ALAT is Nigeria’s first fully virtual bank. Founded by Wema Bank Plc in 2015, a Nigerian commercial bank, ALAT has no physical branches. The bank was established in order to solve the problem of time-consuming paperwork, long queues in banks and ATMS in Nigeria.
ALAT Bank Awards
- Best Mobile Banking App and Best Digital Bank for 2017 at the World Finance Digital Banking Awards.
- Best Digital Bank in Africa at the 2018 Asian Banker Awards.
- Business Day Digital Banking Platform of the Year in 2017.
- Excellence in Branchless Banking in the New Age Banking Awards by the World Summit Awards.
How to Sign-Up
The sign-up process is simple and can take up to five minutes. It can be done on ALAT app, (Android and iOS, or on the ALAT website. You will be required to upload a selfie and a photo of your signature and Bank Verification Number (BVN), a biometric identification system implemented by the Central Bank of Nigeria.
ALAT will save you time with a simple account opening process that takes less than five minutes, help you put money away easily by automating your saving, make sure your bills are paid on time with its scheduled payments feature and deliver a free debit card you can activate, lock and unlock from your phone to you anywhere in Nigeria.
How ALAT Works
How to Fund ALAT Account
Once you have successfully opened your ALAT account, you can instantly fund your account. If you are an existing Wema Bank customer, you can fund your account via a Wema Bank current or Wema savings account. You can also fund your new account using any local or international debit/credit card you may have.
How to Send Money from Your ALAT Account
To send money from your ALAT account, go to the ALAT dashboard and select ‘Send Money’, select ‘New’, input the account number of the person you are sending the money to and then choose their bank from the given options. Indicate the account that you want to send and then input your ALAT PIN and click on ‘Send’.
How to Pay Bills with ALAT Bank
ALAT enables account holders to bills. To do so, go into ALAT dashboard, follow the following steps: select the person or company you want to pay and then select the account you want to pay from then input your ALAT PIN and click on ‘Pay’. Fortunately, you can save the person or company you pay regularly and schedule the next payment for convenience.
ALAT Features and Services
ALAT virtual bank in Nigeria offers a number of features and services. They include:
You can open a savings account. ALAT is one of the best automated savings apps in Nigeria. With this account, you can set up an automated savings plan and earn 10% annual interest. The account allows for multiple savings options
such as group savings and target savings.
You can apply for ALAT instant loans. One of the beneficial features of ALAT loans is that you can acquire a loan without having to present guarantors or any form of collateral. After completing the application process, which usually takes a few minutes, you can be loaned up to 200,000 naira.
To apply for a loan on ALAT you must login to your ALAT virtual bank. On the menu, select ‘Loans’. Ensure that you read and understand the terms and conditions. Based on your risk score and overall credit worthiness, you will be presented with a loan offer, the interest that the amount will attract, and the date of repayment. You will be presented with a detailed set of Terms & Conditions. Only accept them once you have read and understood them. As part of the Terms, you will be required to provide the debit card details from which the amount will automatically be deducted on the loan’s due date. Once you have completed this process, the loaned amount will instantly be transferred to your ALAT account.
Account holders can request and activate a debit card using ALAT app. First card is free as well as free card delivery to any location in Nigeria in 2 working days. When requesting for your card, you are able to choose a card design of your choice. The card be can used in any country and can be locked for a specific platform such as ATM, the web or POS. Moreover, you create a free virtual dollar card for paying online and exchange naira to US dollars.
ALAT Virtual Dollar Card
ALAT is one of the best digital banks in Nigeria that offers virtual dollar card in Nigeria that enables you to make online payments in dollars. Even though it is a virtual card, it’s details are similar to a regular card. This includes your card number and name, the 3-digit CVV code, and the card’s expiry date.
You can get your ALAT dollar card through the ALAT app. Once you have it, the naira in your account are converted into dollars at the current rate. All you need to do is to specify the amount of dollars you wish to put into your dollar card. You can always covert the dollars back into naira and get it in your ALAT bank account.
ALAT virtual bank has partners around the country where you can get discounts on expenses such as taxi rides, meals, and shopping.
ALAT Hub provides basic financial services such as account opening, deposits, withdrawals, fund transfers, bill payment, airtime, card request linking and activation, micro-savings and micro-savings loan to the unbanked and underbanked across Nigeria and in the Diaspora. This service is provided by 3rd party individuals and businesses known as agents who act on behalf of ALAT.
ALAT For Business
Apart from ALAT personal accounts, you can open ALAT business account in Nigeria as well. The account allows businesses to pay tax, bills and make transfers. The account provides real-time reports from POS terminals as well as access to E-Form M.
What is E-Form M? An E-Form M is a mandatory documentation process put in place by the Central Bank of Nigeria (CBN) to monitor goods that are imported into the country as well as enable collection of import duties.
Final Thoughts on ALAT Review
The Coronavirus pandemic has already affected all sectors of the global economy including the financial sector. The pandemic is expected to boost the interest and demand for virtual bank accounts in Nigeria. ALAT virtual bank is one of the best digital banks in Nigeria that residents should consider.