ALAT by Wema: The Ultimate Guide to Nigeria's Digital Bank

Discover ALAT by Wema, Nigeria's first fully digital bank. Learn how to download the app, open an account, use features like transfers, loans, savings, virtual cards, and more.

Mar 22, 2025 - 06:28 Updated: Apr 23, 2025 - 13:23
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ALAT by Wema: The Ultimate Guide to Nigeria's Digital Bank
Discover ALAT by Wema, Nigeria's first fully digital bank. Learn how to download the app, open an account, use features like transfers, loans, savings, virtual cards, and more.

Disclaimer: This post is for informational and educational purposes only. Hausa24 is not affiliated with ALAT by Wema or Wema Bank PLC. We aim to provide an unbiased overview based on publicly available information.

In today's fast-paced world, convenience and accessibility are paramount, especially for managing finances. ALAT by Wema, Nigeria's pioneering fully digital bank, offers a seamless banking experience via its app (find on Google Play and the Apple App Store). This guide covers everything from downloading the app to exploring its features and benefits.

What is ALAT by Wema?

Launched in 2017 by Wema Bank, ALAT stands as Nigeria's first fully digital bank. It provides a branchless banking experience, allowing users to perform nearly all banking activities – account opening, transfers, payments, savings, loans, and investments – through its mobile app and web platform, offering a modern alternative to traditional banking.

Getting Started: Downloading & Opening an ALAT Account

2. Open Your ALAT Account (In-App)

  1. Launch the installed ALAT app.
  2. Tap "Sign Up" or "Create Account."
  3. Enter your phone number and email address.
  4. Provide your BVN (Bank Verification Number) – ALAT uses this securely to fetch your basic KYC details, simplifying the process.
  5. Enter other required personal details (Name, DOB, etc.).
  6. Take a clear selfie for identity verification when prompted.
  7. Create a strong password for your account.
  8. Set up a transaction PIN.
  9. Follow any final steps, which might include an initial minimum funding requirement to activate the account fully (check current requirements in-app).

The entire process is designed to be completed within minutes without visiting a branch.

Unpacking ALAT's Key Features

ALAT offers a comprehensive suite of digital banking tools:

  • Instant Account Opening: Fully digital signup process.
  • Easy Fund Transfers: Send money to ALAT, Wema, and other Nigerian bank accounts quickly.
  • Bill Payments: Pay electricity, cable TV, internet, airtime, data, and many other bills.
  • Virtual Cards: Create secure, temporary, or recurring virtual Naira cards instantly for safe online shopping.
  • Physical Debit Card: Request a stylish physical ALAT debit card delivered to your location.
  • Savings Goals (Stash & Target): Automate savings towards specific goals with competitive interest rates using features like ALAT Stash (flexible) or Target Savings (goal-oriented).
  • Group Savings (Ajo/Esusu): Digitize traditional group savings with friends or colleagues.
  • ALAT Loans: Access instant personal loans directly within the app based on eligibility (often determined by account activity).
  • Investment Options: Explore investment opportunities in mutual funds, treasury bills (via partners), etc., directly through the app.
  • Referral Program: Earn rewards for successfully referring new users to ALAT (check app for current offers).
  • Cardless Withdrawals: Generate a code in the app to withdraw cash at Wema Bank ATMs without a physical card.
  • Budgeting & Insights: Track spending patterns and get personalized financial insights.
  • 24/7 Customer Support: Access help via in-app chat, email, phone, or social media.

Why Bank with ALAT? The Advantages

  • Unmatched Convenience: Bank anytime, anywhere via the mobile app.
  • User-Friendly Interface: Clean, intuitive design makes navigation easy.
  • Time Efficiency: Eliminates the need for branch visits for most transactions.
  • Competitive Pricing: Often features lower or zero fees for common transactions compared to traditional methods.
  • Robust Security: Multi-factor authentication, PINs, and other measures protect your account.
  • Innovative Tools: Access modern features like virtual cards, goal-based savings, and in-app loans.
  • Financial Empowerment: Tools for budgeting, saving, and investing help you manage money better.

How Can You Make Money with ALAT?

While primarily a banking tool, ALAT offers ways to potentially earn:

  • Referral Bonuses: Actively participate in the referral program by sharing your unique code. This is the most direct way to earn cash rewards via ALAT.
  • Savings Interest: Earn competitive interest on funds saved in ALAT Stash or Target Savings accounts.
  • Investment Returns: Utilize the investment features (mutual funds, etc.) to potentially grow your capital (remember investments involve risk).

Note: ALAT itself doesn't offer employment or direct business opportunities beyond referrals and standard banking product returns.

Is ALAT a Legit Loan App?

Yes, the loan feature within the ALAT app is **legitimate**. ALAT is the digital banking platform of Wema Bank PLC, a fully licensed and regulated commercial bank in Nigeria. Therefore, any loan offered directly *through the official ALAT app* is a genuine banking product.

However, always ensure:

  • You are using the **official ALAT by Wema app**.
  • You understand the interest rate, fees, and repayment terms **before** accepting any loan offer presented within the app.
  • You borrow responsibly based on your ability to repay.

Do not trust third-party apps or websites claiming to offer "ALAT Loans" outside the official platform.

Understanding ALAT Interest Rates

Interest rates on ALAT apply to both savings and loans:

  • Savings Rates: Vary depending on the product (Stash, Target Savings, standard account balance) and current market conditions. Check the app for specific rates.
  • Loan Rates: Depend on the loan amount, duration (tenor), your creditworthiness (based on your banking history with Wema/ALAT and potentially credit bureau data), and prevailing bank rates. The exact rate is always disclosed during the in-app loan application process before you commit.

For the most current rates, refer to the information provided directly within the ALAT app or contact ALAT support.

How Do I Contact ALAT Customer Care?

ALAT provides multiple support channels:

  • In-App Chat/Support: Often the quickest way for inquiries – look for a 'Help,' 'Support,' or 'Chat' icon within the app.
  • Email: Contact help@alat.ng
  • Phone: Call the Wema Bank contact center (numbers available on the Wema Bank website) and specify you are an ALAT customer. A common number is 070002252528, but verify this on the official site.
  • Social Media: Reach out via official ALAT or Wema Bank handles on Twitter/X, Facebook, Instagram.
  • Website: Visit the official Wema Bank website (www.wemabank.com) for contact forms or more details.

What's the Difference Between ALAT and Wema Bank?

Think of Wema Bank as the established parent company, a traditional bank with physical branches and a long history. ALAT is its innovative, digital-first child – a platform offering banking services primarily through a mobile app and website, powered by Wema Bank's license and infrastructure. You are essentially a Wema Bank customer when you use ALAT, but interacting through a purely digital channel.

ALAT by Wema: Frequently Asked Questions (FAQ)

How do I download the ALAT app?

Search "ALAT by Wema" on the Google Play Store (Android) or Apple App Store (iOS) and install the official app from Wema Bank PLC.

Can I open an ALAT account without BVN?

No, providing your BVN is typically a mandatory requirement during ALAT registration for identity verification and security, in line with Nigerian banking regulations.

Is ALAT safe to use?

Yes, ALAT uses robust security measures like encryption, password/PIN protection, and transaction limits, backed by Wema Bank's security infrastructure. Always protect your login details.

How much loan can I get from ALAT?

Loan amounts vary based on your eligibility, which is determined by your transaction history and relationship with the bank. Instant loans typically range from smaller amounts up to potentially several hundred thousand Naira, but you need to check your specific offer within the app.

How do I get an ALAT debit card?

You can request a physical debit card directly through the ALAT app after opening and funding your account. Delivery options are usually provided.

Conclusion: Embrace the Future of Banking with ALAT

ALAT by Wema stands as a testament to the evolution of banking in Nigeria. Offering unparalleled convenience, a rich set of features from savings and loans to virtual cards, and the backing of a trusted institution, it provides a compelling digital banking solution. Whether you're seeking to simplify your daily transactions, save towards goals, or access quick credit, ALAT offers the tools right on your smartphone.

Download the app to explore digital banking:

Disclaimer

This article provides general information about ALAT by Wema for educational purposes only and does not constitute financial advice. Hausa24 is not affiliated with Wema Bank PLC or ALAT. All details regarding features, fees, interest rates, loan eligibility, and app availability are based on publicly available information at the time of writing and are subject to change by Wema Bank/ALAT without notice. **Always refer to the official ALAT app, the official Wema Bank website (www.wemabank.com), or contact their customer support for the most accurate, current, and official information.** Financial decisions should be made based on your own research and consultation with qualified financial advisors.

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