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Business News

Wema Bank commences SME loans in partnership with DBN

Wema Bank Plc partners DBN

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Wema Bank

Wema Bank Plc has geared up its commitment to making accessible credit facilities to Micro, Small and Medium Enterprise (MSMEs), as it announced that MSMEs and businesses in all segments can now access up to N153 million and N610 million respectively. 

Funmilayo Falola, the Bank’s Brands and Marketing Department, made this disclosure in a statement. The credit facility accessible for businesses, the bank partners the Development Bank of Nigeria (DBN).

The partnership, according to Falola, will improve access to cheaper funds for small businesses in Nigeria.

While saying the bank prioritizes support for smaller businesses, Falola added that under the new development, DBN will fund MSMEs through participating financial institutions, of which Wema Bank is one the selected institutions

“To ensure MSMEs can scale efficiently, Wema Bank has unveiled a simple, self-onboarding payment gateway platform for merchants to receive payments on their website seamlessly. This ensures small businesses can market their products and services to a wider community of potential customers, digitally, without having to incur additional cost on setting up new offices and managing operations from several locations.”

Recall that nine financial institutions were selected by the DBN, to handle its intervention fund to entrepreneurs in the MSMEs.

Results for the half year ended June 2018 show the bank made interest income of ₦9.09 billion for the period ended June 2018 compared to ₦8.48 billion reported for the period ended June 2017. This represents a 7% increase for the comparative period in 2017.

The bank reported net interest income of ₦9.09 billion for the period ended June 2018 compared to ₦8.48 billion reported for the period ended June 2017. This represents a 7% increase for the comparative period in 2017.

Profit before tax was ₦1.81 billion for the period ended June 2018, a 27% increase from ₦1.43 billion reported for the period ended June 2017.

The company’s profit after tax for the half year ended 30th June 2018 was ₦1.57 billion as against ₦1.22 billion recorded in H1 2017.

Wema Bank Plc is currently trading at ₦0.58 on the floor of the NSE.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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    Business News

    Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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    Now that oil is recovering, when will naira recover?

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

    Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

    According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

    India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

    The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

    India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

    An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

    India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

    Bottom line

    This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

    The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

    A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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    Business

    Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

    The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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    The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

    This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

    What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

    “Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

    Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

    Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

    The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

    What you should know

    Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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