WELFARE REVOLVING SAVINGS AND LOANS ACCOUNT (WRESLA)

  • This product is a brand of Esusu (locally known as Ajo i.e daily contribution) that encourages the petty and medium scale trades to build up their own capital through daily contribution.

  • The contribution qualifies the holder of this account to a short term loan of up to two (2) or three (3) times of their contribution.

WELFARE APPRENTICE FREEDOM SCHEME (WAFS)

  • Designed for apprentices undergoing training under an artisan in a specific trade e.g fashion designing, auto repair etc.

  • It allows timely freedom at the end of apprenticeship.

  • It makes it easier for parents/guardians to acquire necessary tools for apprentice immediately after attaining freedom instead of being a journey man after freedom.

  • Participants are entitled to a facility to procure tools where accumulated savings is short of amount required

WELFARE PILGRIMAGE PLAN (WEPP)

  • This product is designed for intending pilgrims to Hajj or Umrah.

  • Customer determine when he/she intends to go on holy pilgrimage and the bank works out an annuity plan to cover the period indicated by the customer.

  • Based on the planned annuity, customer commences savings to fulfill the dream.

  • The bank will assist in processing the intending pilgrim’s application and payment to the pilgrimage board among others.

WELFARE EDUCATION TARGET SAVINGS ACCOUT (WETSA)

  • Designed for parents/guardians saving to pay their children’s/wards’ school fees.

  • It allows parents/guardians to make regular deposit into the students account.

  • The account is opened in the student’s name but operated by the parent.

  • The bank grants loan to make up for the short fall in deposit for school fees payment.

WELFARE TRADE BOOSTING SCHEME (WETBOOST)

  • Designed to meet traders needs to stock their wares for sale.

  • Customer indicated specific wares and the bank finances such with terms and conditions.

WELFARE ASSET ACQUISITION FINANCING (WAAF)

  • Designed to assist customers in acquiring domestic and commercial assets.

  • Meant for salary earners, self employed individuals and cooperative societies members, business enterprises etc.

WELFARE SALARY ADVANCE (WESA)

  • Designed for salary earners who desire fund to meet exigencies before salary is paid.

  • To enjoy this privilege, the customer’s salary account must be domicile with the bank.

WELFARE ETHICAL INVESTMENT ACCOUNT (WEIA)

  • This is investment product where depositors keep funds in trust with the bank based on the Mudarabbah principle.

  • Customers may specify profitable project(s) where they desire the fund to be invested in or allow the bank to invest on their behalf.

  • The customer and the bank agree on the ratio of profits/loss sharing arrangement.

WELFARE LOCAL PURCHASE ORDER SCHEME (WELPOS)

  • Designed to facilitate prompt supply of goods/products as specified in an LPO to be financed.

  • Terms and engagement are mutually agreed to by the bank.

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