ALAT, the digital bank powered by Wema Bank has been named the ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’ in this year’s World Finance Digital Banking Awards.
The World Finance Digital Banking Awards celebrate organizations that lead the way with digitalization while meeting consumer demands and mitigating against accompanying risks along the way.
The recognition by World Finance, a global print and online media platform which provides comprehensive commentary and analyses of the global economy, is the latest in a series of awards that has greeted the arrival of ALAT into the African banking space.
Last year, ALAT was named the Digital Banking Platform of the year by Business Day, Nigeria’s foremost business newspaper. The Bank also won an award for Excellence in Branchless Banking in the New Age Banking Awards and was nominated as the best innovative digital solution in Nigeria by the World Summit Awards.
Global Finance will confer the Best Mobile Banking App and Best Digital Bank awards on the sidelines of the World Economic Forum Africa (WEFA) 2018.
Commenting on the awards, Segun Oloketuyi the MD/CEO of Wema Bank said: “We are delighted to earn such a global recognition so early in the existence of ALAT. To us, they are not merely a reward for the hard work but also an incontrovertible evidence of Wema Bank’s new place as a leader in banking innovation in Africa.”
He noted that as a forward-thinking bank, Wema has and will always remain committed to leveraging technology in delivering superior value to all stakeholders. “We have developed in-house capacity and capabilities to enable us provide best-in-class digital banking services across all touch points.”
He also highlighted the ingenuity and resourcefulness of Nigerians, noting that ALAT was completely developed locally. “ALAT was conceived and developed by Nigerians, but today the world has accepted it and we are starting to enjoy international recognition,” Oloketuyi added.
ALAT, Nigeria’s first fully digital bank, is a branchless, paperless bank which provides financial services through its Android, iOS and web applications. It was designed in response to the growing needs of Nigerians for a financial institution that understands their needs, responds quickly to them and helps them save money. Since its launch in May 2017, ALAT’s unique offerings have endeared many to the Bank, with over 180,000 customers onboarded and total deposits exceeding N1.1 billion.
“ALAT is not just a Bank, it’s a lifestyle,” said Funmilayo Falola, head of Brand and Marketing Communications at Wema Bank. “It is a bank created to help customers achieve their personal and financial goals, in line with Wema Bank’s vision to be the financial institution of choice in service delivery and superior returns.”
The future of banking is digital, and Wema Bank is backing this belief by ditching the corporate dogma and taking proactive steps towards bringing tomorrow’s banking to the today’s customers.
Beyond ALAT, the bank continues to champion innovation and leverage technology in breaking barriers plaguing conventional banking. It pioneered the use of card control in Nigeria, an in-app tool that allows customers lock their payment cards from a mobile device. It also formed part of the pilot banks to successfully deploy M-cash, a mobile service that allows merchants receive payments by dialing a simply code. The Bank continues to improve on its *945# USSD Banking service and enhance its online and mobile banking apps to ensure it offers a seamless service across all its banking channels.
“As a financial partner, Wema Bank is committed to helping its customers and all stakeholders create a wealth future by delivering seamless services and superior value in all our offerings today,” Falola added.