit by entering into any Wema Bank Branch to carry out their transaction

What happens if I want to deposit more than the savings limit

If a customer has need to deposit more than the savings limit permitted on Moment Account, the customer would be required to provide a valid means of identification, which could be either of the following: voter’s card, driver’s license, international passport or a national ID.

What happens when I provide the valid means of ID?

Your account would be converted to a Personal Savings account. With the personal savings account, there are no limits to how much you can save or withdraw.

Can I lodge a cheque into this account?

No. Electronic dividend warrants are however payable into this account.

Can I borrow money from the bank on this account?

No. Lending is generally not allowed on Savings Accounts. You would need a Current Account or Salary Savings Account to access Personal Loan from the bank.

Do I need to be at the branch where I opened my account to operate it?

No. Wema Bank branches are online real time and you can have access to your account in any of our branches nationwide, at no cost. You can also transact banking business on any ATM machines across the country and do online banking on your account.

Are there any other benefits from this account?

Yes. Apart from the competitive interest rate on your balances, you get to enjoy secure and easy access to your funds anytime and access to our e-Products like Mobile banking and SMS alerts.You also get to enjoy a free personalized debit card.

Easy Life Account

Who is Easy Life Account meant for?

Easy Life Account is meant for anybody who has previously been excluded from banking services due to their inability to provide account opening documents.

Who qualifies to have this account?

Generally the unbanked population e.g. Traders, Farmers, Labourersetc

Can I use my Easy Life Account to receive Western union or Money gram transfers?

No.

Can I request for a debit card on this account?

Yes you can, as long as you have sufficient balance to accommodate the cost.

Is there any condition attached to running this account?

Yes. There is maximum savings threshold of N200,000 applicable on this account. That means the maximum balance you can have in this account at any point in time is N200, 000. Also there is a single deposit limit of N20,000. That means the highest amount you can deposit at once in this account is N20,000. There is also restriction on electronic transactions. The highest amount you can spend through electronic channels like ATM/Mobile Devices is N3,000 at once and a cumulative daily limit of N30,000 per day.

Are you saying that I cannot deposit more than N20,000 into my account?

No. If there is a need to deposit more than N20,000 you will need to fill multiple deposit slips in order to accommodate that amount.

Are you also saying that I cannot deposit more than N200,000 into my account?

Yes. Once you reach the N200,000 limit you will need to produce appropriate documents to accommodate your upgrade into Moment or the Standard Savings Account.

How much is required to open this account?

This account does not have a mandatory minimum opening balance. If you have funds to open the account with, it will be accepted, if not, account will be opened all the same.But note that this account must be funded within 2 weeks.

Is there a mandatory amount I must retain in the account?

Yes. A minimum of N500 is required to be in the account as a minimum balance once account is opened, credited and operation has begun. Withdrawal cannot be made below this amount.

What are the requirements for this account to be opened?

No documentation is required.Just fill the account opening form, execute signature mandate and attach 2 passport photographs. That’s all.

One-Bills Pay

What is e-Bills Pay?

The e-Bills pay is collection platform introduced by NIBSS for the purpose of making electronic payments i.e bills, fees, premium, IGR, subscriptions to billers (Merchants) by their customers.

What are the channels for initiating e-bills Pay transaction by customers

Two delivery channels have been adopted by Wema bank for initiating e-BillsPay transactions. a. Branch Teller b. Internet Banking

What are the modes of payment by customers?

•Cash •From account

Who is a biller/merchant?

A biller or merchant is the organization profiled on e-Bills Pay by NIBSS to receive payments for services rendered to individual customers

Who are the target organizations on e-bills Pay Platform?

e-BillsPay platform are pre-payments and post-payments for goods and services such as • Utility bills (water rate, electricity bills, telephone bills, etc.), • purchases, • Revenue collections, • other fees e.g. school fees, subscriptions, levies, premiums etc.

What are the applicable charges?

It is dependent on the scope and fee sharing income agreed with the merchant during setup

What does the Bank and transaction initiating branch gain?

• Transaction float • Fee income

What does the Bank and transaction initiating branch gain?

• Transaction float • Fee income

Wema School Online Solution

What is Wema School online Solution?

Wema Online School Management Solution is a highly personalized web-based solution that captures the entire schools' process and makes all operationsaccessible via the web, thus allowing schools to effectively serve all stakeholders – students, teachers, administrators, and parents. The solution is based on portal technology, which enables the greatest possible customization and personalization.

What schools are eligible?

 Primary School  Secondary Schools  Colleges of Education  Polytechnics  Universities

What does the school require to enlist on this School solution?

 Endorsed mandate letter  Computer  Internet access

Can the school opt for only the fees payment module without enlisting on the portal solution?

Yes. The school can opt for the only the fees payment module and do the portal solution later.

What is d pricing for having the School portal solution.

This is highly dependent on the population of the school and also the scope of the project. The pricing is highly negotiable.

What does the Bank and transaction initiating branch gain?

• Transaction float • Portal access fee • Transaction income

Wema WebPay Solution (CIPG)

What is Wema WebPay Solution (CIPG)?

Wema Webpay Solution otherwise known as CIPG (Consolidated internet payment gateway) is web-basedsolution that is integrated into the merchant’s website and this enables cardholders to pay for services using their MasterCard, VISA card, Verve card and eTranzact cards. The solution is based on online web-payment technology, which enables people to pay online real-time from any part of the world

Which organizations can it be deployed to?

 Manufacturing Companies  Airlines and other Transport players  Hotels  Supermarkets  SMEs  Educational institutions  NGOs/ Churches

What is d pricing for having the Wema WebPay Solution.

Highly competitive implementation fee  1.25% per transaction (up to N2,000 cap)

What is the duration for deploying the Wema WebPay Solution.

Not more than 15 working days subject to the organization’s speed-to-implement.

WemaCollect

What is WemaCollect?

WemaCollect is Wema Bank's cutting edge solution that can be customizedto meet our customer's specific collection needs. The solution is a real-time,robust and highly secured electronic collection solution that enablesorganizations receive payments from her esteemed subscribers in all ourbranches/all bank branches while you monitor payment online real-time atthe comfort of your office. Required parameters are customized to meetorganizational information needs and can be interfaced to work with.

What is the target market?

Every Organization that requires customization ofcollections which include but not limited to the following:-

  • MDAs (at all level) for IGR collection
  • Institutions of learning / professional bodies
  • Manufacturing sector
  • Aviation and Transport
  • Cable TV operators for bills payment
  • Telecommunication sector

What are the features of WemaCollect?

  • Customizable to meet specific organizational needs
  • Provision of specific online robust reporting tools based
  • It provides more details about thepayer i.e who paid? What did he/she pay for?
  • Integration of multiple collection channels
  • Ability to integrate seamlessly with organization's existing platform to provide for real-time payment
  • Cost efficient compared to bank drafts
  • Generate receipts for the customers

What are the applicable charges for WemaCollect?

While we operate a flexible fee structure, our charges onthis product are based on the scope of the project. It istreated on organization by organization bases.

Treasury Products

Fixed and Call Deposits

Our fixed deposit is designed to help you grow your savings for future investments OR towards a specific event; your dream house or even towards a stress free retirement. We help you grow your savings with guaranteed high returns. Fixed Deposits are tenured deposits that offer competitive interest rates and flexible investment periods of 30, 60, 90 and 180 days and above. Call deposit as the name implies means that the investor can ‘call’ for the deposit at any time since the tenor is not fixed.

How do I open a Fixed/Term Deposit Account?

If you already had a current or savings account you will only require to write a letter instructing the bank to create an account on your behalf If you did not have an account with the bank you would be required to provide the following Fixed deposit Account opening Form/ Letter of Instruction Valid proof of identification (International passport, National ID card, Voters card or a Driver’s License) Proof of address (A recent utility bill, dated within the past three months) Duly executed Signature mandate 2 Recent identical passport photographs

For corporate entities

Fixed deposit Account opening Form/ Letter of Instruction Two (2) recent identical passport photographs for each of the signatories Memorandum and Article of Association Valid proof of identification (International passport, National ID card, Voters card or a Driver’s License Proof of address (A recent utility bill, dated within the past three months)

What is the minimum tenor for which deposit can be kept with the bank?

The minimum tenor for fixed deposit investment is 30 days, other tenors are in multiples of 30 such as 60, 90, 180, etc. However, should the maturity date fall during the weekend or holiday, 1 or 2 days can be added to the tenor

What is the minimum amount of investment in Fixed deposit?

The minimum amount is N100,000 and there is no maximum amount

What is the interest rate applicable for Term Deposits?

The Interest Rates on term deposit of the bank is subject to change from time to time and the same is provided on the website of the Bank and also available at every branch

Is the Term Deposit exempt from Tax or any tax rebate available under any Term Deposit Option?

Term deposits are not exempted from tax and Interest on Term Deposits is subject to Withholding Tax of 10%

If I have an existing Customer ID, do I need to go through the procedure and formalities of account opening again?

No, you need not go through any formalities. You just have to send a dully signed letter

Can my deposit serve as collateral for loans and advances?

Yes, you deposit can serve as collateral for bank loans

What happens at maturity of my deposit?

Your relationship manager would contact you before maturity to agree on whether to terminate the deposit or to rollover, an advice to this effect would be sent to you.

What happens if the bank representative is unable to reach me on or before maturity of my investment?

The investment would be rolled over at the prevailing market rate

What if I pre-terminate my investment before maturity?

You would be charged 25% on the accrued interest

Can I rollover my principal and interest?

Yes, you can rollover only your principal or with the interest

Can I give a standing Instruction on how my principal and interest would be treated at every maturity?

Yes you can give a standing instruction on your account and it would be carried out, this can only be countered by a duly endorsed instruction from you.

Bond

What is a bond?

A bond is a loan and the investor or holder of the bond is the lender. When you purchase a bond, you are lending money to a government, local government council, state government, federal agency or a corporation, known as the issuer. The government uses it to fund budget deficit, for instance, or to build roads, electric power stations, finance factories, etc. When you purchase a bond, in return the issuer promises to pay you a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it ‘matures’

What is the difference between a bond and a stock?

The key difference between stocks and bond is that stocks make no promise about dividends or returns, but when the Government Issue a bond, it guarantees to pay back your principal (the face value) plus interest. If you buy the bond and hold it to maturity, you know exactly how much you are going to get back. That is why bonds are also known as ‘fixed-income’ investment – you are sure of a steady payback or yearly income. The buyer of stocks or shares in a company has purchased part of the equity and becomes part –owner. He is only entitled to dividend declared by the company when it makes profit.

What are the types of Bonds?

Sovereign Bond(such as FGN Bond)

When you buy FGN bonds you are lending funds to the federal government for a specified period of time. The FGN bond is considered as the safest of all the investments because it is backed by the ‘full faith and credit’ of the government. They have no default risk, meaning that it is virtually certain your interest and principal will be paid as and when due. The income you earn is exempted from state and local taxes.

State and Local Government Council Bonds

Smart Save has the minimum opening balance of N5,000.

State and Local Government Council Bonds

When you purchase state and local government council bonds you are lending to the issuers who promise to pay you a specified amount of interest (usually semi - annually) and return the principal to you on a specific maturity date. State and local government bonds are debt obligation issued by the state government, local government councils and other governmental entities to raise money to build schools, roads, hospitals as well as other projects for public good.

Government Sponsored Enterprise Bond

These are bonds that help support project relevant to public policies, such as helping certain groups, such as farmers, homeowners, students, etc to raise money for financing specific projects. These bonds do not carry the full-faith and-credit of government. The investors are likely to hold them in high regard because they have been issued by a government agency.

Corporate Bond

Corporate bond are debt obligation issued by private or public corporations. The corporations use the funds for building facilities, purchase of equipment to expand the business, etc. When you purchase corporate bond, the corporation promises to return your money, or principal at maturity date, but you are being paid interest semi - annually. The interests you receive are taxable. Corporate bonds do not give you an ownership interest in the issuing corporation.

Are there Risk and Reward in investing in bond?

Any time you lend money you run the risk that it will not be paid back – credit risk. Another source of risk for certain bonds (bond with call option) is that your loan may be paid back early, or ‘called’ this is known as prepayment risk. When you buy a bond, the prospectus will indicate whether a bond is callable and give you a ‘yield-to-call’ figure. The greatest danger for a buy –and-hold bond to an investor is rising inflation rate – inflation risk. A rise in inflation makes prices fall and yields-or interest rates-rise. However, inflation risk, credit risk and prepayment risk are all figured into the pricing of bonds. The more the risk the higher the yield. Investors demand higher yields for longer maturities, as the longer you tie your money up in a bond the more at-risk.

Why should I invest in FGN bond?

Retirement Starting or expanding a business Settlement after apprenticeship Pay children school fees in future(e.g for University education) Building a house Future projects by town unions, associations, student union To fund future social events such as Marriages and weddings, etc Settlement of pension insurance obligation( for Corporate Fund Managers), etc

What is the attractiveness/benefits of FGN Bonds to the investors?

It serves as risk-free investment It is income is tax exempt It provides relatively high and stable returns The principal element ( collected at maturity) can be used as collateral for securing credit facilities from banks Bondholders that want cash can trade the bonds on the floor of Nigeria Stock Exchange(NSE) for immediate cash before maturity It qualifies as liquid assets for banks from two years to maturity

What are the benefits of FGN bonds to the Economy?

It fosters economic development by promoting the use of lon-term funds for lon-term investment in the economy It serves as an efficient way of mobilizing domestic financial resources for productive investment in a non-inflationary manner It allows self reliance of the country by reducing over reliance on short-term borrowing form CBN & commercial banks It provides a basic infrastructure for the development of the financial system and the overall economy It serves as a diversified portfolio investment outlet to corporate and individual investors

What are the benefits of FGN bonds to the Government?

It helps government funds its deficits in a non-inflationary manner It provides benchmark yield-curve for pricing other securities/bonds It engenders rational management of Government’s fiscal and monetary operations It provides the basic infrastructure for the development of the financial system and the overall economy It strengthens the implementation of monetary policy by the Central Bank of Nigeria It introduces transparency, discipline and stability in the financial system

What is dematerialization of bond certificates?

It is a term which describes a shift from issuance of physical certificate to an electronic form. It involves the use of a depository, in this case, the Central Securities Clearing Systems Ltd(CSCS) which provides the platform for the securities. Although DMO still issues physical certificates on request, modern securities trading system de-emphasizes the use of physical certificates. Advancement in electronic communication and custodian services allow book-entry records and trade verification which has made trading more reliable and easier to manage than the use of physical certificates.

How can I be aware of the forth coming issues?

National Dailies DMO Website - FGN bond Issuance Calendar

Information on contractors and pension bonds

The report on FGN bonds issued for settlement of pension arrears and local contractors are provided as Special FGN Bonds in the ‘Schedule of FGN Bonds Issued to Date’ (Bond Auction, Operations and Result)

How to invest in FGN Bond

Application forms can be obtained from any of the authorized dealers(PDMMs), or download from the DMO's website Complete the application forms and submit through any of the PDMMs Common- price auction system is normally employed as opposed to multiple price auctions Payments for the allotment are payable in full on application Minimum of N10,000.00 and multiple of N1,000 thereafter Investors can also access the FGN bonds after the auction through the secondary market FGN bonds purchase is confirmed by registration in the depository (CSCS) or by issue of certificates Interest is paid semi-annually until the maturity date when the principal amount is repaid 9. Payment of interest is through issue of interest warrant (cheque) or direct transfer to current or savings bank accounts.

FX Products

FX Products

A Letter of Credit (LC) is an undertaking by a bank, on behalf of an importer (the applicant) to the beneficiary to make payment, provided that the exporter complies with all the terms and conditions stipulated by the credit. Letters of credit can be confirmed or unconfirmed and are irrevocable upon Issuance. Payment is made at Sight, Deferred Payment, and Mixed payment or by Acceptance. Cash Backed LC involves the applicant providing funds for the opening of the LC. Unconfirmed Sight and Deferred LC involve payment at a later date upon presentation of compliant shipping documents. Confirmation Line and Usance LC involve opening a Confirmed LC using the bank’s offshore facility which will be repaid by the customer at maturity. Requirements for Letters of Credit

  • One set of documents from the supplier to the issuing bank(Zenith Bank).
  • Two sets of documents submitted to overseas bank for payment (the document will later be forwarded to the bank) The documents required for processing of Risk Assessment Report (RAR)
  • Copy of Form M
  • Transport Document
  • Commercial Invoice/Final Invoice
  • Packing List
  • Standard combined Certificate of value and Origin (CCVO) (Form C16)
  • Manufacturer Certificate/Certificate of analysis/Photosanitary Certificate NB: All Shipping documents must be issued after Form M approval date and Letters Credit issuing date. That is shipping Document must not predate Form M and Letter of Credit.

What is an Import Bill for Collection?

A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange. This means the handling by banks of documents in accordance with instructions received in order to obtain payment and/or acceptance, or deliver documents against payment and/or against acceptance, or deliver documents on other terms and conditions. Against Acceptance of Bill of Exchange or Promissory Note or Letter of Undertaking to make Payment This involves the release of the shipping document to the buyer based on the release condition stated on the Collection Order. Release Free Of Paymentimplies that the shipping document be delivered to the buyer without extracting any commitment to make payment. Documents Against Payment implies that the buyer makes payment before documents are released for clearing the imports. Though internationally recognized, this does not apply in Nigeria as the Central Bank of Nigeria guidelines state that the imported items must be cleared from the port before payment can be made to the supplier. The documents required for Bills for Collection Remittance

  • One set of documents from the supplier to the issuing bank(Zenith Bank).
  • Two sets of documents submitted to overseas bank for payment (the document will later be forwarded to the bank) The documents required for processing of Risk Assessment Report (RAR)
  • Processed Form M
  • Bill History
  • Bill of lading/Airway Bill/ Way Bill
  • Original Combined Certificate of Value and Origin (CCVO)
  • Manufacturers Certificate/ Certificate of Analysis/Photosanitary Certificate
  • Customs clearing document (Exchange Control Document) a.) Single Goods Declaration b.) Used RAR c.) Payment schedule d.) Terminal Delivery Order/Gate Pass e.) Duty receipt
  • Authority letter from Customer to buy foreign exchange in line with the company's signature mandate.

What does Non-Valid for Forex/Advance Payment mean?

This involves processing of Online Form M and shipping documents for Pre Arrival Assessment Report to enable the importer clear consignment on arrival at the ports. The bank does not facilitate the payment on this mode of importation.

What are Export Transactions?

Export transaction is the sales of goods by our customers to buyers outside the shores of Nigeria. Exports of goods may be ‘Commercial’ whereby payments are received in foreign currency as proceeds of sale, or ‘Non-commercial’ whereby no payment is expected or received. The internationally accepted means of payment for commercial exports are Letters of Credit, Bill for Collection and Payment In Advance. Commercial export amount can be FOB (Free on Board) whereby total value of goods does not include freight, or C&F (Cost and Freight) where total value of goods include freight. The exporter will process the Form NXP, forward shipping documents and inflow the Export Proceeds through the bank. Processing of commercial export is through Letter of Credit, Bills for Collection, and Advance payment. We negotiate Export documents, process export levy, draft and certify export proceeds repatriation to the CBN on behalf of our customers.

What is the meaning of Invisible Remittance?

Invisibles Remittances relate to payment for services (intangible transactions) such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, etc. Payment is by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler's cheque or Cash. Each payment type has its specific document requirement as stipulated in the Central Bank of Nigeria FX Manual

Treasury Bills

What are T-Bills?

T-Bills are government guaranteed debt instruments issued by the Central Bank of Nigeria to control money supply in the economy.

Where can I buy T-Bills?

T-Bills can be bought through any official dealer. The easiest will be through your bank.

What is the minimum amount I can buy?

You can buy for as low as N1, 000 and in multiples of N1,000 thereafter. However, banks typically accept minimum purchases of N100,000 or more.

When are they it usually sold?

T-Bills is sold every other Wednesday (bi-weekly) as announced by the CBN. The CBN announces issuances in their websites and in the pages of the newspaper. You can also ask your bank account officer to notify you ahead of an issuance.

How can I buy T-Bills?

To buy T-Bills you will have to approach your bank with a request letter or to fill a form. Either way, you indicate the amount you want to buy as well as your bid rate. If you are not sure of a rate, you can choose that advised by your bank.

What is the Bid rate?

The Bid rate is the interest rate that you are willing to receive for the principal that you are investing in the T-Bills. For example you can indicate a bid rate of 10 per cent as your expected interest rate and hope that it is selected, as it will most likely be different from that of other intending buyers.

What is the Stop rate?

The stop rate refers to the maximum interest rate preferred/issued by the CBN out of all the bids submitted within a bid window. It then means that all the bid rates that fall from and below the accepted marginal rates (stop rate) will win and those above rejected.

Can I still buy if my bid is rejected?

You can purchase T-Bills from the secondary market Over the Counter through your bank or a broker. This is also where buyers and sellers of T-Bills trade the notes in exchange for cash. The minimum volume you can purchase from the secondary market is N250million or as advised by the regulatory bodies.

When is the interest paid?

The interest element of T-Bills is paid to you upfront and credited to your bank account. For example, if you purchase a N100,000.00 T-Bills with an interest rate of 10 per cent, your account is debited with N90,000.00. As such, your N10,000.00 interest is paid up front. Upon maturity, you are paid the full/ “face value” N100,000.00. The upfront payment of your interest makes your true yield actually higher.

What is a true yield?

True Yield is your actual return on investment. Using the example above, the initial yield for the N100,000.00 is 10 per cent. However, because they pay you interest upfront, your true yield is actually the N10,000.00 in interest divided by the N90,000.00 actually deducted from your account. That is N10,000.00/N90,000.00 0r 11.11 per cent. This is thus higher than the 10 per cent at which you won. The true yield is completely earned when you hold to maturity.

Can I roll over my investment?

The CBN does not rollover your investment automatically. However, you can give your bank a mandate to rollover the principal and interest on your T-Bills upon maturity. Reinvesting the income on TB’s provides the unique benefits of compounding interest.

What are the durations (tenor) for the T-Bill?

Tenors are usually for 91days, 182days and 364 days. Therefore, if you invest for say 91days, your investment will mature after three months etc.

Can I sell before maturity?

Yes you can sell T-Bills before maturity through the OTC market based on the forces of demand and supply. For example a N100,000.00 face value TB maybe selling for less or more depending on the yield expectation of the buyers. If your face value is trading at a higher price, it means you can sell your treasury bills at a profit as such your N100,000.00 can sell for N101,000.00 or more. If your face value is trading at a lower price, it means you can sell your treasury bills at a loss as such your N100,000.00 can sell for N99,000.00 or less. Please note that the above analogy goes for the standard volume of N250million. However, some banks may buy off the lower amounts from their customers.

Are T-Bills safe?

T-Bills are one of the safest forms of investment and are backed by the full faith and credit of the Federal Government of Nigeria.

Apart from the Interest rates, what are the benefits?

Some of the benefits include:  Income from T-Bills are also tax free  A good source of steady stream of income.  T-Bills are good investments for people who wish to save  T-Bills are considered liquid and can be converted to cash quickly  They can be used as collateral for cash backed loans in some banks

Visa Credit Card

What is Wema Bank Visa Credit Card?

Is a Naira denominated Credit card, which provides customers with a revolving credit line, via all channels – POS, Web & ATMs accepted in Nigeria and all over the world, at tens of millions of merchant locations and over 1.8 million ATMs, wherever the Visa logo is displayed.

A credit card is a card to which a certain amount called a ‘limit’ has been assigned for use by the cardholder. The limit is usually the bank’s money availed as credit to the customer subject to various risk acceptance criteria.

How does the Wema Bank Visa International Credit Card work?

Upon approval of an application, a credit limit is determined based on measures such as income, current levels of debt and capacity to repay. While the total balance of spend does not need to be paid off entirely each month, a minimum payment of 10% is required and interest will be charged on the outstanding balance.

Who can apply for a Wema Bank Credit Card?

To apply you must be 18 years of age or older, have a salary account in Wema Bank with a minimum net income of One million Naira (1,000,000 NGN per anum) and be able to make regular repayments.

How do I apply?

You can apply by visiting the branch closest to you to complete an application form.

When will I receive my card?

If you are eligible for a credit card upon completion and submission of your application and your new Visa credit card will be delivered to you within 10 working days from the date all the necessary information is received.

How do I activate my card and create a PIN once I receive it?

To activate your Wema Bank Credit Card you must ll our contact center on +2348039003700 in person and answer some verification/secret questions. Once activation has been confirmed, visit the nearest Wema Bank ATM to change your default PIN thus:

Insert your card and input the default PIN, Select the option ‘PINCHANGE’ and then choose ‘ATM PIN’. You Enter a new four digit PIN (different from the earlier one entered) and re-enter same for Confirmation you wait for the ATM to display or print “PIN CHANGE SUCCESSFUL”

How is interest calculated on my credit card?

Interest is charged only on utilized amount and not on total Credit limit. There is also an interest free period of up to 45 days. 2% interest (flat) is calculated on the unpaid balance.

How much do I have to pay monthly?

The least amount you must pay by the due date is the “minimum payment”, found on your monthly statement. This amount is usually 10% of the total utilized amount plus all fees and interest.

How do I make payments into my account?

You can make payments in several ways:

• Wema online Banking, Wema Mobile: Using Online banking, transfer desired repayment amount which must be equivalent to the10% minimum repayment advised on your statement to your credit card account.

• Direct Credit across the counter in Branch: You complete a deposit slip with the card account number and desired repayment amount (either Cash or cheque).

What is a CVV and where is it on my card?

All Wema Bank Visa Credit Card includes a security feature known as a Card Verification Value (CVV). It is printed at the back of your card close to the white signature strip. When you are making a purchase by mail order, online or over the phone you may be asked to quote the printed code in order to verify the card is in your possession.

How do I request a replacement card?

Just call +2348039003700, or drop into your request in any of Wema Bank’s nearest branch.

What should I do if I suspect an unknown or unauthorized transaction?

If you notice an unknown or unauthorized transaction on your account call us immediately on+2348039003700 or email purpleconnect@wemabank.com

How do I dispute a transaction listed on my statement?

If you believe there is an unauthorized transaction shown on your account, call +2348039003700 or email purpleconnect@wemabank.com or go to a branch with a copy of your statement, and details of the transaction. Our representatives will commence a Dispute Investigation, please note this process may take some time; i.e. up to several weeks to resolve as it may be necessary to retrieve information or copy of a voucher from another bank through Visa.

What can I do if I cannot make payments?

If you think you are going to fall behind with your payments, the first step is to stop using your credit card and ask any additional cardholder to do the same. You should also advise the Bank as soon as possible so that it is aware of your situation and can advise you of your options and, if necessary, a payment plan. The next step is to establish a payment plan budget to pay off your debt. You will need to review your original budget and cut back on non-essential items.

What do I do if I have any complaint?

If you have a complaint, contact your branch or call our contact center on +2348039003700 or email purpleconnect@wemabank.com

Is there an annual fee for the card?

Yes

How can I know my credit balance?

By checking on ATM

Will I be charged anything extra if I use my card overseas?

No

How many additional cards can I apply for?

One Supplementary Card

How do I close or cancel my card?

By sending instruction through the nearest branch to Card services.

Visa Debit Card

How does my Visa Debit Card work?

The card is linked to cardholder’s current or savings account. Any transaction consummated with the card will reflect online real time on customer’s account as the cardholder authorize. More than one account can be linked to a single Visa Debit Card, where at the point of transaction; cardholder will have to specify which of the account the transaction will be directed to.

How do I apply for a Visa Debit Card?

Obtain and complete an E-Product application form in any of Wema Bank Branches

How do I apply for a Visa Debit Card (New to Wema Bank)

Obtain and complete an account opening form, indicate your interest for Visa Debit Card in the e-product section.

How do I activate my Debit Card after Collection?

To activate your Visa card Pin change on Wema ATM on your Debit card, go to any WEMA BANK ATM and simply enter a desired Personal Identification Number (PIN) by following the steps described below:

1. Insert the card into the ATM

2. Input the default 4-digit PIN (XXXX)

3. Select Change PIN

4. Enter desired 4-digit PIN

5. Re-enter desired 4-digit PIN

6. Consummate a test transaction

You will be unable to use your card for transaction until the PIN has been changed.

Where Can I Use My Visa Debit Card?

Visa Debit Cards can be used on ATMs local and international, on POS machines local and international, also on local in foreign websites. Visa Card has coverage of 24 million merchant locations and over 1 million ATMs in over 170 countries.

How Long Can I Use My Visa Debit Card?

You can use the card for various transactions until the expiration date (2 years after issued date) shown on the card, or until the value of the card has been depleted. Once the card has expires, you can request from the nearest WEMA Bank branch for a new card to be picked up at any branch of your choice.

What do I do When My Card is Lost or Stolen?

Call Purple Connect (Wema Bank Interactive Contact Centre): +243 (0) 80 3900 3700 and request that the card be hotlisted immediately.

How do I Make Online Transaction?

Online transaction requires your card number, the 3 digits CVV (Card Verification Value) Number at the back of your card, and you must have activated card for online transaction on technology platform called Verified by Visa (VbV).

What is VBV?

Verified by Visa is an additional layer of security for online transaction. A web transaction PIN (i-pin) will be generated at the point of registration, which will be required each time cardholder enters a password for authentication at the time of purchase.

How do I Make Cash Withdrawal on My ATM?

To withdraw cash at the ATM, insert your card into the machine and enter your PIN. Select the type of account the card is linked to make a withdrawal and enter the amount of cash you want to withdraw. Then take your cash, card, and receipt to keep track of your balance.

How do I Know My Account Balance Through My Debit Card?

You can check the card balance on any ATM terminal that accepts your card variance or by viewing your account details online.

Customer service

Who do I contact for enquiries?

You may contact our 24hr Interactive Contact Centre, Purple Connect, on 07000PURPLE (07000787753), +234-8039003700, send an SMS to 07051112111 or drop us an e-mail at purpleconnect@wemabank.com.

Alternatively, you could chat with us via our live chat platform by clicking on this link. Our Customer Care Officers are also available to assist you at any of our branches.

Express Credit

Who can benefit from ExpressCredit?

This loan is available to Micro and Small business concerns as well as individual business owner who trades in their personal names. Their business may not necessarily be registered with the CAC.

Please note that this loan is geared at supporting the above-stated category of customers to grow their businesses. It is for existing and growing businesses and not appropriate for businesses experiencing difficulties or in need of financing to kick start (start-up) activities.

Is the product available to all businesses?

Most Micro and Small Enterprises sphere (see list below) are eligible as long as its cash flow can accommodate the amount being requested for and it’s appropriately rated on the Evaluator.

  • Convenience stores
  • Bakery/Delicatessen
  • Hair dressers
  • Tradesmen/ women
  • Law firms
  • Accounting firms
  • Guest houses (duly registered with the Nigerian Tourism Development Corporation NTDC and/or Lagos State Hotel Licensing Authority)
  • Small Hotels (duly registered with the Nigerian Tourism Development Corporation NTDC and/or Lagos State Hotel Licensing Authority)
  • Small scale manufacturing
  • Web designing & programming
  • Any legitimate business deemed fit Wema Bank management

What are businesses that are excluded from this loan?

  • Any business deemed unfit by Wema Bank management
  • Businesses engaged in pyramid sale distribution plans, where a participant's primary incentive is based on the sales made by an ever-increasing number of participants
  • Businesses deriving its revenue from gambling activities
  • Businesses engaged in any illegal activity
  • Loan packagers
  • Businesses deriving its revenue from the sale of products or services of an indecent sexual nature
  • Businesses primarily engaged in political or lobbying activities
  • Speculative businesses
  • Any business deemed unfit by Wema Bank management

Can a school apply for this loan?

ExpressCredit as presently designed is for businesses that generate cash inflow on a regular short cycle and can repay on a weekly, fortnightly or monthly basis. Since school’s income is per school terms, it cannot repay within a short cycle, hence schools cannot enjoy this facility as at now.

Can a foreign company apply for this loan?

No. The ExpressCredit loan ismainly for indigenous businesses/business owners operating within Nigeria

For how long must I be in a particular line of business before I can be considered for this loan?

At least 12 months; within which he/she may have experienced a full year circle of the line of business.

What is the minimum amountI can apply for under this scheme?

Amount obtainable is tied to 80% of average credit turnover of the customer in the last six months subject to a minimum of N100,000.00

What is the maximum amount?

Amount obtainable is tied to 80% of average credit turnover of the customer in the last six months subject to a maximum of N1,000,000.00

I don’t have an account with any bank, can I enjoy this loan?

Yes you can but you need to open an account with the bank and run it for a minimum of 3 months to enable the bank know the pattern of your business before you can qualify.

My account with the bank is dormant; can I still have access to this loan?

Since you already have an account you can access the loan. However, you will need to reactivate your account first and include 6 months statement of account from your other bank before you can be eligible for the loan. Kindly visit your branch for reactivation process.

My account in other Banks are better funded than my Wema Bank account, can I still apply?

You can use the statement of accounts from your other banks to support your first application. For renewal of the loan, only credit transactions in Wema bank will be considered. Hence, it is advisable that you move your transactions to Wema bank.

I have an existing loan with my otherbank; can I still have access to this loan?

Yes, you can enjoy the loan provided you have not defaulted of loan repayment and your cash flow can still accommodate additional periodic repayment.

What documents do I need to support my ExpressCredit Loan application?

For individual: Duly filled cash flow loan application form, valid & acceptable means of identification. In addition to the aforementioned; all registered companies must also support their applications with copy of certificate of incorporation/Certificate of registration and Form C07 Your Relationship Manager will fill KYC form for both business premises and residential address and duly filled business loan questionnaire.

How do I know that my application has been approved?

Your Relationship Manager will call or bring the offer letter to you for acceptance or rejection when it is ready. This is should be done within 48 hours of submitting your application and required documents.

What is next step after duly execution of the offer letter?

Once you have duly accepted the offer, you will need to get a guarantor that will provide a statement of net worth and undated cheque to cover the value of the loan taken.

What is statement of Net worth?

This is a list of assets and liabilities of the guarantor. To make it formal, a notary public will need to authenticate it.

what is the applicable interest rate for ExpressCredit?

Answer: The rate of interest is based on perceived risk associated with each customer which can either be low or high. It is 2.75%flat per month for low risk customer and 3.25%flat per month for high risk customer. The level of risk is determined by thecustomers’ rating score on the evaluator.

Are there other charges apart from the interest?

Yes. Other fees include; Management fee 1%, Commitment fee 1% and Insurance fee 1% on the loan amount; payable only once.

What is the tenor of the facility?

Between 3 – 12 months

How do we determine the tenor of loan?

This is deduced from the business cycle of the customer as expressed in purchase and sales turnover over time

I be charged if I failed to pay due installment?

will be charged 1% penal charge of the unpaid installment from the date of default.e

How many months statement of account will be used to appraise my application?

6 months

Can I use more than one statements of account?

You can use more than one statement of accounts, provided they are in the same name.

operate a savings account; can I apply for this loan?

Yes, however, you will need to open a current/MyBusiness Account for disbursement and repayment purposes

Is it compulsory that I present a guarantor?

You can present a guarantor or guarantee of registered trade association or union or any other form of security available and approved for this product. You do not need a guarantor, if you secure the loan with deposit in your other accounts like savings or fixed deposit or can provide C of O of landed property/lock up shop.

What documents must be presented by the guarantor?

Duly executed personal guarantee, notarized statement of net-worth, 2 passport photograph, means of identification and undated, signed cheque leaflet.

Who qualifies as a guarantor?

Family member of the Proprietor of the business (Spouse or child or identifiable sibling who share the same name with the Proprietor), Pastor or Imam of an established religious body, Head of the Trade Union, Head of the Market Association and A person of good standing in society eg a lawyer, doctor or civil servant

 

 

 

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September 19, 2017
SHARE PRICE N 0.6200 Up
VOLUME TRADED 10,515,199 Up