Unaudited Results For The 9 Months Ended September 30, 2019 – Announces A Double-Digit Growth Of 55.56% In Profit Before Tax (Pbt), To N4.76billion

LAGOS, NIGERIA – 28th October 2019 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the Bank”) announces its unaudited Q3’2019 financial results. 

The Chief Finance Officer, Tunde Mabawonku gave the following updates:

“We are delighted to announce the Bank’s Q3 2019 results. The performance shows growth in key financial metrics despite the challenging macro-economic environment. Wema Bank recorded YoY growth of 55.56% in profit before tax (PBT) to close the quarter at N4.76billion. This was on the back of growth of 30.95% in Gross earnings from N48.99billion in Q3’2018 to N64.15billion in Q3’2019. The Bank continued to benefit from fees and other non-interest income which closed at N15.79billion in Q3’2019 compared to N10.10 billion in Q3’2018; a growth of 56.34%. Net interest income also recorded a growth of 8.85%, compared to Q3 2018. (Q3 2019; N17.2billion; Q3 2018; N15.8billion).’’

According to the Chief Finance Officer, “The key measure of success for us is growth in customers and customer activity – and we are glad that we are reporting strong double-digit growth here. Customer deposits grew by 23.69% to N456.8billion from N369.3billion in 2018 FY. Net loans grew by 13.76% from N252.2billion (2018 FY) to N286.9 billion (Q3 2019), with a loan to deposit ratio above the regulatory prescribed minimum threshold. NPL numbers remained below 5% while Capital Adequacy of 14.78% is above the regulatory minimum of 10%.


The Bank continues to do well in the Digital space, with ALAT. The Managing Director – Mr. Ademola Adebise also further reiterated this strong performance stating that, “The future for Wema remains growth through innovation and we are proud to be the leading Bank in the Digital Banking space. ALAT has revolutionized customer on-boarding in the industry, now we are taking on payments and commerce. We are creating a digital platform for youths, young entrepreneurs and young professionals. The Bank has also commenced trade partnership with the Bank of Africa group to strengthen its commercial business. We believe that with the focused execution of our 3-year strategy, Wema will remain the Bank to watch out for. The bank remains committed to sustaining this impressive performance and to deliver on the FY 2019 guidance across all key metrics.”


Income Statement

  • Gross earnings increased by 30.95% (Y-o-Y) to N15billion in Q3’2019 from N48.99billion in Q3 2018
  • Reported Profit before Tax (PBT) and Profit After Tax (PAT) of N76billion and N4.12billion, an increase of 55.56% and 56.06% respectively in Q3’2019 (Q3 2018; N3.06billion PBT, N2.64billion PAT)
  • Net-Interest Income grew to N2billion from N15.8bilion in Q3 2018; growth of 8.85%
  • A growth of 56.34% in Non-Interest Income to N79billion from N10.10billion in Q3 2018


Statement of Financial Position

  • Deposit Liabilities up by 23.69% to N8billion from N369.3billion in 2018 FY
  • Net loans grew by 13.76% from N2billion (2018 FY) to N286.9 billion (Q3 2019)
  • Total Asset increased by 25.70% to N7billion in Q3 2019 from N477.9billion in 2018 FY


Key Ratios

  • ROAE of 11.93% in Q3 2019 (Q3 2018; 7.83%)
  • ROAA of 1.07% in Q3 2019 (Q3 2018; 0.85%)
  • 99% NPL ratio (Q3 2018; 4.28%)
  • CAR is 14.78% (Q3 2018; 13.33%)


Operational Achievements

  • Fitch, GCR and Agusto re-affirm Wema’s National Long-term rating at (BBB-)
  • We have upgraded our core banking application and infrastructure to enhance customer service excellence across all banking channels
  • Our Agent banking network has increased to over 2,700, thus deepening our retail franchise and banking penetration.


Financial Performance Highlights


Below is the performance summary of the Bank.


Income statement (N’bn) Q3 2019 Q3 2018 (∆) (∆%)
Gross Earnings 64.15 48.99 15.16 30.95%
Interest Income 48.36 38.89 9.47 24.35%
Net Interest Income 17.22 15.82 1.40   8.85%
Non-interest income 15.79 10.10 5.69 56.34%
Operating expense 26.63 22.39 4.24 18.94%
Profit before Tax 4.76 3.06 1.70 55.56%
Profit after Tax 4.12 2.64 1.48 56.06%
Earnings Per Share 14.30kobo 9.20kobo 5.10 55.43%


Balance Sheet (N’bn) Q3 2019   FY 2018 (∆) (∆%)
Total Assets 600.7 477.9 122.8 25.70%
Loans and Advances 286.9 252.2 34.70 13.76%
Deposits 456.8 369.3 87.50 23.69%
Shareholders’ Funds 53.8 50.9 2.90 5.70%


Key Ratios (in %) Q3 2019 Q3 2018 (∆)
Return on Average Equity 11.93 7.83 3.95
Return on Average Asset 1.07 0.85 0.21
Yield on Asset 16.54 17.98 -1.44
Net Interest Margin 5.89 6.85 -0.96
Capital Adequacy Ratio 14.78 13.33 1.45
Liquidity Ratio 32.04 30.38 1.66
Loan-to-Deposit Ratio 60.46 63.91 -3.45
Non-Performing Loans Ratio 3.99 4.28 0.29
Cost to Income Ratio 84.84 85.39 0.55















WEMA Bank Plc, announces 40% growth in Profit Before Tax (PBT), increases dividend payment for the full year ended 31 December 2019 – FY 2019

LAGOS, NIGERIA – 22nd April 2020 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces its audited results for year ended 31st December 2019.


  • Total Asset growth of 46% to N715.87billion in FY 2019 (FY 2018: N488.80billion)
  • Non-Interest Income growth of 74% to N24.21billion in FY 2019 (FY 2018: N13.89billion)
  • Deposit growth of 56% (FY 2019: N577billion, FY 2018: N369billion)
  • Increases Dividend from 3kobo to 4kobo per share

Ademola Adebise, MD/CEO of Wema Bank Plc, commenting on the results, stated that:

“We are pleased to announce our 2019 financial year results. The results show that year on year, Wema Bank has continued its steady growth trajectory. The Bank recorded gross earnings of N94.89billion which was a 32.65% increase over the 2018 performance (FY 2018: N71.53billion). Profit before tax (PBT) was N6.76billion which represents a 40.83% growth over the N4.80billion reported in 2018 and profit after tax (PAT) was N5.20billion (N3.33billion in FY 2018).


The bank has continued to grow its deposit base, while also reducing its cost of funds. Deposits are up by 56.35% in the period (FY 2019: N577.28billion, FY 2018: N369.20billion). Loans and advances grew from N252.19billion in FY 2018 to N289.24billion in FY 2019, a y/y increase of 14.69%. The Bank has also increased its dividend payment from 3kobo per share to 4kobo per share translating to dividend yield of 8%.”


Ademola cautioned that, “while the results for 2019 showed very strong growth, the economic headwinds of the last few weeks has moderated our growth expectations for the next few months. It is expected that the economic and social impact of the Covid-19 virus will be far reaching. As a Bank we have also tried to play a role in supporting local and federal efforts in providing relief to those impacted directly and indirectly.


This “new normal” has necessitated massive adoption of technology across the economy and we are glad that we have stayed ahead of the curve and our previous technology investments have continued to yield results. ALAT, Nigeria’s First Fully Digital Bank, continues to record strong performance as adoption rates have grown and customer base is almost at the half a million mark. We plan to continue our growth in customer acquisition and retention despite the headwinds.”

– Ademola Adebise (MD/CEO)

Financial Performance Highlights for Full Year ended 31 December 2019


Income statement (N’bn) FY 2019 FY 2018 (∆)
Gross Earnings 94.89 71.53 32.65%
Net Interest Income 25.99 26.99 3.70%
Interest Income 70.68 57.63 22.64%
Non-interest income 24.21 13.89 74.24%
Operating Income 44.06 37.38 17.87%
Operating expense 37.30 32.58 14.50%
Profit before Tax 6.76 4.80 40.83%
Profit after Tax 5.20 3.33 56.16%
Earnings Per Share 13.50 kobo 8.60 kobo 56.98%


Balance Sheet (N’bn) FY 2019 FY 2018 (∆)
Total Assets 715.87 488.80 46.45%
Loans and Advances(net) 289.24 252.19 14.69%
Deposits 577.28 369.20 56.35%
Shareholders’ Funds 55.16 50.89 8.39%


Key Ratios (in %) FY 2019 FY 2018 (∆)
Return on Average Equity 12.26 9.43 2.83
Return on Average Asset 1.02 1.09 -0.07
Net Interest Margin 6.04 7.08 -1.04
Yield on Asset 16.47 17.75 -1.28
Capital Adequacy Ratio 13.59 18.01 -4.42
Liquidity Ratio 32.37 34.64 -2.27
Loan-to-Deposit Ratio 48.61 68.31 -19.70
Non-Performing Loans Ratio 7.38 4.98 2.40
Cost to Income Ratio 84.66 87.16 2.50


Financial Performance Review for Full Year ended 31, December 2019


  • Gross Earnings grew by 32.65% y/y to N94.89billion in the period (FY’ 2018: N71.53billion), on the back of 22.64% and a 74.24% growth in interest and non-interest income respectively.
  • Profit Before Tax (PBT) increased by 40.83% y/y to N6.76billion in 2019 from N4.80billion in FY 2018.
  • Profit After Tax (PAT) up by 56.16% to N5.20billion in FY 2019 (FY 2018: N3.33billion).
  • Non-Interest Income grew by 74.24% (from N13.89billion in FY 2018 to N24.21billion in FY’ 2019), drivers are 22.93% y/y growth in net fees and commission and 167.32% y/y growth in trading income.
  • Customer Deposit up by 56.35% (FY 2019: N577.28billions, FY 2018: N369.20billion).
  • Net Loans and Advances closed at N289.24billion an increase of 14.69% when compared to FY 2018 (FY 2018: N252.19billion).
  • Non-Performing Loans (NPL) up to 7.38% in FY 2019 from 4.98% in FY 2018.
  • Total Asset up y/y by 56.35% (FY 2019: N715.87billions, FY 2018: N488.80billion)
  • ROAE slightly up y/y to 12.26% from 9.55% in FY 2018
  • ROAA remained flat at 1.02% (FY 2018: 1.09%)


Operational Achievements

  • The bank retained its Investment grade ratings from Fitch, GCR and Agusto -National Long-term rating at (BBB-).
  • Opened new branches; Ojuelegba and Ikorodu 2, to better serve and to expand our customer base.
  • To deepen our retail franchise and banking penetration, our Agency Banking network has increased to 3,186 from 1,281 agents in FY 2018.
  • Successfully completed our technology upgrade without service disruption to customers




Winners Emerge in the Wema Bank Kiddies Essay Competition

Winners have emerged in the Wema Bank Royal Kiddies essay competition, which was organized by the Bank to commemorate the International Children’s Day Celebration last month.

The Wema Bank essay competition tagged “Write & Win”, was to test the creative writing abilities of young school children in Nigeria aged 5 – 12 years. It sought to develop the kids’ writing skills, promote their creativity, imaginative capabilities, reward creativity, as well as drive them towards excellence in their learning process. The Retail Divisional Head, Dotun Ifebogun, said “we want to ensure we support children and help channel their thoughts towards educational and mind building activities

According to his statement, Joanne Mosaku emerged as the overall winner having scored 78 percent, and was closely followed by Aiman Elelu and Oshodi Inioluwa, both of whom tied at 76 percent. He explained that the bank received over 100 entries for the essay competition and these were subjected to checks for qualification criteria of age, minimum account deposit of #20,000, and adherence to the deadline. The essays were assessed along with key parameters of content, organization, grammar, mechanics, and style, the bank said. A foremost online educational management company, Mind and Smith, assessed and graded the essays.

Out of the 10 winners, the top three Essays will each get Huawei tablets and Royal Kiddies branded T-shirts. The seven other finalists will each get a N20,000 prepaid gift card for school supplies in addition to a branded T-shirt. Wema Bank Royal Kiddies Account gives your kids an early start to financial freedom. It is for kids from birth to 12 years old and provides them access to school fees advance, scholarships to fund their education.

business loan and personal loan

Borrow Money Online or Access Wema Bank Loan

How can I access a quick loan, get a loan, borrow money online, collect a loan, obtain a loan, take a loan from Wema bank? If any of these has ever crossed your mind then you are in the right place. In this article, we’ll give step by step guide and requirements you need to access a quick loan, get a loan, borrow money, collect a loan, obtain a loan, take a loan from Wema bank.

Table of contents

The major scare when taking loans in Nigerian banks today is the endless documents requirements, coupled with a series of obligations and processes you have to go through.

Wema Bank loans pride itself in making things easier, by offering realistic requirements and simple processes to get loans.

The paper works don’t go away, neither do guarantors (depending on loan type and sum). However, they have built a system that is both quick, efficient, with categories that cater to every financial pressing need.

How to get a Wema Bank loan

Wema Bank loan process can be initiated by visiting any of their physical offices between 8 AM – 4 PM. You can also contact us at the comfort of your home or wherever you are, through the consumer loan portal on our website.

Types of available loans for Wema bank

We design our loan system to cover all of your needs, both personal and external obligations.  There are three categories which include:

1. School Fees Advance

This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.

The loan contract spans for a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.  They pay the tuition fees directly to the child’s school.

Documentations required for this Loan are:

  1. Completed school fees advance form.
  2. Letter of introduction (to determine the employment status of the parent).
  3. An irrevocable letter of domiciliation from your employer.
  4. Invoice of school/ tuition fees.
  5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
  6. Proof of address, i.e. utility bill.
  7. Last three months’ payslip.
  8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

2. Wema Asset Acquisition Scheme (WASS)

This category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses. The minimum WASS loan facility stands at ₦500,000 and covers assets like new and pre-owned vehicles, and mid-sized generators only.

The facility runs from 6 to 48 consecutive months and finances only brand new assets.


  1. Low equity contribution of 20%.
  2. Well-structured fee payment and competitive interest rates.
  3. It provides group asset acquisition schemes that enable organizations to motivate staff.
  4. Easy own now, use now and pay later.
  5. It removes the financial burden associated with outright asset purchases.

Documentations required

For individuals with account domiciled in Wema bank:

  1. Completed WAAS application form.
  2. Letter of introduction from your employer’s HR.
  3. Means of identification.
  4. Last 3 months payslip and bank statement.
  5. Utility bill and customer KYC form.
  6. Pro-forma invoice issued in the bank’s name.
  7. Credit Bureau report and completed CRMS 100 form.
  8. Wema bank salary account 1-month credit.
  9. Domiciliation letter endorsed by your employer.
  10. Debit authorization and irrevocable undertaking to fund personal account.

For individuals with accounts not domiciled in Wema bank, you would require:

Irrevocable standing order from your external bank in favor of your Wema bank account, and personal current account details, in addition to all the documents listed above.

For self-employed professionals:

  1. Completed Application Form.
  2. Personal Current Account with Wema Bank.
  3. Letter of Introduction endorsed by your company’s director.
  4. Means of Identification (Statutory and Official).
  5. Recent 12-month bank Statement.
  6. Utility bill with customer form (KYC).
  7. Certificate of Registration/incorporation.
  8. Particulars of Directors.
  9. Corporate/Company Profile.
  10. Pro-forma Invoice issued in the name of Wema Bank.
  11. Credit Bureau Report and completed CRMS 100 Form.
  12. Direct Debit Authorization & Irrevocable Undertaking.
  13. Duly completed loan application form.
  14. Letter of introduction signed by your authorized employer.
  15. An irrevocable letter of salary domiciliation.
  16. A representative of Wema Bank must independently verify Signatories.
  17. 3 months’ payslip or account statement as proof of income.
  18. Proof of address and a recent copy of the utility bill.
  19. Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).

3. Personal loans

Personal loans are exclusive facilities for salary earners only. It is accessible by employees who operate salary savings or a current account with the bank.

Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.

Loan details and benefits

  1. Easy mobile and internet banking services.
  2. No maintenance fee on the current account.
  3. Quick disbursement (48 hours).
  4. Stress-free application process from your office.
  5. Loan top-up after 6 regular months of down payments.
  6. Maximum loan tenor of 36 months.
  7. The highest obtainable loan amount of 7 times of net income is subject to a maximum of 2 million.
  8. New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.

Documents Required”:

  1. Completed loan application form.
  2. Letter of introduction (from employer).
  3. An irrevocable letter of salary domiciliation.
  4. 3 months’ payslip as proof of income.
  5. Proof of address supported by a recent utility bill.
  6. Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).

USSD Code for Loans in Nigeria

What if you know all USSD codes for loans in Nigeria?

I mean, you just grab your smartphone, dial a few strings of numbers, follow through the prompt messages, and voila! You’ve got yourself access to an instant mobile loans in Nigeria.

In this section, we’ll share with you how to get a loan with USSD codes in Nigeria.

Banks USSD Codes For Loans In Nigeria

The table below shows major banks’ USSD codes to dial in Nigeria to get personal loans.

Commercial Banks USSD Codes to Dial
Wema Bank Loan code *945*65#
Fidelity Bank Loan code See fidelity bank loan USSD code
First Bank Loan code See First Bank Loan code
Guaranty Trust Bank Loan code See Guaranty Trust Bank Loan code
Skye Bank Loan code See Skye Bank Loan code
Sterling Bank Loan code See Sterling Bank Loan code
Diamond Bank Loan code See Diamond Bank Loan code
Eco Bank Loan code See Eco Bank Loan code
Diamond Access Loan code See Diamond Access Loan code
FCMB Loan code See FCMB Loan code
Unity Bank Loan code See Unity Bank Loan code
UBA Bank Loan code See UBA Bank Loan code
Union Bank Loan code See Union Bank Loan code
Heritage Bank Loan code See Heritage Bank Loan code
Keystone Bank Loan code See Keystone Bank Loan code
Access Bank Loan code See Access Bank Loan code
Zenith Bank Loan code See Zenith Bank Loan code

Summary Notes on USSD Code For Loans In Nigeria

There you have it on the list of USSD codes for loans in Nigeria. Still, it goes without saying that you must meet certain requirements to get an online loan.

You’ll have to provide:

  • Your Name
  • BVN
  • Account Details
  • Address, and more

What is the loan interest rate & when can I pay back my Wema bank loan?

The duration depends on the type of loan, and other precise details in the loan contract. Requirements and obligations are always stated plainly on the loan form, to inform you of all it entails. Ensure you read through thoroughly.

You can use our loan calculators to have an idea.


Wema bank loans are easily accessible, covering your peculiar needs as they arise. Contact Wema bank for their convenient loan services today.




ALAT By Wema, Nigeria’s first digital bank, is hosting a speed-eating competition and here’s everything you need to know about it.

1. Who can compete? If you are a young Nigerian between the ages of 18 to 35, then you’re good to go! 

To enter, sign up on the ALAT app with the code ‘SQUAD’, then head over to their social media channels to complete the registration.

2. How do I know when I am selected? Stay connected! Ensure your email is active and that you are following alat.ng on their social media pages; Facebook and Instagram for regular updates, also comment ‘i can eat’ on the food posts on the alat social media pages. The participation codes for each week  will be posted.

3. The Competition. To excel in this contest all you need to do is bring yourself and a big appetite. This challenge will test how fast you can finish a food item before your opponent. The current world record for eating a 12-inch pizza is 32.28 secs! That’s the size of a medium pizza. Whew!

 So how fast can you eat?

4. Fastest mouth (and fingers) takes all! The competition is open to you and your chosen friend, but just make sure that they type as fast as you eat. Because within the allotted time it takes you to eat, your friend has to complete the signup on the ALAT app.

5. Eat and Win! If contacted, you stand a chance to win ₦100k for eating! It doesn’t get more fun than that. You’re going to be battling with other people who believe they also have what it takes so be sure to bring your A-game. 

Register on the app now, follow ALAT on social media(IG, Facebook), and sit tight because you just might be on your way to being on the most anticipated eating contest!  

World Blood Donor Day: Wema Bank, LUTH commit to saving lives

Lagos, Nigeria. Wednesday, June 16, 2021. To mark the 2021 ‘World Blood Donor Day-themed “Give blood and keep the world-beating,” staff of Wema Bank, Nigeria’s leading innovative bank, in partnership with the Department of Haematology, Lagos University Teaching Hospital (LUTH) have volunteered to donate blood to affirm the bank’s commitment to helping save lives.

This voluntary blood donation, the second in three years, has seen over 50 staff members take part in the exercise. This year’s edition which took place on Thursday, June 17, 2021, at the Bank’s corporate head office in Marina, Lagos saw over 40 staff taking part, ably aided by staff of LUTH.

Speaking on the significance of the exercise, Head, Marketing Communications and Investor Relations, Wema Bank, Funmilayo Falola reiterated the importance of blood donation. “To keep the world pulsating, it is important to say that blood connects us all; hence, blood donors have continuously saved lives and improve the health of the world”, she said.

“This purely voluntary initiative is our staff’s way of contributing to the important process of saving lives. For us as a bank, it is an opportunity for us to restate our industry leadership stance beyond financial services by entrenching health consciousness, creating awareness and providing a platform to encourage Nigerians to make timely voluntary blood donation a unique part of their lifestyle”, she added.

Speaking on behalf of the donor staff, Morolake Phillip-Ladipo, Team Lead, Reputation Management and External Relations, Wema Bank said the World Blood Donor Day which is globally observed every June 14 is very important in the bank’s staff calendar, who excitedly look forward to taking part in the exercise which they hope will help save lives of people in need of blood.

“It’s that time of the year again. Though, a little anxious, but the thoughts of knowing you are giving blood to save other lives brings you endless joy,” she said.

Adeyinka Adewale, Chief Medical Laboratory Technician, Department of Haematology & Blood Transfusion, LUTH commended the staff of Wema Bank for their sacrifice, saying it shows that more and more Nigerians are keen on donating blood, and look forward to World Blood Donor Day.

“This type of initiative makes our job as doctors much easier, and we are confident that the blood donated will help save lives. We aim to take this initiative with Wema Bank across the country, partnering with more stakeholders, and we believe that this enthusiasm will help deepen awareness about the importance of blood donation to the healthcare system’, he said.

The blood donation initiative is part of the bank’s iVolunteer @ Wema Scheme which aims to create opportunities for employees to share their skills, talent, time and resources through volunteering to the cause of humanity and sustainably adding value to the society through health sensitization.

ALAT is rewarding customers for Referrals throughout 2021.

At the beginning of this year, ALAT launched its earn on the go campaign, allowing members of its Trybe to not only earn money on the app but also stand a chance to win one of the three grand prizes at the end of the year.

For the duration of this campaign, all ALAT users with an active account, who have carried out at least 3 transactions in the last 6 months will be given a unique referral code. 

This code is used to track the number of referrals made from a single account, whereby a customer receives one thousand Naira for every successful invitation to join the ALAT Trybe.  

While referrals are ongoing, we will be tracking all our users’ progress and by December reward the top three referrers with prizes worth over seven hundred thousand Naira. 

The first-place winner will receive the grand prize worth N350,000, while the second place and first runner up, will get a prize worth N200,000.00, and finally in the user that makes it to third place will be giving a prize worth N150,000.00. 

 To reward the efforts of all participating users, a quarterly raffle draw will be held twice in the year, where twenty people from the list of top hundred referrers will stand a chance to win Ten thousand Naira each. 

Founded in 2018, Alat by Wema is the first fully Digital Bank in Nigeria, providing banking services through our Andriod, iOS, and Web apps to over a hundred thousand users in Nigeria. 

 To learn more about ALAT, visit alat.ng.

Get loans from WEMA Bank - Car Loan, Education or Business Loan

Get loans from WEMA Bank – Car Loan, Education or Business Loan

Your dream car might be out of stock before you are able to save up for it. Your school fees portal has a deadline for payment, with an extra charge for late payment. Your business might not be able to wait till you drum up the money to invest in it.  If you’ve been in any of the above situations, then you most likely have needed to get a loan. In this article, we’ll provide an all-encompassing rundown of getting loans from Wema bank, including an explanation of the types of loan you have access to and how.

What is a loan?

To begin with, a loan is a sum of money that an individual, group, or other legal entity borrows from another individual, group, or legal entity (the latter often being a financial institution) with the condition that it be returned or repaid at a later date (sometimes with interest).

Why are loans important?

Certain situations or emergencies crop up in the life of an individual that requires urgent cash which may not be readily available at the time of need. Loans provide solutions to such needs, which are usually emergencies, such as a school fees payment deadline, a stock in the market, medical bills, and so on. 

Loans do more than just saving the day in emergencies. They also help in actualizing dreams in less time. A luxurious trip, wedding, a dream car, and so on, are desires loans can satisfy; there’s no need to wait till the long years until payment of pension.

Kinds of Loans

There are different kinds of loans that range from personal loans to student loans, to mortgage loans. But for the purpose of the organization, we’ll address the following:

1. Personal loan

These are loans taken for any kind of personal expense, which includes expenses for honeymoon, medical bills, emergency expenses, vacation, and so on. 

A personal loan may be secure, needing collateral to back it up, or insecure, which does not make use of collateral. Instead, credit scores are used to determine your eligibility for the loan. Unsecured personal loans generally have higher interest rates, due to their higher risk for the lending financial institution.

2. Business Loan

These are loans for financing the growth of businesses. A business proposal is required by the financial institution to determine the business’s eligibility for a loan, as well as the amount that can be loaned.

3. Student loan

These loans are designed to assist students and/or parents in prompt payment of school fees and associated fees like stationery and living expenses, usually at the post-secondary education level.

4. Mortgage loan

A mortgage loan is a secured loan and makes use of fixed property or real estate as collateral. Typically, the house. The borrower is registered as the legal owner of the asset and ceases to be if the loan is not fully repaid.

Why get a loan from WEMA bank?

WEMA bank has a bouquet of loans you could choose from to suit your needs. WEMA bank reduces the hassle of securing a loan and makes it easier with its simple requirements and straightforward processes.

Types of Loan available at WEMA Bank

1. School Fees Advance Loan

With this loan, WEMA Bank lends a helping hand to parents in payment of their children’s school fees, up to 3 million Naira. This includes nursery school, primary and secondary. You may or may not have a WEMA Bank account to qualify for this loan.

School Fees Advance Loan Requirements

  • Completed school fees advance form.
  • Letter of introduction (to determine the employment status of the parent).
  • An irrevocable letter of domiciliation from your employer.
  • Invoice of school/ tuition fees.
  • Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
  • Proof of address, i.e. utility bill.
  • Last three months’ payslip.
  • Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

Click here to get School fees advance loan or visit the nearest WEMA Bank branch.

2. Car Loan

Whether for convenience, the freedom a personal car brings, or for pleasure, securing a loan to get that car just got easier

Car Loan Requirements

  • Own a WEMA Bank account

Click here to read more about Wema bank’s car loan

3. Business Loan

Running a small or medium scale business has its challenges and that’s where Wema bank comes in to save the day. Wema Bank helps to expand businesses, purchase new tools and meet crucial business needs.

Click here to read about Wema bank’s business loan

4. Personal loan

WEMA Bank offers personal loans for salary earners

Personal Loan Requirements

  • Must be a salary earner 
  • Savings or current account with WEMA Bank
  • Completed loan application form.
  • Letter of introduction (from employer).
  • An irrevocable letter of salary domiciliation.
  • 3 months’ payslip as proof of income.
  • Proof of address supported by a recent utility bill.
  • Proof of identity with staff ID (National ID, international passport, or driver’s license may be required).

Click here to read about Wema bank’s personal loan

*945# USSD - How to Activate WEMA Bank Transfer Code

*945# USSD – How to Activate WEMA Bank Transfer Code

What is Wema Bank Transfer Code?

There was once a time where any and every transaction required your physical presence at the bank, and the queues never seemed to end. Thankfully, bank codes have come to the rescue, and all of those experiences are now stories of the past. From the comfort of your bedroom and in your PJs, you can move funds…and receive funds too.

WEMA Bank USSD codes are available for use for every WEMA bank customer and in this post, we’ll provide an all-encompassing rundown of the Wema bank transfer code, including an explanation of why the USSD codes are important and can come in handy.

What is a *945#?

*945# is the official USSD code for WEMA Bank USSD banking – Banking without the internet. With this USSD banking service, you can carry out daily banking transactions with ease from the comfort of your mobile devices. It is easy, fast, and reliable.

Things To Know About Wema Bank USSD Transfer Code

  • This service is open to MTN, Glo, 9mobile, and Airtel subscribers.
  • The USSD code is only open to Wema bank account holders. 
  • To use this service, you must have an active phone number registered in your bank account.
  • This service is available 24 hours every day. Meaning, even at really odd hours, you can still use this service.

Why are USSD codes important?

Unstructured Supplementary Service Data (USSD) codes, also known as quick codes, are back channels for hidden features available on your smartphones.

They give direct access to the service provider via the use of the phone’s dialer. A good example is checking the account balance of your phone. 

And in terms of banking, USSD performs the same function, but in this instance allows you, the bank customer, to directly communicate with your bank account without you having to go to the bank.

How to Activate WEMA Bank USSD Code

Activating the Wema Bank USSD code makes it easy for you to carry out transactions on your phone using a preset password or PIN. This password or PIN will be needed in validating money transfers, and any other transaction including bill payment, ET Cetera.

To activate your code, you need to register and generate a pin. Kindly follow the steps below; 

  • Dial *945*5# and 
  • Follow the onscreen instructions. 
  • Provide the information required such as account number, date of birth, new pin, and confirm new pin.

After the pin has been created, you can begin USSD banking transactions.

NOTE – This option is only valid for existing Wema Bank account holders.

Wema Bank USSD services and their codes 

Here is a few Wema bank USSD code you will find very useful often:

  • Transfer Money: *945*beneficiaryaccountnumber*amount#
  • Buy Airtime: *945*phone Number*amount#
  • Balance Enquiry: *945*0#
  • Change PIN: *945*00#
  • Get your Account Number: *945*000#
  • Open Account: *945*1#
  • Change Account Number: *945*2*oldaccountnumber*newaccountnumber#
  • Account Reactivation: *945*5#
  • Send Money to phone: *945*6*amount#
  • Quick loan: *945*65#

Read more about Wema Bank USSD Codes

Wema Bank USSD code for Loan

The WEMA bank code for a loan is *945*65#.

How to activate your WEMA bank transfer code 

To enjoy the benefits of the USSD code as a customer of WEMA Bank, you need to activate your USSD code. Kindly follow the steps below to get your Wema bank USSD code activated:

  • Dial *945# on the mobile number that is connected with your WEMA Bank account. This is the same number used for transaction alerts.
  • Follow the prompt that shows up on the screen and choose the option to proceed to activation.
  • Add your bank account from which you want to make transactions.
  • Set a PIN.
  • Confirm your PIN to complete the activation process.
  • You’re good to go

Go ahead and enjoy your activated WEMA Bank transfer code, with the unlimited transactions it offers, at the comfort of your home.

If you don’t have a WEMA bank account, click here to open one right now.

Sourcing For Financing For Your Business 2

In the last edition of our newsletter, we offered some advice to our readers on raising funds for their business. Fundraising, however, is only the first step of the long journey towards business success. Your money is only as good as how you manage it, and the successful business owner must be particularly diligent about how their funds are used.

With this in mind, we have decided to dedicate this month’s edition of the SME Newsletter to the management of business finances.

Some tips are provided below:

Separate your business and personal finances: Before you start the process of managing your business finances, you need to take the vital step of separating your business funds from your personal finances. This will help you keep a close eye on your business transactions and save you from a lot of stress and trouble later, when, for example, you are trying to apply for a loan or showcasing your books to potential investors.

Here at Wema Bank, we have two accounts that can help in this regard, the My Business Account and My Business Account Plus, which can be run with zero account maintenance fees, in addition to other excellent benefits.

Draw up a financial plan: A financial plan entails budgeting, accounting, forecasting, tax planning, and risk management. When kicking off with your business operations, you can start by drawing up a budget. A budget is a detailed plan for your projected expenses, and while most individuals tend to focus exclusively on these expenses, you should also focus on your projected income.

You can only plan your spending effectively when you have some idea when – and how much – income you would be receiving over a certain period. Once you have planned out your income and expenses (including things like taxes and staff salaries), you can then begin to figure out how much money you will have leftover for savings and possible re-investment, with the goal being increased profitability for your business.

Manage your cash flow: Financial management should be at the heart of your business operations. You must thoroughly understand the numbers that drive your business if you intend to be a successful entrepreneur. Sound financial management requires managing your cash flows efficiently.

Monitor your business expenses regularly (daily or weekly), review your business and financial operations and assess your core business and financial operations as they relate to your sales and operating margins. The knowledge and insights gained here can help you decide on the financial services (loans, for instance) and tools you will need and even warn you of coming problems or issues like fraud.


Hire the right talent (professionals): When running your business, you will discover very quickly that you cannot do everything yourself. Once you attain a certain level of scale in your operations, you will need to assemble a team. Irrespective of the individual tasks assigned to these employees, they will all be working with one goal in mind: making the most money for your business, either by maximizing incomes or minimizing expenses, most often a combination of both.

It goes without saying that your bookkeeper(s) or accountant(s) should be the best you can find (and afford!) as a good accountant can help you find deductions and tax savings and ensure that you remain penalty-free and get the most value for your money.

Sometimes, the best “talent” may not necessarily be human. In spite of the presence of a human team working for your business, you will    need to:

  1. Keep an eye on their operations, especially where it concerns your finances and,
  2. Support them with the best software available.

With Wema Bank’s ALAT for Business (AFB), you can rest assured that your human team will be fully supported by a digital team member which will allow them (and you) to manage your account(s) and transactions, execute bulk transfers of up to  ₦2,000,000,000, pay your bills and so much more. Note that you can access all these features securely, either via your mobile phone or via web.

In addition to ALAT for Business, you can use other accounting software to structure your books and monitor your expenses.


Sign up for Alat for business

Decide what types of payments you will accept: Having a variety of payment options is a source of increased convenience for your customers. Any convenience for your customers is a source of increased revenue for you. While “cash is king”, you can never have too many options, whether they be Wema Bank’s Scan2Pay offering, our USSD channel (*945#), M-Cash, WemaPay, and ALAT (bank transfers).

When setting up payment options, make sure that you standardize payment terms (for easy entry into your books) and set up rules which will apply to all your customers (if you intend to permit payments in instalments, then all your customers should be able to do this, not just a select few). If you apply the same terms and rules across the board, you won’t have to worry about remembering the arrangements you made with each customer.

Have an emergency plan: No one goes into business with the expectation that things will go wrong, but if the past year taught us anything, it would be the importance of “hoping for the best and planning for the worst”. A good place to start here would be to maintain an emergency fund (it is generally advised that building an emergency fund should be prioritized over other forms of saving and investments in the first few months of running your business).

In some cases, however, your emergency may be larger than your emergency fund, and in this case, you may need to pursue other means of tiding over your challenges. This is where loans come in. Most business owners tend to shy away from taking loans, which is unfortunate, as loans can be a very effective tool for supporting your business when used correctly.

Note that applying for loans should not be the first port of call for a business that has just kick-started operations, in most cases, you will need to show a history of (successful) operations when applying for loans, and this requirement effectively rules applicants out if they are just starting out. For the established business owner, however, the process of applying for a loan should be launched at the right time.

It is advised that you do not wait for too long before applying for a loan (if you need one). Waiting for too long will be waiting until your business is already in financial trouble, which is when you are least likely to get a loan. You should apply when your financials are still in a good state so that the loans can then be used for expansion or as an emergency line of credit instead of rescue.

When considering a loan, you should start by engaging your financial advisor. As we highlighted in the last edition of this newsletter, Wema Bank maintains an SME Help Desk (SMEhelpdesk@wemabank.com) to help you with this.

Suppose your advisor points you in the direction of taking a loan. Wema Bank has a suite of offerings available to serve, whether you are a school owner, or you own a pharmacy, or run a hospital, or need general business support to finance your working capital needs (you can even borrow up to N5,000,000 without collateral!). Furthermore, we can facilitate your access to intervention funds made available by the Federal Government. We also offer corporate credit and debit cards which can help with easy and immediate access to cash.

In conclusion, cash is the lifeblood of your business. To succeed at business, you need to ensure that your funds are appropriately utilized (even as you work to grow them), which calls for a detailed and systematic application of yourself and your resources. Lastly, never hesitate to ask for help when you need it.