• What does the partnership cover?

The agreement between Wema Bank and BOA group cuts across the following areas:
• Correspondent Banking services
• Advance payment guarantees, Bonds etc
• Remittances
• Trade Facilitation
• Business Advisory

• How many African countries are involved in the partnership?
The partnership involves facilitation of businesses between Nigeria and;
Benin
Ethiopia
Niger
Morocco
Burundi
Ghana
Rwanda
France
Burkina Faso
Kenya
Senegal
Cote D’ivoire
Madagascar
Tanzania
Djibouti
Mali
Togo
DRC
Uganda

• Who are the customers that can benefit from this partnership?
Corporates/SMEs & Individuals who do business transactions across African involving;
- LCs & Guarantees
- Remittances
- Structured trade finance
- Import/Export businesses across Africa

• Who are the prospective customers the bank can onboard through in this partnership?
· Multinationals
· FMCGs,
· Agro- Allied business owners
· Oil & gas firms
· Manufacturers
· Consumer goods producers

• How does this partnership benefit existing and prospective customers?
· Ease of doing business across Africa
· Provision of guarantees
· Business links with BOA customers,
· Advisory services
· Reduced charges with quick delivery on quality services

• What sector of the economy should be targeted through this partnership?
· Agriculture and Agro-allied services
· Manufacturing
· Oil & Gas
· Supplies
· Energy and electricity
· Household consumables
· Importing and exporting businesses

• What are the unique value propositions to be presented to existing and prospective customers?
· Trade Facilitation: We can help facilitate your business activities across Africa to provide and confirm Letters of Credit, remittances and guarantees as well as provide other structured trade finance products.
· Flexible Pricing: We offer better and more competitive pricing to support our customers across Africa.
· Ultra-Fast Transaction turnaround: We would execute and conclude your transactions faster and offer immediate payment options to ensure faster turnaround on transactions subject to terms and conditions.
· Advisory support: Our partnership and deep knowledge of francophone and anglophone countries in Africa allows us to provide valuable support to our existing and potential customers looking to expand their businesses across Africa to explore opportunities provided by the African Continental Free Trade Agreement (AfCFTA).

• How does the Bank benefit from this partnership?
Following the signing of the AFTCA in Nigeria, this partnership will better position the bank as a key financial institution in the intra-African financial space. This would ultimately boost the Banks corporate image in Nigeria and on the larger African stage. This partnership will also expose the Bank to a wider array of income/profit generating streams which will ultimately assist in the attainment of our corporate goal.

• What role/actions are required from me as regards this partnership?
You are required to;
· Identify the specified sector to onboard on the shop floor,
· Present the value proposition and benefits highlighted within this partnership for both for existing customers and prospects.

• What is the SLA for these transactions? How quickly does the recipient get the funds?
· Recipients would get fund on the same day.

• Who bears the charges? Is there an option for the sender or the recipient?
· It depends on the customer instructions.

• Would you need a Form M to validate payments going to beneficiaries in other African countries, if payment is being made through BOA?
· The rules used in importation are applicable to each countries Importation/Exportation Laws.

• What is the transfer limit per corporate account?
· $10,000 for Nigeria and the transfer limit for each country.

• What are the necessary documents for corporate transfers?
· The same rules/requirements for Nigeria still applies.

• Are CBN documents still required? Form A, Form Q and M?
· Yes, we still abide by the CBN regulations.

For further enquiry, please contact Treasury Group at Treasury_Group@wemabank.com.