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Back From The Launch of Wema Bank’s "ALAT"

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Wednesday, May 03, 2017 4:02 AM / Review by Oluwatosin M Olaseinde

ALAT is the first fully digital bank in Africa (according to the bank’s management).

ALAT enables you to own a bank account via five (5) simple steps in five (5) minutes without stepping into a banking hall. It is paperless as all you require is your phone number and BVN.


While that sounds awesome, there's actually more to it.


You can fund your account from ANY bank account, i.e.that is both local and international account(s).


I feel WEMA Bank Plc just added an additional  revenue line - funding of local account via foreign account. They've literally cut out the middle man such as Money Gram and those adhoc money transfer arrangement(s). this perhaps, I feel, is one of its strongest feature.


From the comfort of your home, no papers required and can be done in minutes - BOOM!!!


You can request for any type of ATM card depending on your need and it will be delivered to you for FREE within 48 hours.


None of the banks in Nigeria
currently offer this feature.


The standard rate for a card is approximately N1,000. That has been eliminated.


You can say NO to banking halls as you receive the card at your address and activate it from the app (Wow, wow, wow).


Unlike some banks that offer you an average of 4% as interest income on your regular savings account; ALAT account holders get a whopping 10% interest for every balance that exceeds N100,000; and

Finally!!! An interest rate that's closer to the monetary policy rate!

These are the key 3 game changing features that sets it apart from its peers
.
 



I believe they're onto something big…..and finally, we might be inching closer to a disruption……. Paperless Banking?

The next goal should be: Inclusive Banking #Fintech

The auditor in me is however asking: what are the key risks and how prepared is the bank and financial system? Online fraud, when one gets hold of your+pin to your app what happens?

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