ALAT By Wema

ALAT was launched on May 2, 2017 by Wema Bank Plc, a Nigerian commercial bank. Wema Bank was designed to cater for the need of today’s (digital) customers who are in dire need of a bank that understands and suites their lifestyle with respect to value for time, money and responsiveness. With its unveiling, the bank solved the problem of exhausting queues in banking halls and ATMS, as well as the rigorous paperwork that customers had to face. Built with the core values of simplicity, reliability and convenience, adoption of the digital bank has been on the rise by Nigerian Millennials. During its first year, ALAT by Wemaacquired more than 250,000 customers responsible for well over NGN 1.6bn ($4.48m) in general deposits. In 2018, the bank closed in the NGN 1bn ($2.78m) mark in terms of deposits into savings accounts.

ALAT by Wema was recognized as the ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’ at the World Finance Digital Banking Awards. In 2018, it was also awarded ‘Best Digital Bank in Africa’ at the Asian Banker Awards. [1] The digital bank has also received other series of awards including BusinessDay Digital Banking Platform of the Year and Excellence in Branchless Banking in the New Age Banking Awards. ref>Wema’s ALAT named Africa’s best digital banking app</ref>[2][3][4] Today, Wema Bank has adopted ALAT by Wema as the fulcrum of its digital transformation. With the closing of its old Wema Mobile app, the bank has converged its banking services into an ALAT that has become a versatile, omnichannel platform. The convergence allows for the coexistence of digital and traditional banking platforms.

With ALAT by Wema, account opening/sign-up can be done in five minutes from a mobile phone or personal computer. Signing up begins with downloading the bank’s app, available on both Android and iOS, or visiting its web application. Registration is completed by uploading a selfie and a photo of one’s signature, as well as other identification documents. Account holders can instantly fund their new account using any existing local or international debit/credit card you may have, in-app.

Just like other Nigerian banks, ALAT by Wema offers a standard savings account. However, the bank also provides multiple savings options including savings goals, target savings and group savings. The automated savings plan earns customers a 10 per cent annual interest – about three times the standard bank rate.

ALAT by Wema offers in-app card requests and activation, first card is free as well as free card delivery to any Nigerian address. Customers are given the choice to pick their favourite card design in-app.

To protect its customers from theft and fraud, the bank further provides in-app card control. The card control feature also allows customers lock their cards for web, ATM and POS. With this feature, account holders can activate the use of their ALAT by Wema cards in any country they visit.

ALAT also offers loans and deals or discounts on food, entertainment and travel, and a virtual dollar card for online shopping.

ALAT For Business is the corporate version of ALAT that serves the business needs of consumers, provides better control of corporate accounts on the go. With its own dedicated mobile app, ALAT for Business offers increased transfers of N100M and above, real-time reports from POS terminals and access to CBN’s Form M. The platform also allows business owners to pay tax and other bills and carry out domiciliary account transfers.

Hosted on the ALAT by Wema webpage, Outlet by ALAT is digital marketplace primarily designed to connect shoppers with a range of digital services including payments, event and movie ticket purchases, flight bookings, bet wallet funding, airtime vending, and utility bills. It is also a one-stop digital channel for listed merchants to receive payments for goods and services from both Wema Bank and non-Wema Bank account holders. With Outlet By ALAT by Wema, customers can save time and improve productivity by cutting off long queues at the bank, electricity office, visa application offices, cinema foyers, among others. [5] In 2019, Outlet By ALAT hosted the Big Brother Naija prediction game, powered by Bet9ja.