Frequently Asked Questions
Clear answers about loan amounts, interest, repayment, BVN and more.
For your first loan, you can borrow from ₦10,000 for a period of up to 30 days, or up to ₦10,000,000 if you opt for a business loan. You decide the amount and tenure (within limits). Once you repay on time, higher limits become available.
Repayment is monthly depending on loan duration:
- 1-Month Loan: Full principal + 20% interest at the end of the month.
- 2-Month Loan: Each month ½ of principal + 20% of principal (interest).
- 3-Month Loan: Each month ⅓ of principal + 20% of principal (interest).
By the final month the loan must be fully settled. Rollover is not allowed.
Interest is fixed at 20% of the current principal per month. Example for a ₦300,000 loan over 3 months: Month 1 = ₦100,000 + ₦60,000 interest; Month 2 = ₦100,000 + ₦40,000; Month 3 = ₦100,000 + ₦20,000.
A penalty of 2% daily on the outstanding balance will apply. Continuous default may lead to loan recovery actions by WEZAMI Finance and Loan Services Ltd.
BVN is used to verify that the person applying is the owner of the bank account provided. This prevents unauthorised applications. Your BVN does not give WEZAMI access to your account. Dial *565*0# to check your BVN if needed.
Once you accept the offer letter and sign, funds are typically disbursed into your account within 72 hours of approval. Check your balance directly if you do not receive a credit alert.
Yes. Early repayment is accepted. However, the full monthly interest (20%) on the current principal still applies as stated in the offer letter. You can apply for a new loan immediately after the previous one is fully paid.
Typical requirements: Valid means of identification, Proof of income or business cash flow, Recent utility bill, Guarantor’s details, and BVN. Additional documents may be requested depending on loan size.
Through direct bank transfer to the official WEZAMI account only:
Account Number: 2007319227 (FCMB)
Account Name: WEZAMI Finance & Loan Services Ltd
Any payment made to another account is INVALID and will not be recognised.
Account Number: 2007319227 (FCMB)
Account Name: WEZAMI Finance & Loan Services Ltd
Any payment made to another account is INVALID and will not be recognised.