ALAT is one of the well-established virtual banks in Nigeria. It is powered by Wema bank and seeks to offer its clients all the basic services of a regular bank from the comfort of their home or office. While virtual banking has not been widely accepted in Nigeria, the current period of the coronavirus pandemic may shift the status of online banks like ALAT. In this article, we take a look at how to open ALAT account, deposit funds, make payment and apply for a loan.
- 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.
To sign up for ALAT, you need to start by downloading the ALAT app on iOS App Store or Google Play. You can also sign up on ALAT website. In the process, you will be asked to input your phone number, date of birth, and BVN. The BVN is useful in protecting ALAT bank account. Additionally, the system is able to acquire the personal details that you availed when registering for your BVN.
Once you finish those steps, you will receive a 6-digit code as a text on the phone number you used to get your BVN, which you need to use for confirmation. Once you do that, click on ‘Next’ to continue with the signing up process. This includes inputting your email address, typing in your password of choice. For enhanced security, use a strong password with a combination of numbers, letters, and symbols. Thereafter, select one of the availed security questions and give an answer that you will easily remember.
- To send money, go to the ALAT Dashboard and select ‘Send Money’, select ‘New’, input the receiver’s account number and then choose their bank from the availed options and then ave the banking information of the receiver. Complete the process by indicating the account that you want to send the funds from and then input your ALAT PIN and click on ‘Send’.
Just like the traditional bank, you can pay your bills through the ALAT virtual bank. To do so, follow the following steps:
From the availed categories, select the biller you wish to pay and then input the customer’s ID, select the account you want to pay from then input your ALAT PIN and click on ‘Pay’. If there is a biller you pay often, you can save them and schedule the next payment
There are various ways of funding your ALAT account. This includes:
- Wema Bank current account
- Wema Bank savings account
- Local or international card from any financial bank
One of the beneficial features of ALAT virtual bank is that you can acquire a loan without having to present guarantors or any form of collateral. What’s more, you don’t have visit any physical location or complete the usual paperwork. 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. If you do not have an account, start by signing up for one following the steps we have outlined above. On the menu, select ‘Loans’. Ensure that you read and understand the ALAT disclaimer.
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.
On the loan’s due date, you will receive a repayment notification. After that, the loaned amount is automatically deducted from your ALAT bank account. You may also choose to pay your loan before the due date. To do so, go to the menu and select ‘Bills Payment’.
Your ALAT bank account is both a spending and savings account. Indeed, one of its beneficial features is ‘Goals’. Through this system, you are able to set up a budget, save for a particular purchase, or implement an investment plan. The good thing is that you can set as many Goals as you want.
To do so, simply go to ‘Goals’ and then set your target. After that, choose your preferred saving frequency. Your savings will attract an interest rate of 10% per annum.
ALAT offers its clients a virtual US dollar card 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 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.
Virtual banking is an apt solution during the current era of the coronavirus pandemic since it is in line with the government’s advice on social distancing. Even when normalcy returns, virtual banks will be the way to go for individuals seeking to get all the fundamental banking services in a convenient manner. In Nigeria, the ALAT virtual bank is one of the virtual banks that residents should consider.