Revolving Overdraft

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Our Revolving Overdraft is a short term financing option available to employees of pre-enlisted companies who operate only a Salary Current Account with Wema Bank.

  • Formally employed staff of companies/employers pre-approved by Wema Bank
  • Available to existing salary current account holders
  • New customers will have access to overdrafts as soon as the first salary payment is made to the Wema Bank salary account
  • Maximum overdraft limit of N250,000
  • Overdraft to be cleaned up monthly, and will be available for a 12 month tenor
  • Overdraft may be renewed at expiry, subject to request from customer
  • Zero processing cost
  • Apply for overdrafts from the comfort of your office
  • Low turnaround time for overdraft disbursement (48 hours)
  • Zero account maintenance charge
  • Competitive interest rate
  • Access to electronic banking products & services
  • Duly completed loan application form & executed offer section
  • Letter   of   introduction   signed   by   an   authorized signatory of employer
  • Irrevocable letter of salary domiciliation (duly executed by employer's authorized signatory)
  • Proof  of  income  (3  months'  pay  slip  or  3  months account statement)
  • Proof of identity (Staff ID is acceptable but National ID, International  Passport  or  Driver's  License  may  be required where necessary)
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February 17, 2018
VOLUME TRADED 10,515,199 Up