ALAT, a fully digital bank of WEMA Bank, has released two new features: fast short-term loans and a virtual dollar card. While ALAT loans are available to all ALAT customers through the bank’s Android and iOS apps, the Virtual Dollar Card is a non-physical dollar-denominated debit card designed for international online payments. The card is also accessible to all bank customers via the bank’s applications.
According to a statement sent to The Guardian, WEMA bank customers with an ALAT account can, through their ALAT profile, connect to their other Nigerian bank accounts, adding that this makes it easier for people with multiple bank accounts.
Speaking at the launch, the bank’s chief digital officer, Mr. Dele Adeyinka, said: “A bank should do more than just protect money, which is the bare minimum. The way we see it at ALAT, this bare minimum is no longer acceptable. We believe these new features will show the world more that banking services can and should be tailored to people’s lifestyles. ”
Explaining the features in more detail, the bank’s head of brand communication and marketing, Funmilayo Falola, revealed that ALAT is a branchless, paperless bank, which provides financial services through Android, iOS and web applications.
According to her, the support was designed in response to the growing needs of Nigerians for a financial institution that understands their needs, responds quickly and helps them save money, adding that WEMA bank will continue to leverage technology to break down the barriers that afflict conventional banks. According to the statement, since the launch of ALAT in May 2017, the bank has registered more than 200,000 open accounts and more than 1.1 billion naira in deposits as of February 2018.