Wema Bank Plc is Nigeria’s oldest indigenous banking group, also made history in the Nigerian financial services industry as it powered the first ever digital bank in the country “ALAT” which was launched on May 2, 2017. With ALAT, you can open an account and manage your money without ever going to a branch.
Alat 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.
Alat was 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.
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.
It is also a 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.