Alleged Fraudulent Transaction In The Aiyetoro Branch of Wema Bank 

Credit Score - How to check your credit score and also improve it

Loans in Nigeria: How to check your credit score and also improve it

Loans in Nigeria

The term “Credit score”, isn’t usually considered as part of our day-to-day lingua here in Nigeria. However,  in other countries and certain cases where one would like to take a loan from a bank, the term is often used. In this article, we will look at what a credit score is, how it works, and how it affects your loan application.

What is a credit score?

A credit score is a 3-digit number, ranging from 300 to 850 (using the VantageScoring model), that indicates the level of risk associated with granting credit or loan to a prospective borrower or customer. The lower it is, the higher the risk and shows that there is a high chance that the customer may default in payment, and vice versa. The scores are ranked as excellent, good, average, or poor. Simply put, a credit score is a representation of your creditworthiness.

Below are credit worthiness scales;

  • 720 and above: Excellent credit
  • 690-719: Good credit
  • 630-689: Fair credit
  • 300-629: Bad credit

Lenders and creditors often use the credit score for various risk assessment purposes ranging from market expansion, pre-qualification of customers, to credit evaluation.

Good vs Bad credit score

Good Credit Score: Someone with a track record of making all credit payments on time, clearing debt balance, and taking justified loans will have a good credit score. Any credit score which has credit utilization below 30% is considered a good score.

Bad Credit Score: A bad credit score generally falls below 630 on a scale of 300-850 for the most common scoring models, FICO and VantageScore. Scores of 630 to 689 are considered fair credit.

Why is it Essential to Have a Good Credit Score?

  1. You’ll be able to apply for low-interest loans, car loans, home loans, and other personal loans from lenders as they first check their credit scores to determine their creditworthiness. 
  2. Secure higher credit limits on credit cards: Although they are not so common or widely used, credit cards can be gotten in Nigeria, but until recently, they were majorly acquired on special requests from your bank. A good credit score is an indicator of your creditworthiness and you can take advantage of that in the form of higher credit limits on your cards.
  3. Access to highly rated credit cards: Several financial institutions offer best-rewarding credit cards to customers with good credit scores. These cards often come with certain privileges in the form of discounts on different online shopping platforms, cashback, complimentary movie tickets, discounts at luxury dining restaurants and hotels, travel miles, and much more.
  4. Eligible for a pre-approved loan offer: A good credit score will increase your chances of being able to get pre-approved loans at low-interest rates from banks and financial institutions.

What factors impact your credit score?

  1. Debt Accumulation: Outstanding debts can greatly weaken your credit score. In the same vein, paying up your debts late can also negatively impact your creditworthiness.
  2. Constant credit applications it is essential to manage how often you apply for credit. If you apply too many times, you can further weaken your score. Try to space out your applications to avoid this.
  3. When you travel out of Nigeria and you do receive a credit card from your bank, be sure to use it wisely and within limits. Using the credit card within limits and ensuring timely payment of the bills will positively impact your credit score.
  4. Check your credit score regularly: This helps to know how well or how terribly you’re doing at managing your credit.  It can also help you to identify any inaccurate or incorrect information and rectify it.

How to check your credit score

Every Nigerian is entitled to one free Credit report every year from any registered Nigerian Credit Bureau. To get a free credit report in Nigeria, use any of the following sources:

  1. Dial the USSD code *565*8# on your mobile phone to get instant Credit reports from CRC Credit Bureau.  This service is currently available to MTN subscribers only. Read about ALAT USSD Code and how to use them
  2. Get a free credit report from Nigeria’s first independent licensed credit bureau. You only get one free report per month.

Who Can See Your Credit Report?

Fortunately, not everyone can see your credit score. In actual fact, there’s a shortlist of people or entities that can access your credit report and these people or organizations must have what is known as a “permissible purpose”, which includes;

  • An applicant or a guarantor for credit
  • Review, renew, restructure or monitor credits
  • Employment checks
  • Prospective tenants
  • Underwrite, review, or renew insurance policies or analyze insurance claims
  • Application for credit contracts or other post-paid services
  • Debt collection, enforcement of a monetary judgment, or enforcement of any other debt
  • Carry out KYC checks on any person for any permissible purposes
  • Directive of a regulatory authority or a public body
  • Compliance with a court order

People who can see your credit score include;

  • Banks, specialized banks, and other financial institutions
  • Leasing companies
  • Insurance companies
  • Cooperative societies and institutions that offer credit to SMEs
  • Utility companies including electricity, telecommunications, and water corporations
  • Asset management companies
  • Suppliers of goods and services on a post-paid, deferred, or installment payment basis
  • Entities that in their ordinary course of business have relevant information that complies with Permissible Purposes
  • CBN’s CRMS.

Do credit scores affect loan applications?

Yes, they do. The first thing lenders will look out for when considering your loan application is your credit score.

This is why it is particularly important to pay attention to your credit report. It determines whether lenders and creditors will do business with you and how good of an interest rate you get on financial products!

How do I get on ALAT?

Click here to download the app or on Google Play (for Android phones) or on iOS App Store (for iPhone). If you have a Wema Bank account, sign up on ALAT  and follow the prompts on your screen. If not, follow the prompts on your screen still to sign up on ALAT.

Profitable business in Nigeria with little capital

How To Start A Profitable Business in Nigeria With Little Capital

The instability wrought on the Nigerian economy has led to an increase in the price of everything. Every businessman knows the chant of ‘everything is now expensive’ like a lullaby a mother sings to her sickly child; but the truth remains that there are endless possibilities to the businesses you can start in Nigeria, especially as a developing country where all you require is determination, hard work and a little bit of money.

Starting a business has always been known to be capital intensive. In times like this, when income remains fixed but the cost of living continues to explode, we are faced with a higher capital need to start the simplest businesses; after all, businesses thrive on the buying and selling of goods and services indirectly or not.

There comes the need to search out ways to start lucrative businesses that require little to no capital but can grow exponentially. This post seeks to provide a list of profitable businesses in Nigeria you can start with little capital, key steps, and processes of what you need to start a profitable business in Nigeria.

List of profitable businesses in Nigeria

How Can You Start A Profitable Business With Little To No Capital In Nigeria?

A house built on a mountain has a strong foundation. A business built on effective planning is bound to succeed.

1. Find a Business Idea.

To start a business, you must find or create a business idea relative to your available capital. Many nurture businesses for years that bring in insufficient profit relative to the stress and energy required to keep it up. When searching for a business idea, there are a few things that will serve as a guide;

  • Think about the problems in your locality
  • Can you provide a solution to such a problem and monetize it
  • Think about the execution processes: What will it cost you and how will you do it

Not all business ideas are worth starting at all. A business idea that is worth the effort must be unique, practical, needed by the market, and easy to scale.


It is also possible that your business idea is completely new. So, what you then need to be certain of is your business offerings and pricing. You may need to ask questions from people, do your own research and as well seek advice from entrepreneurs.

2. Conduct market research.

According to Wikipedia, A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Every business, whether big or small, needs a plan for that business. In starting a business, a business plan helps you to stay focused and organized. Remember organizational skill is one of the skills of a successful entrepreneur. Therefore, in writing your business plan, you check out some business plan samples online to serve as a guide.

Examine the current market for the proposed business.

  • Who are the possible clients of this proposed business?
  • Can I succeed in this business? Do I have the necessary skill to make this business thrive?
  • Will this business be easy to scale?
  • What is the necessary amount of capital that must be inputted into this business and do I have it?

Do not be afraid to drop business ideas when they prove dismal just because you’ve exerted too much energy and effort on it.

3. Create a business plan.

Every business needs a business plan in order to analyze its implementation. It may be unwise to have a business idea inspiration, acquire the necessary funds to bring it to life, and then go straight to its execution stage.

What is an effective business plan?

An effective business plan is a document addressing the following –

  1. The aim of the business/product to be sold
  2. Business growth plans
  3. Advertisement strategies
  4. Physical and or online presence only?
  5. Client basis
  6. Capital needed

4. Acquire business funding

Of course, the number one means business starters get funds is by bootstrapping which means scraping together all available personal funds and support funds from friends and relatives. Money from this source is usually not enough but must be the first resort.

The next method and the most usual means of getting funds are by obtaining loans. Loans can be daunting and it is advised that this would be a last resort except such loans have simple terms, If not you’ll be looking at a future of monthly payment build-ups that may eventually ruin the business.

You can consider taking WEMA Bank small business loans which have been tailored to meet specific business needs such as the WEMA Bank Pharma Loan which is tailored to help pharmacies and small drug store owners. Applicants can get as much as 5 million naira loans without collateral.

They also have the WEMA Medi Loan which targets private hospitals, clinics, and diagnostic laboratories. Applicants can also get as much as 5 million naira.

The School support facility loan is another loan initiative that is targeted at supporting the operations of educational facilities and applicants can get as much as 10,000,000 loans.

WEMA has also partnered with the Development Bank of Nigeria to provide loans to Small and Medium-scale enterprises at affordable rates with a five years tenor and up to 200m for SMEs and 720m for small corporations. 

These loan schemes are designed to make your business execution easier. Applications for these loans have been made easy.

5. Register your business

This is yet another important stage of starting a business in Nigeria. Every business operating in Nigeria has to be registered under the Companies and Allied Matters Act. Your business can be registered as a business name or a corporation, depending on its confirmation with the requirements of the CAMA 2020. It is advisable to consult a lawyer on the benefits of both and their suitability for your business.

6. Employment 

After registration, there’s the need to employ staff depending on what you want. If you think it is a small business you can run all by yourself, then do it. If not, consider employing a team that’ll address the various sectors of the business, all within a reasonable salary frame relative to the business’ profits. Research if there’s any need for professional advice or skill in your business.

7. Book Keeping & Accountability

The success of every business depends on its finances. It is a good idea to place yourself on a salary like the rest of your employees. If there are none, still do so. It helps you avoid indulgently and emergency spending. Separate your personal funds from your business funds and ensure you keep records of all expenses and incomes.

8. Open a business account

A business account will help your business be more financially capable. You çan place restrictions on the account to enable proper finance management. 

A WEMA business account is highly suited for this. It is an account created to target small businesses and can be operated online for ease of business. It is designed to help small businesses grow. It has a minimum opening balance of just 10,000 naira and has the full benefits a current account has to offer. Charge rates on this account are affordable at a monthly turnover.

It is also important to create monthly, quarterly, and yearly business reports that must be vetted by professionals, in order to keep you track.

In the long run, the idea behind starting a business is to have the financial freedom only a personal business can afford you and also to liberate yourself from the instability the economy imposes. You can start your business today with next to no capital and grow exponentially with the above strategies. 

You should take a step towards financial freedom today.

baking and confectionery business in Nigeria

How To Start a Baking and Confectionery Business in Nigeria

If you’ve ever considered starting a bakery business in Nigeria, gather here. The bakery business is a very lucrative business because it meets the daily needs of people. The food business is one of the fastest-growing industries in the world hence, considering a bakery business is not out of place.

If you have culinary skills and want to learn how to commercialize it to a large market, you are in the right place. Also, the bakery business is not only for people with culinary backgrounds. There are several people in the industry with no culinary skills and are doing remarkably well.

This article covers all you need to know about starting and running a successful bakery business. To start, you will need some planning and entrepreneurial knowledge, all of which will be covered in this article.

Before starting any business, it is important to have an overview of what you will need and the costs. A standard bakery requires a lot of startup costs when you factor in the equipment, materials, labor, and lease. Generally, when evaluating the startup costs, you should include the cost of the following:

  • Public Utilities
  • Marketing
  • Licenses
  • Lease
  • Furniture
  • Staff
  • Design and Repair
  • Equipment
  • Miscellaneous expenses

How To Start A Bakery Business In Nigeria

Step One: Decide The Type Of Bakery You Want To Open

The bakery business is broad and you will need to select a niche for yourself. There are bakeries that focus on the sale of baked bread, some focus on cake baking, some sandwiches, etc. You can either start a retail or wholesale bakery.

Learn about the two types of bakeries below.

a. Retail Bakeries

Most bakeries fall under retail bakeries. Just like the name implies, those operating retail bakeries sell baked foods directly to their customers.

Below are some of the retail bakeries you can select from:

i. Traditional Bakeries

These bakeries specialize in the baking of biscuits, bread, etc. For a place like Nigeria, bread is a fast food most people have in their houses. Starting the baking of bread alone can make you millions of Naira in Nigeria. You can make different types and flavors of bread; from coconut to butter or chocolate bread. There’s no limit to the level of creativity you can put into the baking of bread.

Also, you can make different types of cookies and they will sell because kids and adults love cookies. You can win anytime and any day with a traditional bakery if you can bring your creativity to bear.

ii. Specialty Bakeries

As the name implies, these types of bakeries focus on a particular type of baked food. A good example of such is cake bakeries. There’s hardly a day of the week without someone celebrating a birthday. And, there’s hardly a weekend in Nigeria without a party or celebration going on.

Over the years, we’ve come to discover that cake symbolizes celebration and most people want to get a cake for their events. Without mincing words, this is a very good niche with a ready-made market. Hence, this is a great way to begin your bakery business.

iii. Pastry Shops

Many people are looking for different types of snacks they can quickly grab in the afternoon. A delicious snack paired with a cold drink is refreshing.

Basically, pastry shops specialize in the baking of different types of snacks; meat pie, egg roll, chicken pie, puff puff, doughnut, sausage roll, etc. With little capital, you can get a brick-and-mortar shop and set your business up.

iv. Bakery Food Trucks/Van

You may have come across a bakery van at some point. So, rather than getting a brick-and-mortar store, you can get a van to sell different types of baked food such as bread, cakes, etc.

This type of bakery is lucrative because you are not stuck at a particular location. You can always drive your van to any location where you can find your target audience.

v. Home Bakeries

This is another type of bakery that is gradually gaining ground. In an era where every business is going online, you can carry out all baking procedures in your kitchen and sell them off online.

This is cheap to start because you don’t need to spend so much on setting up the business. The only thing you need is to purchase the needed ingredients to bake your delicacies.

vi. Bakery Cafe

This bakery offers more than just baked food. They go a little further to add coffee and tea to their offerings. Basically, a bakery cafe offers bread and other pastries with coffee and tea. In this type of bakery, there is a dining table where people can sit to have their meals.

b. Wholesale Bakeries

The wholesale bakery is another type of bakery and unlike the retail bakeries, they cater to a larger customer base. They sell directly to retailers who in turn sell to the final consumers.

Once you’ve chosen the niche you want to specialize in and the type of product you want to sell, you can then move to the next step.

Step Two: Register Your Business With CAC

The first step to structuring your business in Nigeria is to get it registered with CAC. Most times, unregistered businesses find it difficult to build trust with prospective clients. With as low as N20,000, you can get your bakery business registered with CAC.

Step Three: Draft A Business Plan

The next step is to draft a business plan that highlights the goals and objectives of the business and how to achieve them. Typically, a good business plan should contain the following:

  • Executive Summary
  • Enterprise Description
  • Product or Service Description
  • Industry Analysis
  • SWOT Analysis
  • Market Research
  • Financial Projections
  • Appendix

A solid business plan can help you secure funding from investors or venture capitalists

Step Four: List Out The Equipment You Need To Start Your Bakery Business

It is highly recommended that you have experience with baking before starting this business. Either you have been trained or have worked in a bakery. You cannot substitute raw knowledge in this business. Otherwise, you can hire someone who is trained in this field.

Usually, a bakery should have the following items:

  1. Mixers
  2. Oven
  3. Dough proofer
  4. Bakeware
  5. Refrigerator
  6. Wood Top Work Table
  7. Proof boxes
  8. Racks and baking sheets
  9. Sinks
  10. Flour Sifters
  11. Trays
  12. Miscellaneous

Step Five: Rent A Space For Your Bakery Business

The type of space you’ll need will largely depend on the type of bakery you are starting. For instance, if you are starting a van bakery, you’ll need to purchase a van and probably hire a driver for it.

On the other hand, if you are starting a home bakery, which is a good way to start, you may not need a large physical space other than your home kitchen. The online space and a delivery company will help to get your product to your customers.

But, if you are starting a traditional bakery or pastry shop, you can go for a commercial space. Rent a property and get the necessary lease agreement signed. Before signing your lease agreement, read through or get the service of a lawyer to ensure that whatever you are signing does not hurt your business in the long run.

In addition, choose a location that brings you closer to your target audience. A busy environment where there is high foot traffic is not a bad idea.

Other things you need to consider when renting a space include:

  • Accessibility to space
  • Demographics
  • Competition
  • Health regulations
  • Safety and crime rates
  • Size and space requirements
  • Proximity to customers and suppliers

Also, take note of the following when choosing a space

  • Your Bakery should be located far away from drainage and high pollution factories
  • It is a requirement for every bakery to have a cloth room where your workers have a change of clothes.
  • Your bakery should have a heat extractor to expel heat from the kitchen
  • Space must have a bakery, storage, and administrative section
  • You must have fire extinguishers and an emergency exit for safety purposes.
  • Your bakery should also have smoke detectors

Step Six: Research The Relevant Licenses, Permits, And Regulations

Running a bakery business is most times compared to running a fast-food company. Hence, the regulations can be heavy sometimes. Apart from registration with CAC as discussed earlier, you will need to register with relevant associations such as the Association of Master Bread Bakers (AMBB) in your local government area.

Also, a thorough inspection of your location will be carried out by the Association of Master Bread Bakers and The National Agency for Food and Drug Administration and Control (NAFDAC).

Usually, the inspection and approval of NAFDAC take between 6 months to one year but the Association of Master Bread Bakers is continuous for as long as the bakery exists.

Additionally, you’ll need to provide the details of your suppliers to
NAFDAC and AMBB because they want to ensure you are using standard equipment for your productions.

Remember to research if there are other regulations aside from the ones mentioned here. This will mostly depend on your location.

Step Seven: Hire And Train Staff

The size of your bakery will determine the number of staff to employ. If you are running a standard bakery, for instance, you may need to employ a front-end personnel that will accept orders, then two or more persons that have formal training or bakery experience to oversee the actual baking.

In addition, you may want to hire some personnel to handle the dishwashing, mixing of ingredients, product packaging, and other menial jobs in the bakery.

Step Eight: Market And Grow Your Bakery Business

The aim of every business is to grow and remain profitable. There is a need for a good marketing strategy if you want your business to be discovered by prospective clients. Both new and existing businesses need solid marketing plans to survive.

While drafting your business plan, you must have done your market research and this should serve as a guide for you to follow. Additionally, there are marketing agencies whose job is to advertise your business to your target audience.

But, if you cannot afford a marketing agency, you can attract your prospective clients through these tested and trusted channels.

  1. Word of mouth marketing
  2. Social media advertising
  3. Sharing of flyers, handbills, and posters
  4. Pay-per-click marketing
  5. Email marketing
  6. Website
  7. Referral/affiliate programs
  8. Reviews/testimonials collation
  9. Get listed on relevant directories

Threat To The Bakery Industry

1. People Are Becoming More Health Conscious

We are in an era where consumers are beginning to be more health-conscious, and many are demanding more gluten-free, low carbohydrate, whole grain, and organic foods.

Many are substituting baked goods with nuts, yogurt, and fruit bars. Hence, bakers should factor these into their plan. You can have a section for healthy baked foods for health-conscious people or those watching their weight.

2. Profit Margin May Be Low

Another threat is that the profit margins are often quite small. When you consider the labor and utility costs of running a bakery, there is a possibility that your profit margins on some products could be under 5%.

3. The Cost Of Ingredients Is High

Baking ingredients are quite expensive and you’ve got to purchase these ingredients before any baked goods can be produced. Meanwhile, there’s no guarantee that you’ll sell all of your baked goods every day. This is why intense marketing is a necessity in this line of business.

Advantages Of A Bakery Business

1. High Traffic Locations Can Make For Easy Profits

If you can succeed in choosing a good location and can bake delicious food, you are halfway to making huge profits. The aroma of baked food can make anyone feel hungry and subsequently stop buying.

2. You Can Start Out From Your Home

To start a bakery business, you don’t necessarily need to own a space. But, you will still have to adhere to regulations and get your license. However, starting from home will allow you to save some money and start with lower startup capital.

3. It Is Easy To Gain Customers

Practically, if people try your baked food and they enjoy it, they will return and also tell others about it. As more and more people try your baked foods, the more your customer base will keep increasing.

In conclusion, it is no hidden fact that the bakery business is one of the lucrative businesses anyone can start. Needless to say, the demand for baked products will always be on the rise, and so will the need for bakeries. If you are interested in starting a bakery business, the best time to start is now!

Meal Ordering Business in Nigeria

How to Start a Meal Ordering Business in Nigeria

The Meal Ordering business in Nigeria is a service-rendering venture. It entails the delivery of foods and the likes to a customer either by a restaurant, and or independent food delivery outlets. Such orders are made either through the customer telephone, the website of the food venture, or a custom-designed app.

The items to be delivered range from African dishes, Continental dishes, drinks, desserts, or snacks and are typically delivered in food containers, boxes, or bags, which are mostly delivered using a car, bikes, or scooters.

The opportunities inherent in the Nigerian meal ordering market are ever-increasing. This is due to the fact that food delivery is a business that is well known and very easy to start and run successfully. This is a sure-meal ticket venture for any aspiring entrepreneur looking for a business to start with assured returns.

Customers usually, depending on the delivery venture, chose to pay in person or online with cards.

Types of Meal Ordering Services

1. Independent Vendor: This is like entering into a partnership with different restaurants to provide food delivery services independent of their operations.

2. Personal Restaurant: This involves only your restaurant and menu, you could be delivering lunchtime, seminar, and corporate parties order.

3. Liaison With A Known Restaurant: This involves operating your delivery services exclusively with a particular restaurant.

Profitability Of Meal Ordering Business in Nigeria

It is a known fact that more than half of the population in Nigeria are made up of working-class people, coupled with the heavy traffic condition in places like Lagos and Onitsha, these people barely have to cook themselves, this makes food delivery service a very profitable venture for smart individuals.

On average, you can make up to two hundred thousand nairas monthly profit as people don’t have time to leave their office or places, especially during the rainy season.

The Market Demand For Meal Ordering Business in Nigeria: Competition and Opportunities

Food Businesses cannot be affected by economic hard times. This is because regardless of the state of a person’s pocket situation; buoyant or broke, he must eat, People must get hungry and eat.

In Lagos, a state in Nigeria that has an average population of over 25 million residents, most working-class people rush out as early as 4:30 a.m in order to beat traffic on their way to work and will not come back until late at night around 11:00 p.m. because they got stocked in traffic.

This set of people now depends on the service of a meal ordering company to meet their nutritional needs. The biggest advantage of this business is the low investment.

However, due to the fact that you are just starting up, expect stiff competition from the big names already in the market but arming yourself with the right plan and attitude will give you’re a smoother running of the venture.

How to Start Meal Ordering Business in Nigeria

If you wish to start a meal ordering business, these are the steps you need to take to start your meal ordering business in Nigeria.

Source for Startup Capital:

Meal ordering service is not an expensive business to start up, you can start with just N60,000 this only includes the food preparation aspect, this is referred to as your Startup capital and you can get a small business loan.

Choose Location:

You need to locate a good environment where you can start your meal ordering service, specifically; a metropolitan area with a high profile record is the best place to start a meal ordering service.

Create A Brand Name And Logo:

let the name reflects on-time delivery of food and also be catchy. it is necessary that you have a nice business name and logo.

Register Your Business Name:

The next step is to register your business with the Corporate Affairs Commission (CAC) to avoid government sanctions and harassment.

Get License:

Get a license from the health department, when it comes to food or any intake, there are some regulatory bodies in charge of issuing licenses for this business, in you are starting big from NAFDAC under the federal ministry of health.

Set Your Price and Payment Method:

There is a flat rate fixed mostly for the delivery of food according to your location, you can also model your own price towards this so as to be able to survive the completion. There are different options for the payment method; this can be Pay on Delivery, POS, Bank transfer, or InterSwitch.


You need to be deliberate about managing your finances else the business may collapse. Managing your customer details, who have been invoiced but yet to pay, who has paid, who are you paying etc needs to be properly managed and documented using a tool like invoicemonk.

Choose a Transportation Model:

They include; bicycles, motorcycles, and minivans for long-distance.


This covers staffing and advisers for Meal Ordering businesses in Nigeria


You must have experienced and skilled employees for a smooth running of the food ordering business, these include those preparing food, delivery, order taking, bookkeeping, invoicing, and cashier.


Advisers here include the industry experts that have been in business for a long, also including the Supplier of the raw materials for the meal, Major company receptionists, and casual staff of the organization you are intending to deliver to.


Let us now consider how to market and boost the profitability and sustainability of the Food Ordering Business in Nigeria.

Advertisement Strategies:

Below are some of the available options you might use

  1. The best way to promote your business is by client satisfaction. Let your clients refer their friends to you.
  2. You can also advertise by sharing leaflets, flyers, and business cards.
  3. For an office meal delivery business, it is best to meet your customers personally.
  4. Create an online ordering shop to simplify the process, cover more ground and gain more customers who may not even know your brand before – Set up a website for people to order their meals. You can do this by hiring a website design agency or individual. It will require you to purchase a domain name and hosting service.
  5. Additionally, employ outdoor advertising methods such as the erection of billboards at strategic locations. This has a highly effective offline advertising conversion rate.
  6. Maximize upon the potentials inherent in social media management and paid advertisement for your business
  7. You can also brand your transport mode with your brand name, logo, and contact details.

Profitability/Sustainability Tips for Meal Ordering Business in Nigeria

  1. You need to always make your customer happy by providing quick service; this will make them feel safe to eat the meals you have brought for them.
  2. Avoid lengthy delivery time; get a motorcycle for densely populated traffic.
  3. When it comes to wrong orders, Have an accurate order-taking system and double-check via for confirmations before alerting restaurants.
  4. When it comes to cancellations, If the error is from your side, offer a full refund and possible discount on the next order.

Summary and Conclusion:

These are some important things to know when starting a meal ordering business in  Nigeria,  They do not guarantee success but will place you on the right track. Wish you all the best in your business, feel free to leave a comment

Daropshipping Business in Nigeria

How To Start A Successful Dropshipping Business In Nigeria

Starting a dropshipping business in Nigeria is a great first step into entrepreneurship. You’ll be able to sell products to customers, set your own product prices, and market your very own brand. You don’t even need to pay for inventory until it’s sold to an actual customer.

This article’s purpose is to clear any doubt you may have, suggest dropshipping business ideas to you and give you actionable steps to starting a successful business.

What is Dropshipping?

Dropshipping is a retail method that involves the retailer NOT having items in stock, but rather purchases the items from a third party supplier which could be a manufacturer, wholesaler, or another retailer, and have it delivered directly to the customer.

How does dropshipping work?

The cycle of dropshipping is a pretty simple one. 

  • Step one: Customer places an order from your online store.
  • Step two: Your store automatically sends the order to your dropshipping supplier 
  • Step three: Dropshipping supplier prepares your customer’s order.
  • Step four: Dropshipping supplier ships the order directly to your customer.

Advantages of the dropshipping business

  1. You don’t have to worry about having a physical stock of products before you can sell something to your customers.
  2. The supplier is responsible for the products in his own stores and will take care of shipping or supplying the customers in your own name.
  3. Customers don’t have to know you are a middle man 
  4. It’s relatively quick and easy to start.
  5. Great opportunity to make passive income 
  6. You can start from home.
  7. It’s easy to scale up when your customer base increases.

What do you need to start a dropshipping business in Nigeria or anywhere else?

  1. A good business idea: A good business idea is necessary to start a successful dropshipping business. Ask yourself, what do you want to sell? Carve out a niche for yourself and determine the category of products you want to sell
  2. Choose a good supplier: Find a supplier who is dependable and reliable and also sells at affordable prices so you can make a profit.
  3. Create your online store: Get quality pictures of the products from your supplier and post them online. Always remember to check if items are still in stock!
  4. Open a business account: A business account will help your business be more financially capable. You çan place restrictions on the account to enable proper finance management. Click here to open a business account with ALAT.

A WEMA business account is highly suited for this. It is an account created to target small businesses and can be operated online for ease of business. It is designed to help small businesses grow. It has a minimum opening balance of just N10,000 and has the full benefits a current account has to offer. Charge rates on this account are affordable at a monthly turnover.

Some Dropshipping Niches Ideas

Here are some of the trending businesses online at the moment;

  • Men’s Clothing & Accessories Dropshipping Niches
  • Women’s Fashion & Accessories Dropshipping Niches
  • Health & Wellness Dropshipping Niches
  • Kids & Babies Dropshipping Niches
  • Home & Kitchen Dropshipping Niches
  • Phone Accessories Dropshipping Niches
  • Home and Pets
  • Cars and Motorbikes
  • Electronics
  • Hair Extensions and Wigs

How to Start A dropshipping business in Nigeria

 1. Find out what you want to sell: 

What kind of products are needed at the moment? What problem needs to be solved? This and more will influence your decision on the niche you want to carve out for yourself.

2. Find a supplier 

This is another important step. Find a supplier who will be willing to allow you to serve as an intermediary between him/her and the consumers. Also, find out if they will be willing to handle the logistics of delivery. 

3. Build your website: 

If you can do this yourself, great! If not, pay to get this done. Buy a domain name, host your site and you are ready to go! Simple websites can be created with sites like WordPress. Alternatively, you can market your products on social media platforms like Instagram, Facebook, and even WhatsApp for business.

4. Invest in marketing 

Marketing methods essentially depend on you. Nowadays, marketing is now digital. Beyond having a website, consider building your online presence via popular social media platforms like Facebook, LinkedIn, Twitter, etc. You can also use popular e-commerce platforms like Jumia, Konga, etc to host your products.

5. Keep proper financial records

While dropshipping can earn you a tremendous amount of money, it is important that you account for this money. Separate your personal finances from your business account records and ensure that everything is well documented.

That said, dropshipping is big money for those who can put in the work. While competitors may arise due to the minimal logistic efforts required, it’s important that one keeps up-to-date with the latest marketing trends in order to stay ahead of the competition.

Dropshipping FAQ

Below are some dropshipping business in Nigeria frequently asked questions (FAQ) by other people that might also be helpful:

  • Does dropshipping work in Nigeria?

Yes, dropshipping does work in Nigeria. Consider hosting your products on e-commerce platforms like Jumia or selling via social media.

  • How much profit can you make with dropshipping?

Considering the fact that you will be using very little capital to start the business in the first place, you’re bound to make a profit no matter how much you sell. The  amount of profit you make depends on how many products you sell and the width of your profit managing  

  • How can I become a drop shipper?

Quick and simple, just follow the steps above and you’ll be on your way to starting your own dropshipping business.

  • Is it worth starting a dropshipping business in 2021?

Yes! Due to the current economic crisis, many are looking for easy ways to make passive income, and dropshipping is one of them 

  • Is dropshipping free to start?

This largely depends on what you want to start with and the complexity of your business model. 

  • Can you dropship on Amazon?

Yes,  you can.

  • How much money do you need to start dropshipping on Amazon? 

Amazon has two packages, the first one which is charged at$0.99 and the second being the bulk package that cost $50.00

  • Why is dropshipping bad?

Dropshipping has both advantages and disadvantages (please see above). One of the major disadvantages is visibility. Because the client believes that the drop shipper is the retailer, any slip up on the part of the supplier can be disadvantageous to the drop shipper’s business.

business ideas - pos business machine-4625847_1920

Business Ideas | How to Start A POS Business in Nigeria

Starting A POS Business In Nigeria

The Point of Sales – POS business began to spread in Nigeria in 2013 after the Central Bank of Nigeria (CBN) introduced the agent banking system in 2013. This opened up a new portal for financial services to reach bank customers in remote, unbanked, and underbanked societies. This means that POS businesses serve as a way to extend the services offered by financial institutions to relatively unreached parts of society. 

This is not the only problem solved by the agent banking services, however. Despite the push for a cashless economy in the world, Nigeria and other developing countries like it are still predominantly cash-based. The long queues and irregular network services at Automated Teller Machines (ATMs) encourage many customers to find alternative ways of receiving money or performing transactions. Asides from this, it also helps consumers withdraw money with ease when the nearest ATMs are far away. In other words, POS businesses make it easy for consumers to get the money they need in exchange for a commission. 

pos business machine

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Many individuals often express skepticism about the profitability of such a business. However, the market for this business is large and diverse – including anyone who has a bank account and needs to perform any transactions. It is indeed a lucrative business. Although they are a retail channel provided by financial institutions that provide the POS & retail management software as well as the machines but POS agents are not direct employees of banks and so hold autonomy over their businesses.

Services offered by POS businesses

Some of the services offered by these businesses include:

  1. Withdrawing money from any bank account
  2. Opening a bank account (read about how to open a wema bank account online)
  3. Depositing money into any bank account
  4. Paying utility bills such as electricity, airtime, water, and so on.
  5. Sending money into any bank account
  6. Enrolling for Bank Verification Number (BVN)

Advantages of owning a POS business

Two notable advantages of owning a POS business are:

  1. Low capital needed to start: Unlike most other businesses, the POS business does not require large sums of money in order to start. A minimum balance of N50,000 is adequate to begin the business. The cost of starting is also reduced by the fact that you do not need a fancy shop to host the business. Many of such businesses in Nigeria are simply a table and chair placed in a strategic location or a wooden shed. 
  2. The unlimited number of customers: Profit-making is relatively easy with this business as the target market is a large subset of the Nigerian population. The POS agent can make unlimited transactions in a day and run into large profits. 

How to Become a POS Agent 

The process of starting a POS business is easy and can be completed within 2 weeks to a month, provided you meet the requirements of the host bank. 

  1. Raise capital: As earlier mentioned, the capital required for the business is low. You also do not have to worry about extravagant furniture fittings for your shop. A humble store with a clear sign advertising your services works well. Get a business loan from WEMA Bank
  2. Get a good location: Densely populated areas work great for a business such as this. Look for crowded areas with pedestrian traffic such as markets, motor parks, residential areas, and so on. 
  3. Fulfill the official requirements: Financial services are a sensitive area of life to deal with and this is why the Central Bank of Nigeria has taken several precautions to ensure the integrity of those who will qualify to be agents. One of such requirements is that you must have an existing business of any type (in operation for at least 12 months) and have a shop or office from which you operate. 
  4. Approach a bank and apply for the POS machine: Decide on the bank of your choice and approach them to get the details of their requirement. By applying to become a POS agent, you can either get the POS machine leased, bought, or even for free. The official CBN guide allows you to be an agent for as many banks as you desire. Fill in the necessary documentation and wait for your application to be approved.

Documents Needed to Apply for POS Machines from Bank

Some documentation you may need include:

    1. Valid means of identification such as a Driver’s license, National ID Card, Voter’s ID Card, etc.
    2. Passport photographs
    3. Bank Verification Number (BVN)
    4. Current Account references
    5. Evidence of business registration (CAC Certificate)
    6. A minimum capital of N50,000

Once your application is approved, you will receive the POS machine and you may begin offering your services to customers. 

How do POS agents make money?

The POS business is very profitable in Nigeria. This is partly due to the lack of access to banks within rural communities and remote settlements.

Once you have a good location and have built trust with the locals, you can be making as much as 7000-10,000 Naira on average, daily.

This figure comes from the commission that is gotten from every customer that uses the POS machine. A percentage also goes to your POS provider while you keep the rest as commission.

Top Agency Banking Providers

Here are some POS agents you might like to consider; 

  • OPay POS
  • Bankly
  • Monie Point POS
  • Firstmonie POS
  • Kudi POS
  • Pay force
  • Paga
  • Zenith Bank mobile money agent
  • Access Bank CLOSA agent
  • Quickteller Paypoint
  • Ecobank Xpress point
  • Baxi Box
sports betting in nigeria

Sports Betting Business | How to Become A Sports Betting Agent

Sports Betting In Nigeria

sports betting in nigeria and how to become a sports betting agent

Nigeria, Africa’s most populous nation is also known to be one of the largest online sports betting markets in the world. It takes the 7th position among other African countries. In this article, we will be exploring the nitty-gritty of sport betting in Nigeria, popular sports betting agents, how to start your sports betting business, and some frequently asked questions.

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The History of Sports Betting in Nigeria

Sports betting is a rather recent phenomenon in Nigeria’s market. It was introduced in 2009 by a certain Akin Alabi. He was the creator of Nairabet, Nigeria’s first-ever legal online sports bookmaker. Until 2016, NairaBet probably had the highest online users.

Dotun Ajegbile was also another successful sports betting agent. He founded the famous 1960-Bet which gradually rose to number one in the industry.

Bet9ja officially launched in October 2012, building on the 1960’s foundation by opening company shops and creating agent/partnership portfolios. Bet9ja changed its strategy and decided to target viewing centers and to support them with materials and training where needed. They continued to look out for more opportunities and realized that betters spend long idle hours in company shops, and so the idea of instant games was born.

Bet9ja introduced a state-of-the-art virtual dog race into the market through an existing company and retail shops (outlets) and it became an instant success.

Since then, betting has become rather popular amongst the Nigerian lower and middle class.

The Pros and Cons of Sport Betting

Sports Betting, although now more technologically advanced, has its advantages and disadvantages. Winning requires the right strategies, skills, and tools. Here are some of the common pros and cons of sports betting people experience;

Pros of Sport Betting

  • Sports Betting doesn’t dwell in the realm of luck – well at least not all the time
    Like most things in life, sports betting gets better with time and experience. You have an opportunity to sharpen your skills by adding to your knowledge of the particular sport they’re betting on. Luck will definitely have a role to play, but there’s at least something you can control.
  • Many find it rather amusing
    The thrill and excitement that come from the game in itself are quite satisfying. While it can seem quite disappointing when one loses, it is still considered a fun game. But be sure to take baby steps before diving in fully!
  • Options are varied
    The good thing about sports betting is the number of available options to choose from. This can help you focus on your area of expertise or interest and increase your chances of winning.

Cons of Sport Betting

  • Sports Betting can be addictive
    One cannot deny the addictive power of sports betting or any kind of gambling for that matter. This is why having a plan and actual knowledge about any sport you’re going to bet on cannot be overemphasized.
  • It Gives a False Sense of Control
    Knowledge and information about a particular sport are great and may increase the chances of winning. However, it can be easy for people to become overconfident and think that they have a sure shot based on this. Discipline is key, regardless of how savvy one may think he is.
  • In the end, the odds are usually in the favour of sports betting agents.
    This may be in the “pro” category, particularly if you’re running a business. In the end, it is a business and has been fine-tuned for years to bring in profit for the sports betting agents. It is a viable industry that has been designed to reduce your chances of winning – unless you’ve cracked the code.

With a large number of options for punters in Nigeria in terms of both domestic and international betting platforms, deciding which bookmaker is the best is no easy task. Based on Alexa’s ranking, below are the top 20 sports betting websites in Nigeria.

  1. Bet9ja
    According to the rankings, Bet9ja is the No. 1 online betting website in Nigeria and the second most popular website in Nigeria after Google. Whether you are a fan of the Premier League, the online casino, virtual and racing products, or the Super9ja jackpot, Bet9ja is the bookmaker for you.
  2. Betking
    BetKing is the fastest-growing betting company in Nigeria. With headquarters in Lagos State, BetKing is working towards a nationwide expansion that places several physical shops across all states in Nigeria.
  3. Betwinner
  4. Sportybet
    One of the newest Nigerian betting sites is Sportybet. Sportybet offers all games betting which include basketball, football, tennis, rugby, cricket, volleyball, ice hockey, handball, darts, etc.
  5. 22Bet
  6. NairaBet
    Nairabet is Nigeria’s first online sports betting website. The platform was started by the popularly know Nigerian entrepreneur Otunba Akin Alabi.
  7. IrokoBet
  8. 1xBet
    1xBet is a Cyprus-based gambling company with outreach operations in Nigeria. The platform has managed to gain tremendous popularity within a short period of time.
  9. MerryBet
  10. BetWay
    Betway registered itself in the Nigerian market with the aim of offering a dynamic, easy-to-use betting product that Nigerians can access to win big off of small bets. This means that you can expect low minimum bet requirements with massive potential payouts above the industry standard.
  11. Melbet
  12. Betfair
  13. Access Bet
  14. Naija Bet
  15. Winners Golden Bet
  16. Lions Bet
  17. SureBet247
  18. Bet365
  19. Betdico
  20. BetW

Sports Betting Frequently Asked Question

Can sports betting be a business?

Yes! You can decide to start your own online betting company or you can become an agent for some of the big wigs in Nigeria’s betting industry.

Difference between a betting shop and a sports betting agent?

A Sports Betting Agent is a person (or company) who makes betting easy for you, by betting on your behalf. Rather than having an account with several bookmakers out there and betting with them directly, you can bet through a betting agent who has an account with multiple bookies.

A betting shop, on the other hand, is an establishment licensed to handle bets on races and other events. In simple terms, it’s a place you go to place bets.

Are sports betting a profitable business?

Sports Betting is extremely profitable, especially in a country like Nigeria. 

How profitable is a betting shop?

With a thriving youth population actively involved in sports betting, the profitability of betting shops in Nigeria is by far unquestionable. Punters spend an average of 3000 on betting because of the unifying power of football. A 2016 report by KPMG revealed that Bet9ja makes a whooping monthly turnover of $10m while its close competitor, NairaBet makes an average turnover of $3m to $5m with a 20-30% margin on profit.

How to start your own sports betting business

Starting your own sports betting business isn’t a piece of cake. Here are some of the processes to starting an online sport betting business 

  • Invest in professional software
    This is probably the most important decision you will make when starting your business. It is essential that you do proper research as this will be a long-term partnership.  Evaluate your available options based on what’s top-of-the-mind for you- in terms of quality of service and price. You want to choose a software provider that has a deep understanding of the online gaming industry and has launched successful online betting platforms.
  • Get licensed
    Before being able to operate your online betting business within Nigeria, you must acquire a gaming license from the Nigerian Investment Promotion Commission (NIPC), Special Control Unit against Money Laundering (SCUML), and the National Office for Technology Acquisition and Promotion (NOTAP). Some operators are also required to secure a Capital Importation Certificate and liaise with the Federal Inland Revenue Service (FIRS) to get a Tax Identification Number and register for Value Added Tax (VAT).
  • Choose a reliable payment system provider
    Your winning punters are going to have to be paid when they win, hence you must make a proper agreement with a payment service provider. Ensure you have several options so it is convenient for your punters. Also, remember to have clearly stated terms and conditions.
  • Invest in an attractive betting website
    One of the major selling points of leading betting businesses is an attractive website that is also highly responsive on mobile because this is what most people use to access the internet. Invest in your front-end development, it makes all the difference for players and helps your business stand out.  

SME Loans from WEMA bank

Wema Bank has a variety of small business loans that can get you started in your betting business. You can get working capital, asset finance, or even school fees or health loans to ensure you’re in top shape to run your business.

How to get an SME loan from WEMA Bank.

To apply for an SME loan or any other loan from WEMA Bank is very easy. Simply feel free to visit any Wema Bank branch closest to you, or visit ALAT By WEMA to take advantage of the instant loans without collaterals.

With ALAT, you can apply for loans quickly and easily, and with zero paperwork too! You can borrow up to two million nairas without collateral. 

Simple steps to get on ALAT;

  • Download ALAT App
  • Login to ALAT or sign-up if you don’t already have an account 
  • From the menu items, click on ‘’Loans’’
  • Read through and understands the ALAT disclaimer
  • Upon successful credit evaluation and checks, a loan offer is presented with duration and applicable interest based on the user’s current risk score
  • Read through and accept the Terms & Conditions which will contain consent to having your account debited for repayment at loan due date and provide your debit card details to be debited
  • Your account will be immediately credited.

At the payback date if the instant loan is still outstanding you will get a repayment notification after which your account will be automatically debited and you will receive a repayment notification. You may also wish to repay the instant loan before the payback date from the Bills Payment option on the menu.

What’s more?

If you’re a Bet9ja, Premier Lotto, Winners Golden Bet, or Merrybet staff member, you can also take a low-interest collateral-free salary loan! 

All you have to do step by step is:

    1. Download and sign up on the ALAT app
    2. Click on the “Take a loan” tab
    3. Input amount and loan duration 
    4. Select industry (gaming)
    5. Then select employer as KC gaming network and upload work ID
    6. Click on ‘Proceed’
    7. Now select an account where salary is domiciled 
    8. Accept offer if qualified or eligible 
    9. Proceed for disbursement of loan
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.

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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.