ALAT by Wema
ALAT by Wema is Nigeria’s first fully digital bank. It was launched in 2017 with the goal of making banking more convenient and accessible for Nigerians. ALAT customers can open an account and manage their money entirely online, without ever having to visit a bank branch.
Thank you for reading this post, don't forget to subscribe!What services does ALAT by Wema offer?
- Account opening: You can open an ALAT account online in minutes, without having to visit a bank branch.
- Debit card: All ALAT accounts come with a free debit card that you can use to withdraw cash, make payments, and shop online.
- Savings: ALAT offers a variety of savings products, including a target savings account, a stash account, and a round-up savings account.
- Transfers: You can easily transfer money to other ALAT users, as well as to bank accounts in Nigeria and around the world.
- Bill payments: You can pay your bills for utilities, telecoms, and other services directly from your ALAT account.
- Loans: ALAT offers a variety of loans, including personal loans, business loans, and education loans.
- Investments: ALAT partners with third-party investment platforms to allow you to invest in stocks, bonds, and other assets.
- Insurance: ALAT partners with insurance companies to offer a variety of insurance products, including life insurance, health insurance, and travel insurance.
- Other services: ALAT also offers a variety of other services, such as airtime purchase, bill payment, and money transfer to other countries.
ALAT is a great option for anyone looking for a convenient and affordable way to manage their finances. With its wide range of services and competitive pricing, ALAT is a leading digital bank in Nigeria.
Here are some additional details about the services offered by ALAT by Wema:
- Target savings account: This account allows you to save towards a specific goal, such as a vacation or a new car. You can set a target amount and a monthly deposit amount, and ALAT will help you track your progress. You earn up to 4% interest on your savings.
- Stash account: This account is for extra cash that you don’t need right away. You can put money into your stash account whenever you want, and you can withdraw it at any time. You earn up to 4% interest on your stash.
- Round-up savings account: This account rounds up your daily transactions to the nearest naira and saves the difference. For example, if you spend 3,500 naira on groceries, ALAT will round up the amount to 3,600 naira and save 100 naira for you. You earn up to 4% interest on your round-ups.
- Personal loans: ALAT offers personal loans to its customers with a repayment period of up to 36 months. The interest rate on personal loans is 23.9% per annum.
- Business loans: ALAT offers business loans to its customers with a repayment period of up to 60 months. The interest rate on business loans is 25.9% per annum.
- Education loans: ALAT offers education loans to its customers to help them pay for tuition, fees, and other expenses related to their education. The interest rate on education loans is 27.9% per annum.
How can I register on ALAT by Wema?
- Download the ALAT app from the Google Play Store (for Android phones) or the iOS App Store (for iPhones).
- Open the app and create an account. You will need to provide your:
- Full name
- Date of birth
- Phone number
- BVN
- Residential address
- Take a photo of your face and signature.
- Verify your BVN. You can do this by entering your BVN and taking a selfie. If your BVN facial match fails, you will be sent an OTP to your phone number. Enter the OTP to verify your BVN.
- Create a password for your ALAT account.
- That’s it! You have successfully registered on ALAT by Wema.
To activate your ALAT profile, you can:
- Use the ALAT app:
- Open the app and tap on the “Profile” tab.
- Tap on “Activate Profile”.
- Follow the prompts to activate your profile.
- Use USSD:
- Dial *945# on your phone.
- Follow the prompts and choose the option to activate your profile.
Once your profile is activated, you can start using your ALAT account to make transactions, save money, and more.
Here are some additional things to keep in mind when registering on ALAT by Wema:
- You must be 18 years old or older to open an ALAT account.
- You must have a valid BVN to register for ALAT.
- You must provide a residential address in Nigeria when you register for ALAT.
- You will need to have a smartphone with a camera to register for ALAT.
What are the requirements to register with ALAT by Wema?
- Nigerian citizen
- Age 18 years and above
- Valid Bank Verification Number (BVN)
- Active mobile phone number
- Valid email address
- Valid government-issued identification (ID) card
- Residential address in Nigeria
Once you have met these requirements, you can follow these steps to register for an ALAT account:
- Download the ALAT app from the Google Play Store or the Apple App Store.
- Open the app and click on the “Sign Up” button.
- Enter your personal information, including your name, date of birth, BVN, phone number, email address, and ID card details.
- Take a photo of your face and signature.
- Verify your identity by entering the OTP that will be sent to your phone.
- Set a password for your ALAT account.
- Congratulations! You have successfully registered for an ALAT account.
To activate your ALAT account, you will need to make a deposit of at least NGN1,000. You can do this by visiting any Wema Bank branch or by using the ALAT app. Once your account is activated, you can start using it to make payments, transfer money, and more.
Here are some additional information about ALAT by Wema:
- ALAT is a fully digital bank, which means that you can do all of your banking transactions online or through the ALAT app.
- ALAT offers a variety of features and benefits, including:
- Free ATM card
- Free airtime top-up
- Free money transfer
- Free bill payment
- Free access to ALAT USSD codes
- Up to 2% interest on savings
- Access to loans and other financial products
- ALAT is a safe and secure way to bank. Your account is protected by a variety of security features, including:
- Two-factor authentication
- Biometric authentication
- Fraud detection
- ALAT is a great choice for Nigerians who are looking for a convenient, affordable, and secure way to bank.
How can I download ALAT by Wema mobile app?
- Open the Google Play Store or the App Store on your mobile device.
- Search for “ALAT by Wema”.
- Tap on the “Install” button.
- Once the app is installed, open it and follow the prompts to create an account or sign in to your existing account.
Here are the links to the app on Google Play and the App Store:
- Google Play: https://play.google.com/store/apps/details?id=com.wemabank.alat.prod&hl=en&gl=US
- App Store: https://apps.apple.com/ng/app/alat/id1222853161
Once you have downloaded the app, you can use it to manage your Wema Bank account, make payments, transfer money, and more.
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Here are some of the features of the ALAT by Wema mobile app:
- Open an account in minutes without visiting a bank branch.
- Make payments to businesses and individuals.
- Transfer money to other bank accounts.
- Set up recurring payments for bills and subscriptions.
- Save money with automated goal saving.
- Get a free bank card delivered to your doorstep.
- Control your bank card from your phone.
- Works with all Nigerian bank cards.
- No hidden charges.
- Up to 10% interest on savings.
How can I borrow a loan on ALAT by Wema?
- Open the ALAT app and sign in to your account.
- Tap on the “Loans” icon.
- Tap on “Take a loan”.
- Enter the amount of loan you want to borrow.
- Select the repayment period.
- Review the terms and conditions and tap on “Accept”.
- Provide the necessary documents to support your application.
- Wait for your loan application to be processed.
- Once your loan is approved, the funds will be credited to your ALAT account immediately.
Here are the requirements for a Wema Bank loan:
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- You must have a valid means of identification.
- You must have a salary account with Wema Bank.
- You must have a minimum monthly income of NGN30,000.
- You must have a good credit history.
You can also borrow a loan on ALAT by Wema if you have a goal savings account with the bank. The maximum amount you can borrow is 80% of your existing goal savings.
To apply for a goal-based loan, simply log in to the ALAT app, click on the loan icon and apply. You will need to provide the following information:
- The amount of loan you want to borrow.
- The repayment period.
- Your goal savings account number.
Once your application is approved, the funds will be credited to your goal savings account. You can then withdraw the funds as needed.
How much interest does ALAT by Wema charge on their loans?
The interest rate on ALAT by Wema loans depends on the type of loan and the borrower’s creditworthiness. For example, the interest rate on a personal loan is between 18% and 30%, while the interest rate on a car loan is between 14% and 24%. The interest rate on a business loan is typically higher, starting at 20%.
Here is a table of the interest rates for some of the most popular ALAT by Wema loans:
| Loan Type | Interest Rate |
|---|---|
| Personal Loan | 18% – 30% |
| Car Loan | 14% – 24% |
| Business Loan | 20% – 35% |
It is important to note that these are just the starting interest rates. The actual interest rate that you are offered may be higher or lower, depending on your credit score and other factors.
You can get an estimate of the interest rate that you will be offered by using the ALAT by Wema loan calculator. To use the calculator, you will need to provide some information about yourself and your loan, such as your income, your debt, and the amount of money you want to borrow.
The ALAT by Wema loan calculator is a good way to get an idea of how much interest you will pay on your loan. However, it is important to remember that the actual interest rate that you are offered may be different.
In Conclusion:
Using the ALAT by Wema loan calculator can give you a rough estimate of the interest rate you may be offered. By inputting your income, debt, and desired loan amount, you can get a sense of what your monthly payments may look like. However, it is crucial to keep in mind that the final interest rate offered to you may vary based on factors such as your credit score and financial history. Therefore, it is always advisable to consult with a loan officer or financial advisor for a more accurate assessment of your loan terms.
