Products

WEMA BANK COOPERATIVE SOCIETY

Loan
  • • CCN Loan: Short term loan that runs for just 3months tenor to meet urgent needs, (Max limit of 250k for NFTEs. - 300k for FTEs)
    • Application Requirements
    • • A duly filled Loan application form
    • • A loan application letter, and three guarantors to cover 100% of the loan
    • • A Bank Statement/Current pay slip/statement showing salary net credit
    • • A single Postdated cheque payable to Wema cooperative(Half of your intended loan request)
    • • A passport photograph/photocopy of staff ID
  • • Electronics Loan: Medium term loan that runs for 6months tenor to meet festive-period needs. (Max limit of 250k for NFTEs, 500k for FTEs).
    • Application Requirements
    • • A duly filled Electronics Loan application form
    • • A passport photograph/photocopy of staff ID
    • • A Bank Statement/Current pay slip/statement showing salary net credit
  • • Long Term Loan: Long term loan with maximum tenor of 18months, you are entitled to access double of your total savings amount only.
    • Application Requirements
    • • A duly filled application form
    • • A passport photograph/photocopy of staff ID
    • • A Bank Statement/Current pay slip/statement showing salary net credit
  • • Christmas Savings: Year End target (also known as Christmas savings) is a special savings option for members who intend to save separately towards year end i.e. from January till November, the total amount will be credited in December with an accrued interest subject to the Excos approval.

  • Frequently Asked Questions (FAQs):

    How can I become a member of the Cooperative?

    Membership is open to all Staff of Wema Bank, Irrespective of your location (FTEs, NFTEs, SSOs, Drivers, etc.). Simply obtain a membership form from the Secretariat to join at any time. Note: Entrance fee is N2,000 (Non-refundable) Also, N10,000 will be charged from your first savings as 'shares' remittance (This will be recorded as part of your savings but is not withdrawable until closure of membership). N200 charge is also applicable for all monthly savings deduction. While N1000 flat Mgt fee is applicable for all loans.

    What types of loans am I entitled to as a member?

    -CCN - Short term loan that runs for just 3months tenor to meet urgent needs, (Max limit of 250k for NFTEs. - 300k for FTEs) -Electronics - Medium term loan that runs for 6months tenor to meet festive-period needs. (Max limit of 250k for NFTEs, 500k for FTEs) -Long Term Loan - Long term loan with maximum tenor of 18months, you are entitled to access double of your total savings amount only.

    Can I access multiple loans at the same time?

    Yes, you can access multiple loans, the acceptable standard is Term loan plus either CCN or Electronics, subject to your DSR (Debt Service Ratio) in line with savings amount and Net-salary.

    What is the interest rate attainable on the loans?

    CCN - 5% (at reducing balance) Elect

    How do I request for Loan?

    Simply obtain the loan form from the Secretariat, fill appropriately (including guarantors details )and submit.

    What happens if I default on my loan repayment?

    The Cooperative will be compelled to place lien on your salary account, guarantors will also be held responsible. Note that incessant default leads to expulsion from the cooperative.

    Who can sign for me as guarantor?

    Any Bonafide member of the Cooperative can sign as guarantor except the currently serving Excos.

    Can I withdraw my Savings any time?

    Yes, but we frown at total withdrawal of savings balance by members, however, part-withdrawal is allowed, subject to the approval of Excos.

    I have issues with my deductuions, who do I complain to?

    Kindly reach out to the Cooperative secretariat (during work hours) for clarifications and assistance. You can equally reach out to the Excos for follow-up on your requests.

    What if I want to opt-out?

    As much as we usually discourage closure, members who wish to opt-out can reach out to the secretariat to obtain closure form. kindly give six(6) months' notice before closure, otherwise, a charge of 5% of the Savings amount will be deducted.

    When will I get my dividend?

    Dividends are shared at every Financial Year End, depending on the total income earned by the Cooperative throughout the year of review. Members will be credited in accordance with their savings amount and loan repaid for the year.

    Am I entitled to Cooperative gifts?

    The Cooperative gift is meant for all members with a minimum of 1year valid membership, specification of the gift item and its mode of distribution is at the discretion of the Excos.

    When is the next AGM?

    AGM is held every two years and members receive their dividends and gifts, While the financial year for this December 2024, all members will receive their Dividends only without gifts. The last AGM that birthed the current administration was held on Sat. April 27, 2024. The next AGM date will be communicated as at when due.