Three years ago, Nigeria’s first fully digital bank – ALAT – was established, and for the first time Nigerians no longer had to visit banking halls to open accounts or complete their banking transactions. Today, considering the importance of virtual banking in our current social distancing climate, ALAT has proven its worth as a prescient financial solution to a now global problem, a timeless fit for every season.
In 2017, ALAT was established by Wema Bank with a goal to create a banking outlet that is flexible, easy to use, and suited for Nigerians who value their time, reliability, and enjoy the convenience that comes with technology. This innovation came at a time when financial institutions in the country were only beginning to create banking apps to carry out some of their services.
Wema Bank saw an opportunity to create a bank that responds actively to the banking needs of a new generation of Nigerians, and so far it has done an excellent job of it. Three years later, with over 200,000 customers, who have carried out almost 900,000 transactions worth up to N12 billion, ALAT is definitely leading the FINTECH movement in Nigeria.
Thanks to ALAT, Nigerians, now have a banking system that provides quick and flexible financial services, and beats the long queues and restrictive paperwork required for physical banking. ALAT leverages the best technological resources available to democratize banking processes and make them accessible to every customer no matter where they are. Now normal procedural services like obtaining ATM cards, loans, bank registration, payment options, and many more have been integrated into a one-stop app.
This year, ALAT is celebrating three fulfilling years of making banking easier for Nigerians. With over 100,000 downloads recorded on Google Play, a 1bn ($2.78m) mark in terms of deposits into savings accounts recorded in 2018, winning ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’ at the World Finance Digital Banking Awards, the 2018 ‘Best Digital Bank in
Africa’ at the Asian Banker Awards, and the 2019 ‘Best Digital Platform Nigeria 2019 Award’, the bank’s past records speak for themselves.
Judging from the international recognition ALAT has received within the global and local tech community, and the fast-changing face of tech in Nigeria, the fully-digital bank is taking its place as a resourceful agent of social advancement. Also, along with the increase in the use of smartphones and other convenient technology in Nigeria, is an increasing need for digital banks that offer the full banking experience on mobile. Expectedly, ALAT by Wema is prepared to welcome these incoming customers into the future.