How to Open wema bank account and request loan?
Opening a Wema Bank account is a simple and straightforward process. With the advancement of technology, it has become even more convenient to open a bank account without physically visiting the bank branch. Wema Bank, one of the leading banks in Nigeria, offers various types of accounts tailored to meet the needs of individuals and businesses. This guide will take you through the step-by-step process of opening a Wema Bank account, including the requirements, online and offline methods, and additional services offered by the bank.
Wema Bank Account Types:
Before opening an account, it is essential to understand the types of accounts offered by Wema Bank, as each caters to different customer needs. The major account categories include:
1. Individual Savings Account: This is a basic savings account suitable for individuals who want to save their money securely while earning interest on their deposits. It provides access to various banking services, such as ATM withdrawal, transfers, and bill payments.
2. Student Account: This type of account is designed specifically for students aged 16 and above. It aims to promote a savings culture among young people while providing them with access to banking services and financial advisory support.
3. Current Account: A current account is ideal for individuals and businesses that frequently make transactions. It allows for unlimited deposits, withdrawals, and makes it easier to manage finances for day-to-day activities.
4. Wema Alat Account: Wema Alat is the bank's digital-only platform that offers online banking services without the need for physical branch visits. Opening an account on this platform will give you access to virtually all the services available at the bank.
Requirements for Opening a Wema Bank Account:
To open a Wema Bank account, you need to fulfill certain requirements. These may vary depending on the type of account you wish to open. Generally, the following documents are required:
1. Valid means of identification: This could be a National ID card, International Passport, or Permanent Voter's Card (PVC).
2. Proof of address: This can be any document that shows your residential address, such as a utility bill, tenancy agreement, or recent bank statement.
3. Passport-sized photograph: You will need to provide a recent passport-sized photograph for your account opening form and identification purposes.
4. Minimum opening balance: Wema Bank requires a minimum opening balance for some types of accounts. The exact amount can be obtained from the bank's official website or by contacting their customer service team.
With these documents ready, you can proceed to open a Wema Bank account using any of the following methods:
Opening a Wema Bank Account Online:
Wema Bank's digital platform, Wema Alat, enables you to open an account online without visiting the bank. Follow these steps to open an account:
1. Visit the Wema Alat website or download the Wema Alat app from your mobile app store.
2. Click on the "Open an Account" button or option on the homepage.
3. Fill in the required information accurately. This includes personal details such as your name, email address, phone number, and residential address.
4. Upload the necessary documents: You will need to provide scanned copies or clear pictures of your valid means of identification, proof of address, and a passport-sized photograph.
5. Submit your application: After confirming that all the information provided is accurate, click on the "Submit" button to complete your application.
6. Account activation: Once your application is submitted, a Wema Alat account number will be generated for you. To activate your account fully, you will need to complete the "Know Your Customer" (KYC) process. This involves visiting any Wema Bank branch with your identification documents for verification.
Opening a Wema Bank Account Offline:
If you prefer to open a Wema Bank account by visiting a physical branch, follow these steps:
1. Locate the nearest Wema Bank branch: Visit the bank's official website or contact their customer service team for the nearest branch to your location.
2. Gather the required documents: As mentioned earlier, you will need valid means of identification, proof of address, and a passport-sized photograph.
3. Visit the branch: Go to the branch during their working hours and request to open an account. The bank staff will provide you with an account opening form to fill.
4. Fill the form correctly: Provide accurate information on the form. Make sure to verify your details before submitting to avoid any errors.
5. Submit your form and documents: Hand over the completed form, along with the required documents, to the bank staff. They may request to see the original documents for verification purposes.
6. Account opening process: The bank will process your application, and if all the requirements are met, an account number will be assigned to you. You will receive a welcome pack that contains your account details, ATM card, and other useful information.
Additional Services and Products Offered by Wema Bank:
Besides the basic banking services provided when you open an account, Wema Bank offers additional services and products to enhance your banking experience. These include:
1. Internet Banking: Wema Bank provides online banking services that allow you to access and manage your account from anywhere at any time. With this service, you can check your account balance, transfer funds, pay bills, and even download your account statements.
2. Mobile Banking: Wema Bank's mobile banking app enables you to carry out various banking transactions from your mobile device. It offers similar functionalities as the internet banking platform, but with the convenience of using your smartphone.
3. USSD Banking: Wema Bank's USSD code (*945#) allows you to carry out banking transactions using any mobile phone. You can transfer funds, recharge airtime, pay bills, and check your account balance by simply dialing the code.
4. Investment Products: Wema Bank offers a range of investment products that provide attractive returns to customers. These include fixed deposit accounts, treasury bills, mutual funds, and other investment packages tailored to meet varying customer needs and risk appetites.
In conclusion, opening a Wema Bank account is a hassle-free process, whether you choose to do it online or visit a branch. Ensure you have all the required documents and meet the minimum opening balance for the account type you desire. Take advantage of Wema Bank's digital platforms and additional services to maximize your banking experience.
How to get 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 them at the comfort of your home or wherever you are, through the consumer loan portal on their official website (wemabank.com).
Types of available loans for Wema bank
They design the Wema Bank 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:
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.
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.
Benefits
Low equity contribution of 20%.
Well-structured fee payment and competitive interest rates.
It provides group asset acquisition schemes that enable organizations to motivate staff.
Easy own now, use now and pay later.
Documentations required
For individuals with account domiciled in Wema bank:
Completed WAAS application form.
Letter of introduction from your employer’s HR.
Means of identification.
Last 3 months payslip and bank statement.
Utility bill and customer KYC form.
Pro-forma invoice issued in the bank’s name.
Credit Bureau report and completed CRMS 100 form.
Wema bank salary account 1-month credit.
Domiciliation letter endorsed by your employer.
Debit authorization and irrevocable undertaking to fund personal account.
For individuals with account not domiciled in Wema bank, you would require:
Irrevocable standing order from your external bank in favour of your Wema bank account, and personal current account details, in addition to all the documents listed above.
For self-employed professionals:
Completed Application Form.
Personal Current Account with Wema Bank.
Letter of Introduction endorsed by your company’s director.
Means of Identification (Statutory and Official).
Recent 12-month bank Statement.
Utility bill with customer form (KYC).
Certificate of Registration/incorporation.
Particulars of Directors.
Corporate/Company Profile.
Pro-forma Invoice issued in the name of Wema Bank.
Credit Bureau Report and completed CRMS 100 Form.
Direct Debit Authorization & Irrevocable Undertaking.
Duly completed loan application form.
Letter of introduction signed by your authorized employer.
An irrevocable letter of salary domiciliation.
A representative of Wema Bank must independently verify Signatories.
3 months’ payslip or account statement as proof of income.
Proof of address and a recent copy of utility bill.
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
Easy mobile and internet banking services.
No maintenance fee on the current account.
Quick disbursement (48 hours).
Stress-free application process from your office.
Loan top-up after 6 regular months of down payments.
Maximum loan tenor of 36 months.
Highest obtainable loan amount of 7 times of net income subject to a maximum of 2 million.
Documents Required:
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.
How soon do I have to 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.
Conclusion
Wema bank loans are easily accessible, covering your peculiar needs as they arise. Contact Wema bank for their convenient loan services today.