ALAT By Wema: Nigeria’s First Fully Digital Bank – All You Need To Know
ALAT is here and promises to be the change we’ve all been waiting for. Digital banking is the future and we are ready for it now! Digital banking has the capacity to understand and quickly build a very good user experience to improve efficiency and decrease costs.
What Is A Fully Digital Bank?
Below are some of the angles touched:
Digital banking could be easily confused with terms such as mobile banking or internet banking, don’t get me wrong, these are all aspect of digital banking, but they are not fully digital. Digital banking is simply moving online all the traditional banking activities and programs that were only available to customers when physically inside a bank’s branch. Such activities include:
- Account holders documentation
- Money Deposits, Withdrawals, and Transfers
- Management of account
- Applying for Financial Products
- Loan Management
- Bill Pay
- Account Services
Wema Bank is the oldest indigenous commercial bank in Nigeria and the brand behind ALAT; they’ve continuously been in the banking business for over 70 years.
ALAT By Wema Bank
ALAT is Nigeria’s first fully functional digital bank. With ALAT, you can do all your banking transactions without being physically present at a bank.
Creating An Account
Open an ALAT account from your phone with your BVN and phone number, no paperwork required. The account currently available on ALAT is the standard savings account, though they promise to have more account options in the future
To have your account fully activated, You will need to upload a photo of a valid means of identification (a government-approved ID card), a photo of a utility bill (not older than 3 months) and your passport photograph.
Getting Your ALAT Debit Card
Pick one of three bank card designs available and it will be delivered to you in about two business days, anywhere in Nigeria, at no cost. You can activate your debit card, lock it, unlock it and choose where it works all from your phone.
Funding Your Account
You can fund your Account via a Wema Bank Current or Savings Account (If you are an existing Wema Bank customer) or via other local or foreign card from any bank. You could also make a direct cash deposit via any Wema Bank branch.
How To Make A Cool N10,000 With ALAT By Wema Bank
- Create Your Account
Download ALAT from Google Play or the Apple App Store, sign up with your BVN and phone number, then upload a couple of basic documents to activate your account.
- Refer your friends
Open the ALAT app, sign in and click Refer a Friend on the menu to get your unique referral code. Share this code with your friends by chat, SMS, email or on social media.
- Cash out
For every friend who joins ALAT with your referral code and funds their ALAT account with N500, ALAT will give you a token of N500 in return. When you refer up to ten friends who fund their ALAT accounts with N500 each and upload required documents, an extra N5,000 will be added to your account.
Advantages Of Having An ALAT Account
- ALAT By Wema Bank will save you time with a simple account opening process.
- It will help you put money away easily by automating your savings.
- It will make sure your bills are paid on time with its scheduled payments feature.
- They deliver a free debit card you can activate, lock and unlock from your phone to you anywhere in Nigeria.
- You can also use your card abroad. All you have to do is click Card Control in the Cards menu, set the channels your card will work on and the country/countries where you will use it.
- You can withdraw money from your ALAT account via an ATM without using your debit card. See Also: Quick Facts About The Keystone Bank *533# Banking Platform
How To withdraw money from an ATM without a card
- Log into the ALAT app, click Send Money on the menu then click ATM Cardless Transfer.
- Fill in the required details and authenticate the transfer with your ALAT PIN. You will receive a pay code by email.
To withdraw your money, go to any cardless-enabled or pay code-enabled ATM and follow these instructions:
- Press ENTER to clear the ATM screen.
- Select CashOut Paycode.
- Type the reference number and the cashout PIN.
- Type the amount of money you want to withdraw.