ALAT by Wema: All You Need to Know About Nigeria’s First Fully Digital Bank

Wema Bank Plc is one of the commercial banks licensed by the Central Bank of Nigeria to operate in the country. Before 2017, the bank was known with the traditional banking system, whereby customers must access the bank premises to carry out their bank-related financial transactions. These inconveniences posed a significant challenge to the bank’s operations as the banking halls are always filled up with customers who have one need or the other. Through their research and development department, the birth of ALAT by Wema became a reality.

Alat by Wema bank went into operation on May 2, 2017. It was the very first operational digital banking ever to exist in Nigeria. It introduced a stress-free, fast and efficient banking technique that required online mobile device use. This mobile banking has 250,000 customers whose total deposits are estimated to be N1.6bn in its customer base. All thanks to ALAT by Wema for introducing a quick and reliable means of avoiding long bank queues and the advent of a paperless banking system.

Is ALAT by Wema Same as Wema Bank?

View this post on Instagram

A post shared by ALAT By Wema (@alat_ng)

A look at the difference between ALAT and Wema Bank is the reason why Wema Bank created ALAT. The difference doesn’t mean that ALAT is a separate entity; it was designed to function under the great umbrella of Wema Bank. To clear this mindset is the reason it is called ALAT by Wema Bank.

Wema Bank has been in operation since May 2, 1945. The bank operated in different dimensions before it got to its present-day banking system. The significant difference that existed between the ALAT system of operation and that of the Wema Bank can be segmented in four ways to establish relative differences:

  • ALAT as an Application

ALAT is software that Wema Bank develops to handle all banking services as long as you access internet services. The software gives access to an instant financial transaction that relates to the bank. From this, you will understand that the bank is the financial institution housing the activities going on with ALAT users.

  • ALAT Is Easy To Use

The software is designed in consideration of those that are not used to technical digital software operations. It is simplified so that a new electronic device user can quickly learn its uses and understand. ALAT brought in a means of having Wema Bank branches right in your hands as all significant bank transactions can be conducted through ALAT by Wema Bank.

  • Private Security Measures

ALAT by Wema provided a means of protecting your account through designed security measures. The application provided a means of having your password, which serves as a secure means of protecting your dashboard from unwanted intruders. This secured means also guard against fraudulent activities going on against your approval. Wema banking before this only depends on the bank-provided security measures.

  • ALAT Is Customer Complaint Friendly

Because of the crowded environment experienced in most Wema Bank branches before the advent of ALAT, customers find it difficult to lay their complaints that demand immediate attention. Even when they succeed in giving out the criticism, it is hardly taken into consideration. ALAT by Wema Bank gave a channel whereby customers can lay their complaints. Wema Bank uses the complaints to add more development to the software, giving customers a sense of belonging and assuring them that their complaints are constantly considered.

Services Customers Stands to Gain by using ALAT

The Electronic Banking system provided by Wema Bank offers a series of services for easy banking operations of their customers. ALAT by Wema Bank provides the following

  • ALAT for business
  • ALAT loan
  • ALAT Savings (Personal & Group)

How to Sign Up With ALAT by Wema Bank

ALAT by Wema Bank demands that you sign up before you are eligible to benefit from their services. The process of signing up is stress-free and swift. Below are the procedures to sign up with ALAT by Wema Bank:

  • For Android phone users, download the ALAT software through Google Play by clicking here.
  • For iPhone users, download the software through iOS App Store by clicking here.
  • You have to follow the prompts provided to sign up based on the type of account you wish to create with Wema Bank using their ALAT by Wema electronic banking channel.

The App takes not more than 25 MB of your data to get downloaded on your mobile device.

A Look at Various Services Offered by ALAT by Wema

ALAT for Business

The ALAT for business is a fast online corporate account opening system. Customers are advised to go through the required documents for opening a corporate account through this platform. ALAT by Wema provides different corporate accounts for Sole Proprietor, Partnership, and the Limited Liability Company.

Requirements for Sole Proprietor and Partnership Corporate Accounts

  • Business information like business name, type of business, a category the company falls in, and the description of the business.
  • Documents from Corporate Affairs Commission which is your business registration number and certificate.
  • The company Tax Identification Number.
  • BVN and a recognized means of identification of the director or the signatories.
  • A Letter of Request and must be written using the business letterhead.
  • Two referees are required. The referees can be in the form of a business name or a registered company name.

Customers are required to download the Referee form. Click here to download the referee form.

Requirements for a Limited Liability Company

  • Business information like the business name, type of business, a category the company falls in, description of the business.
  • Corporate Affairs Commission documents like the company registration number, share allotment form, directors information, and certificate.
  •  The company Tax Identification Number.
  • Bank Verification Number and recognized means of identification of the owners.
  • The proof of agreement by the board of directors with the company’s seal.
  • Two referees who must be Limited Liability Companies.

Referee forms must be completed, especially if they don’t have an active account with Wema Bank. Click here to download the referee form.

Steps to Sign Up with ALAT for Business

To open a corporate account under ALAT for business. Customers are to follow the steps below:

  • Log in to ALAT for the business sign up page through your browser by clicking here
  •  Click on Sign Up.
  • Select from the two options: sign up as a new customer or Sign up as an existing customer. Click on proceed to move to the next stage.
  • Accept the ALAT for Business Date Privacy and proceed to the next stage.
  • Select the type of business and fill in the necessary details.
  • Once completed, you can start funding your account.

ALAT Savings (Personal, Group & Rotating)

ALAT by Wema savings account is of three different types. The difference depends on the kind of savings the customer has in mind to embark on. ALAT provided this several savings platforms to help customers have a savings goal and enable them to attain that goal with a compensating percentage.

How to Sign Up with ALAT by Wema Savings Account App

Before customers are allowed to venture into the savings plan of ALAT by Wema, they must copy out their Bank Verification Number to complete the process successfully. Below is the procedure to sign Up for ALAT by Wema Savings Account App:

  • Download the Application on your Android or iOS phones
  • Input your phone number, Bank Verification Number, and your Date of Birth
  • Input your E-mail address.
  • Finally, set a New Password to complete the steps.

How To Save Money Through ALAT by Wema Savings Account

The three steps involved in ALAT by the Wema savings account savings platform can all be done in your savings account with the bank.

Personal Savings Plan

This plan is automatically activated after you download the application on your mobile phone, accepting the terms and conditions to open an account with Wema bank. ALAT by Wema activates its savings plan, allowing customers to save for a whole year and gain 10% of the annual savings.

Group Savings or Target Savings

The group or target savings is a platform under the ALAT by Wema savings account, where an unlimited number of people come together to save for a particular goal and earn 10% of their savings immediately after the goal is achieved. The ALAT by the Wema account owner is regarded as the group admin, and the contributions are deposited in the admin’s account number.

Rotating Savings

Rotating savings can be liking the traditional scheme known as ajo in Yoruba, isusu in Igbo, and adashe in Hausa. The savings can allow 11 people to save together with an automatic monthly rotating pay among the members.

How to Activate Group or Rotating Savings
  • Enter into your ALAT by Wema application.
  • Click on Savings & Investments from the dashboard.
  • Tap on the Group Savings option on the screen.
  • Select the Rotating Savings and Click on it to Start Saving.
  • Name the Group, set the monthly contribution as agreed by the members, and then choose a start date.
  • A group code will be created, given to new members who wish to join the group savings.

If you are finding it difficult to see this feature on your App, all you need to do is update your ALAT by Wema application to the latest version, and you are good to go.

ALAT Loan

ALAT by Wema is also offering a quick loan without collateral, paperwork, or even a visit to any branch of Wema Bank. Within a few minutes, the bank will credit the customer with the requested amount. The platform gave room to a loan of up to N2,000,000 without collateral. The bank charges are as low as 2% interest for the instant loan with 3 to 24 months.

How to Request for Loan Through ALAT by Wema

  • Open your ALAT application or Sign up for new customers.
  • From the dashboard, select Loans.
  • Carefully read the ALAT disclaimer information.
  • Next, you get a Loan offer with its duration and the applicable interest, which the bank will evaluate based on your risk score.
  • Carefully read and give your consent to the terms and conditions.
  • Wema bank will credit you immediately.

How to Request for a Goal-Based Loan with ALAT by Wema

  • Assess your ALAT application or Sign up if you are a new customer.
  • From the dashboard, select Loans.
  • Tap the get Loan.
  • Select “Goal-Based Loan” from the options provided.
  • You will get a Loan request approval if you are qualified to access a loan.

How to Request for a Device and Pay off Later using the ALAT by Wema

This is part of the loan structure of the Wema Bank through the ALAT by Wema application. The platform helps active customers purchase devices with the balance they have and pay off later. Steps to activate this:

  • Open the ALAT by Wema application or Sign up for new customers.
  • From the dashboard, select Loans.
  • Tap on getting a Loan
  • Select “Device Lending” from the provided options.
  • Choose the vendor of your choice to provide your debit card information.
  • Choose the device you want.
  • Input how much you have at hand.
  • Select the number of months you want the loan to be spread.
  • Input the account that the bank will deduct from the loan.
  • The bank will approve the loan request if the customer is eligible for the loan.

ALAT USSD Transfer Code

The bank provided a Transfer code for a customer’s immediate and urgent need using a device without internet access. The transfer code also helped in reducing the number of customers in the bank. ALAT USSD transfer code is *945#.

The ALAT USSD code is open to any mobile network in Nigeria and is strictly for Wema Bank customers that registered their account with their phone number. The service is available round the clock as long as the customer is in an area with the network coverage.

How to Activate ALAT USSD Transfer Code

This is a lot easier to use. It requires the customer to create a PIN or Password, which will be appropriately guarded as it serves as a security measure to protect your account.

Before this can be effected, the customer needs to follow the steps provided below:

  • Dial *945#
  • Input your account number.
  • Your Date of Birth.
  • Then Create a New PIN, and confirm the new PIN.

How to Carry Out Transactions Using the *945# Code

  • To transfer money, dial *945* beneficiary account number*amount#.
  • For airtime purchase, dial *945*phone number*amount#.
  • To check account balance, dial *945*0#.
  • For PIN change, simply dial *945*00#.
  • To retrieve your account number, dial *945*000#.
  • To open an account, dial *945*1#.
  • To change your account number, dial *945*old account number*new account number#
  • For account reactivation, dial *945*5#.
  • To send money to phone, dial *945*6*amount#
  • For a quick loan, dial *945*65#.

ALAT Customer Care Numbers

It is noteworthy that for one to get through to ALAT customer care, there should be sufficient airtime on your mobile number to enable you to tender all your complaints.  There is also no specific time to put your call through as their customer care agents are always available to receive complaints. ALAT can be contacted through the following customer representative hotlines:

  • 01-2777700-9
  • +234 8039003700
  • +234 70022552528

Other FAQ’s About ALAT by Wema Bank

  • What is ALAT by Wema WhatsApp number?

ALAT by Wema WhatsApp number is 09044411010.

  • Why should I make use of ALAT? 

ALAT is less time-consuming, especially in the process of opening simple accounts. It helps you with automatic saving, bill payments, and a debit or credit card that you can activate, lock, and unlock from your mobile phone in any location within Nigeria.

  • Can I open an ALAT account without going to the bank?

Yes, you can do it without stress on your mobile phone. Download ALAT from your Google Play Store or Apple App Store, click on the App to sign up with a valid phone number and your Bank Verification Number (BVN).

  • What type of account can be opened with ALAT?

You can open a basic ALAT account with ALAT provided that your signature and passport/face picture is available. The basic account limits a balance of N300,000, a single deposit of N50,000, and a daily transaction limit of N30,000. You can only upgrade from this account when you provide your utility bill and government-approved identity card.

Recommended

Featured Today

Read This Next