Nigeria’s first fully digital bank, ALAT by Wema, has announced the addition of new features to the latest version of its mobile app. One of these features, called ALAT Loans, allows every Nigerian to apply for quick loans of up to 200,000 in ten minutes.
What is more interesting is the length of time between the time of the loan application and the approval. The digital bank confirmed that it will only take 10 minutes without any physical visit to the bank, collateral or paperwork.
Speaking on the emergence of ALAT loans, Head of Advertising, ALAT, Bimbo Agbejule explained the importance of functionality for everyday life.
“It is almost impossible to conduct your life or business without needing a loan, whether long or short term. This idea spawned the ALAT loans which we tailored for the average Nigerian, given their daily needs ranging from paying rent or school fees to raising capital for a new brick and mortar store and day-to-day emergencies. She said.
Recently recognized globally at the Prestigious World Finance Digital Banking Awards as “Best Digital Bank for 2017” and “Best Mobile Banking App”, ALAT is well positioned as a bank aware of the fast paced world of its customers and continually developing ways to solve everyday problems with technology.