The acceptance Wema Bank Plc has gained from its customers may be strongly connected to the huge successes of the banking industry in the past 76 years.
The bank has stayed strong through its years of existence, rendering products and services, especially loans, to its various customers. This is hinged on the degree to which the bank leverages the unique opportunities it has. Wema Bank has capitalized on its wealth of customer information at its disposal, to strategize, process and revolve its consumers’ everyday life.Wema Bank announced its unaudited H1, 2021 financial result and accounts with strong fundamentals in income statement position as profit before tax rose significantly by 148.7 percent to N4.3billion in H1 2021 from N 1.73billion reported in H1 2020.Even at 76, Wema Bank has been relentlessly innovated, plans that are in tandem with the future of banking. As at June 30, 2021, Wema Bank Plc grossed a total asset of 4.76 per cent to N1.02trillion from N979.52billion reported in the full year ended December 31, 2020.Part of its transformation processes is the invention of ALAT Salary-based Loan. With this, so much has changed in the work and day-to-day life of its customers. Customers can run their businesses in a convenient manner; all thanks to Wema Bank Plc. The service allows customers to get instant loans, access to credit and other financial support. As salary earners, customers get simple, reliable, hassle-free loans that work.
ALAT by Wema salary-based loan makes it super easy for customers to borrow money now and pay later. Surprisingly, customers could loan as much as N4,000,000 at two per month and choose a convenient repayment plan.ALAT by Wema Payday Loans only takes minutes to apply and get approval, while it requires no collateral. The service needs no paperwork to apply or need to visit the bank either. Customers can borrow as much as N500,000 on the ALAT Payday Loan as long as customers earn a minimum monthly income of N18,000.On the other hand, Wema Bank Quick Loan is a short-term facility available for not over 30 days. It is a financing package designed to meet immediate financial needs for persons who have a salary account with Wema Bank and own a tier III account.Its single-digit interest rate sits at three per cent monthly. You can get up to N100,000. It is quick and easy. You do not need collateral or paper documentation. These are services that make the lender a cynosure for its customers. The bank reported 0.5 per cent increase in customers deposit to N808.87billion as at June 30, 2021 from N804.87billion reported in 2020 as net loans grew by 3.63per cent to N373billion in H1 2021 from N360.08billion reported in H1 2020.According to reports, the Managing Director, Wema Bank, Mr. Ademola Adebise in a statement said: “We are pleased to release our results for the first half of the year. Our performance speaks to the spirit of resilience that runs through the organization as we have strongly bounced back from the COVID-19 impacted performance of the same period in 2020.“As the economy opens back up fully, we expect to see a stronger performance for the full year 2021. Over the course of the second half of 2021, the bank will continue its strong focus on the digital business, pushing for further gains in customer acquisition, consumer lending and transaction volumes while on the commercial side of the bank, we will continue to aggressively grow our commercial lending business alongside trade and other revenue lines.”
The Chief Finance & Strategy Officer, Wema Bank, Tunde Mabawonku in a statement also said, “We are delighted to announce the Bank’s H1 2021 results.“The performance shows growth in key financial metrics despite the challenging macro-economic environment arising from the COVID-19 pandemic.”According to Mabawonku: “The key measure of success for us is growth in customers and customer activity – and we are glad that we are reporting strong growth here.”Wema Bank today has a large number of shares in issuance. An attestation to the fact that it has been doing it right.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
