ALAT Review - How This Digital Bank by WEMA Works

ALAT is a digital bank that offers easy and effective ways to manage finances in Nigeria. ALAT allows Nigerians to access loans, savings, transfers, physical and virtual cards, and payment transactions online.

Contents

How ALAT Digital Bank Works Features 1. Payments and Transfer 2. Savings and Goals 3. Debit and Virtual Cards 4. Promos & Deals 5. ALAT Reward For Two 6. Customer Support Products 1. Savings Account 2. Loans 3. Bill Payments How to Sign Up on ALAT ALAT for Individuals and Businesses How to Apply for an ALAT Loan ALAT Health Connect Pros Cons Conclusion

One of the amazing things about the ALAT app is that it is not just for individuals but also business owners. Signing up for the ALAT digital banking system is quick and easy.

This review of the ALAT app was based on the results received from our fintech experts after testing the app.

How ALAT Digital Bank Works

ALAT by WEMA is a fully digital bank that provides a range of banking services to customers online. The bank allows customers to create an account online, transfer funds, check their accounts, get debit and virtual cards, pay bills, access loans, and more.

ALAT also offers a range of benefits, including personal and business loans, high interest on savings, virtual and debit cards, and deals and discounts.

Here is the detailed process of how ALAT Digital bank works:

1. Download and Install the ALAT app: You can download the ALAT mobile banking app from Google Play Store or the iOS App Store, or you can download it from the ALAT website. Once the app is installed on your phone or tablet, you can start the account opening process.

2. Register and provide personal information: To create an account, you must provide your personal information, including your phone number, BVN (Bank Verification Number), and date of birth. This information is used to identify you and protect your account from fraud.

3. Complete the registration process: After providing your personal information, you will be asked to create a password, set a security question and answer, and choose a card design for your debit card. You will also receive an account number and access to a virtual card.

4. Fund your account: Once you have completed the registration process, you can fund your account by transferring money from another bank account or using a debit card.

5. Access services: With an ALAT account, you can access a wide range of banking services, including:

Money transfer: You can transfer money to other ALAT accounts or accounts in other banks.
Bill payment: You can pay your bills, including utility bills and cable TV subscriptions.
Savings and investment: You can set savings goals, automate your savings, and invest in fixed deposits and mutual funds.
Loans: You can access loans at low-interest rates with flexible repayment terms.
Debit cards: You can use your ALAT debit card to withdraw cash at ATMs, make payments at stores, and shop online.
Virtual cards: You can create a virtual card for online transactions, which is more secure than using your physical card.
Rewards and discounts: You can earn rewards and discounts when you use your ALAT account to make purchases.

6. Security and Fraud Protection: ALAT uses advanced security measures to protect your account, including two-factor authentication, fingerprint login, and real-time transaction alerts. The app also has a fraud detection feature that monitors your account for suspicious activity.

Features

ALAT offers a range of innovative features designed to make banking easier and more convenient for customers. Here are some of the key features of ALAT:

1. Payments and Transfer

You can transfer money between your accounts or directly fund your ALAT account using another local or foreign card from any bank. This process only requires one click and is simple.

The platform also allows you to send money to a third party and receive money from anywhere in Nigeria.

2. Savings and Goals

You can improve your savings with the help of the saving and goals tool. You can set up your savings goals using ALAT to enable you to make whatever purchase you desire.

Whether setting up a budget, saving for that special item or just looking for a rewarding investment plan, ALAT Goals has got you covered. You can create as many Goals as you need.

It is as easy as setting your target, choosing your saving frequency and watching the magic happen. ALAT offers an interest rate of 8.75% interest per year on savings.

3. Debit and Virtual Cards

For businesses and individuals, ALAT offers corporate and personal debit cards to its customers. This debit card gives you the perk of having no monthly fees. Consequently, you can avoid being concerned about unnecessary fees.

Wherever you are in the world, your ALAT debit card gives you the freedom to pay. ALAT offers you the option of selecting from three different designs. The amazing thing is that after applying for your debit card, you can receive it anywhere in Nigeria at no cost. You can activate, lock and unlock the card via the app easily.

If you want to use your card virtually, ALAT offers that option through the virtual card. All you have to do is simply request one via the app.

4. Promos & Deals

ALAT offers exclusive offers and discounts on top brands and services, allowing customers to enjoy more for less and stretch their budgets even further.

Customers can enjoy discounts of up to 40% off on a variety of products and services, including groceries, home essentials, food and snacks, and restaurants. This enables customers to save money on purchases and stretch their budgets further.

5. ALAT Reward For Two

ALAT’s Reward for Two program offers cash rewards to customers and their friends when they sign up and fund their accounts. Customers who refer their friends to sign up with ALAT will receive N500 cash reward, while their friends will receive N200 worth of airtime and data.

In addition, ALAT holds quarterly raffle draws where 20 people from the top 100 referrers will stand a chance to win N10,000. The top three referrers in the program will receive grand prizes worth N350,000, N200,000, and N150,000, respectively.

6. Customer Support

ALAT provides dedicated customer support available 24/7 to offer customers prompt assistance and expert guidance. You can also reach out to them via their social media pages:

Products

With its user-friendly app, ALAT provides latest financial products and services that are convenient, accessible, and affordable for everyone. Whether you need to open a savings account, get a loan, or make online payments, ALAT got you covered.

1. Savings Account

The ALAT app allows you to create a personal savings account in less than 10 minutes. ALAT accounts are tailored to accommodate individual as well as business needs to help make banking and life easier for you,

The app also allows you to create a domiciliary account which allows you to save your money in dollars.

2. Loans

ALAT By Wema offers individual and small business owners access to loans through the app. The loan offers on the ALAT app include the following:

Goal-based loan: This loan is for business owners or individuals who need to achieve a particular goal but can not do that because of insufficient funds.
Salary-based loan: ALAT offers loans to salaried customers.
Device loan: If you want a device like a laptop, phone, or tool for your business, then this loan from ALAT is suitable for you.
Payday loan: ALAT offers salary advances to salaried customers that are interested. You get a percentage of your salary before payday.
Device loan: If you want a device like a laptop, phone, or tool for your business, then this loan from ALAT is suitable for you.
SME Loan: This loan is offered to business owners or persons that want to start a business.

You can request a quick loan through the smartphone app if you run out of money. With just one click, you can get low-interest short-term loans to meet your demands.

Their lending partners set your loan’s interest rate, which varies depending on the amount you want to borrow. However, the platform will calculate and clearly show you the interest on your loan when you want to apply.

As soon as your ALAT loan is past due, you’ll receive a notice of repayment, and your bank account will be deducted automatically. You can refund the loan early by selecting “bills payment” from the ALAT app’s menu.

Here are the requirements to get a loan from ALAT:

You can only request a loan from ALAT if you have an ALAT standard savings account.
Your ALAT account must be upgraded (You need to have a complete profile) before you can apply for an ALAT loan.
You must have used your ALAT account for some credit and debit transactions before being eligible for loan offers from ALAT.

3. Bill Payments

You can buy airtime, pay your electric bills, and make other payments using the ALAT app. The app allows you to purchase tickets for movies and events. You can also make payments easily on Remita via the app.

Here is a step-by-step process on how to register on ALAT.

Download and install the ALAT on your phone or tablet from Google Play or the iOS App Store.

When opening an ALAT account, you have to enter your BVN (Bank Verification Number)
Additionally, you need to take a photo of your face
You will also need to take a picture of your signature (written on a white sheet of paper).
A working phone number and email address are also required.
Last, you’ll need a legitimate government-issued ID card to open an ALAT account, such as a passport or voter’s card, NIN.

ALAT for Individuals and Businesses

WEMA bank owns the ALAT app, which provides seamless financial services for personal and business use. In this section, we will highlight the ALAT app’s services for individuals.

How to Apply for an ALAT Loan

After downloading the app and completing your registration. Here are the steps you can take to apply for a loan on the app.

From the menu list, click on “loans.”
Look at the ALAT app’s disclaimer page for any further questions.
Loan offers are made once a credit check and inspection have been completed successfully.
ALAT’s terms and conditions include the agreement to repay the loan on the due date.
Your details and requests should be included in your submission.
Your loans will be deposited into your bank account within five minutes.
Pay on time to increase your credit limit.

ALAT Health Connect

ALAT is more than just a banking app; it offers customers health services for as low as N300. You can subscribe to this service on the app by following these steps:

Open the ALAT app
Select Health Connect
Tap the ‘Subscribe’ option.

You will see a Pop-up message showing – Speak to a doctor powered by Health connect.

Pros

ALAT makes it easy for you to pay bills and receive payments.
It offers loans to people and Nigerians at a low & calculated interest rate.
With ALAT, you can curb your spending and save for the future with the saving and goal.
You can create multiple accounts for your businesses.
ALAT offers rewards to users by giving them discounted offers from different merchants.

Cons

The app is slow on some phones.

Conclusion

The ALAT App is an all-in-one digital banking app that is reliable, convenient, and simple to operate. It is a good app to have on one’s phone for seamless transactions and other benefits.