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Getting business loans from banks Wema Bank (2)

Last week we published the series on Wema Bank’s micro, small and medium enterprises, MSME, packages with particular reference to their product called ‘myBusiness Account’.We said then that the account is meant for sole entrepreneurs, micro enterprise business owners, small and medium scale businesses e.g., Private schools, Bakeries, Hospitals, Trading concerns, Commercial printers, Eateries, etc. And we also said that ‘myBusiness Account’ has three variants – Bronze, Silver and Gold.

In this part of the series we give some details of these variants as follows:

For ‘myBusiness Account BRONZE’ the customer is expected to maintain a minimum account opening balance of N10,000.00 (Ten Thousand Naira), and a minimum operating balance of N10,000.00 (Ten Thousand Naira).

The account would run on a monthly Debit Turnover Limit of N5million, with a monthly fixed charge of N2,000.00 (Two Thousand Naira).

For ‘myBusiness Account SILVER’ package the bank expects the prospective customer to have a minimum account opening balance of N25,000.00 (Twenty-five Thousand Naira only) and maintain a minimum operating balance of N25,000.00 (Twenty-five Thousand Naira) also.

The account holder is expected to maintain the account with a monthly Debit Turnover Limit of N10million. It also attracts a monthly fixed charge of N5,000.00 (Five Thousand Naira).

For the ‘myBusiness Account GOLD’ the customer is expected to maintain a minimum account opening balance of N100,000.00 (One Hundred Thousand Naira) with a minimum operating balance of N100,000.00 (One Hundred Thousand Naira).

There is also a monthly Debit Turnover Limit of N40million with a monthly fixed charge of N7,500.00 (Seven Thousand Five Hundred Naira).

Before you complain about the requirements wait to see the benefits which will be in the next edition.

The account holder is expected to maintain the account with a monthly Debit Turnover Limit of N10million. It also attracts a monthly fixed charge of N5,000.00 (Five Thousand Naira).

For the ‘myBusiness Account GOLD’ the customer is expected to maintain a minimum account opening balance of N100,000.00 (One Hundred Thousand Naira) with a minimum operating balance of N100,000.00 (One Hundred Thousand Naira).

There is also a monthly Debit Turnover Limit of N40million with a monthly fixed charge of N7,500.00 (Seven Thousand Five Hundred Naira).

Before you complain about the requirements wait to see the benefits which will be in the next edition.


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