Business

Alat by Wema

Gone are the days when visiting a bank branch was the only way to carry out financial transactions.

In today’s digital age, banking has been revolutionized, and Nigerian banks are leading the charge.

Among the many innovative banking solutions being adopted by Nigerian banks in recent years is the Alat digital banking platform by Wema Bank.

Alat by Wema is an all-digital bank that takes traditional banking services and makes them more accessible and convenient for customers through the use of innovative technology.

The platform offers customers the opportunity to open a fully functional savings or current account online instantly, without the need to physically visit a bank branch.

With Alat, customers can also manage their accounts, transfer money, and make bill payments, all from their mobile devices or computer.

The Alat platform was launched in May 2017, making Wema Bank the first Nigerian bank to launch a fully functional digital bank.

Since its launch, the digital bank has been gaining traction and growing steadily. According to a report from Nigeria Communications Week, Alat by Wema has over 600,000 registered users in Nigeria and has processed over 9.5 billion Naira in transactions as of August 2021.

One of the unique features of Alat is its AI-powered virtual assistant, Ada.

Ada is a conversation-based bot that provides customers with helpful information and assistance on their banking needs.

Ada can help customers with various transactions, such as account opening, fund transfer, and bill payments. Ada is available 24/7 and can be accessed through the Alat app or the Wema Bank website.

Alat also offers its customers other great incentives, such as zero account maintenance fees for savings accounts and low minimum balance requirements.

Furthermore, the platform provides customers with instant notifications for every transaction, making it easy for them to track their spending and monitor their accounts.

Alat has been a game-changer in the Nigerian banking industry, making banking easier and more accessible for millions of people.

With its user-friendly interface and innovative features such as Ada, the platform has won the hearts of many Nigerian customers, especially millennials and younger generations who are looking for more digital banking options.

The Alat platform has also won several awards and recognitions in recent years, including the Best Mobile Banking App award at the 2021 BoICT awards and the Overall Best Digital Bank in Africa award at the 2020 Africa Digital Awards.

These awards and recognitions demonstrate the platform’s commitment to innovative and customer-centric solutions.

Furthermore, Alat has made significant contributions to financial inclusion in Nigeria. According to a survey by EFInA, about 36.6 million Nigerian adults are financially excluded, meaning they do not have access to formal financial services.

Alat by Wema is one of the digital solutions that are bridging this gap, providing access to banking services to the unbanked and underbanked population in Nigeria.

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