Alat.ng is an online banking initiative by WEMA Bank Nigeria. The Alat app was created to enable Nigerians open bank accounts online and to also perform all forms of banking transactions through the app.
During the launch of Alat by Wema Bank; Segun Oloketuyi, MD/CEO of WEMA Bank stated that “The Alat app would be of great value to undergraduates, young professionals, young entrepreneurs, and busy executives, enabling them to expand their potentials across the globe.”
WEMA Bank hopes to target 3 million customers and revenue of over 200 billion Naira by 2020 with the Alat app.
Download Alat App for Android and iOS
The app is only available for Android and Ios users. We don’t know if support for windows and blackberry will be added in the nearest future.
Follow the appropriate link below to download the Alat online banking application.
The app already has over 10,000 downloads on the Play store. The number of downloads is fair for an app that was launched in May 2017.
How to Register
You can register on the app by clicking on the sign-up button. The sign-up button can be found immediately the app is opened. Enter your phone number, BVN and date of birth to register on the platform. With the inclusion of a Bank Verification Number (BVN), it is not possible to run two different accounts on the app.
Now that you have successfully signed up, an account number will be given to you courtesy WEMA Bank Nigeria. You cannot perform some transactions on the app until you upload certain documents. The list of documents needed to verify your account for all banking transactions are stated below;
- A picture (Passport could also be used).
- Signature (You can sign on a plain sheet of paper, snap it and upload).
- Utility bill. The following are accepted as utility bill;
a. Electric bill.
b. Water Bill.
c. Waste Bill.
d. Telephone Bill.
e. Internet Bill.
f. Student hall of residence allocation letter.
g. NYSC call up letter.
- Next of Kin contact details.
Once these documents are submitted and approved, the restrictions on your account will be removed.
With a verified account, customers can request for a debit card. The debit card will be delivered to the address of the customer or it can be picked up at a selected Wema Bank branch.
The Alat debit card comes with three styles you can select from. The card gives customers access to withdraw funds available in their Alat account. This debit card can be used in any ATM machine in Nigeria.
How to Fund the Alat account
Even without verification, customers are allowed to fund the account. The prices of funding the account are quite easy.
There are three sources available for funding; A Wema Bank account, a debit card, and from foreign cards. When funding, you have to select on of this options.
To fund from a Wema Bank account, it’s obvious you need to already have an account with Wema Bank. Wema bank existing customers can select this option and transfer money from their Wema Bank account into their Alat account.
If you are funding from a debit/credit card, you have to select either from “Other Bank card” or from foreign bank cards. Enter the card number, the expiry date, and the CVV code, click on the next button. The CVV code is the last three digits at the back of the card.
Enter the amount you want to fund your account with, write a note. Though the note is optional. Click on Fund account. Generate and enter your token code to complete the transaction.
Viola! Your Alat account has been successfully funded.
How to Transfer Money
Just like any other mobile banking application, you can transfer money from your Alat account to any other bank account in Nigeria. To do this, follow the simple process below.
Open the Alat app and click on send money. You can see this option by clicking the menu bar (the three bars at the top left corner).
Click on New receiver. If you have already done this before, the list of people you have sent money to will appear. Click on confirm details and transfer.
Enter the amount of money you want to transfer, the email address and a note. The email address and note are not compulsory. Even if you don’t put them, the receiver will still receive the money. Click on confirm and enter your Alat pin to complete the transaction.
Now, the sweet part the send money feature; you can set up scheduled transfers through the app.
What are scheduled transfers?
A scheduled transfer is a transfer that reoccurs from time to time.
Let’s say you want to send your girlfriend ₦10,000 every month, you can set up a scheduled transfer to automatically send the money to her account every month.
You can also set up a scheduled transfer to pay your house rent to the landlord every year. All you need to do is to put the amount and your landlord account number.
Now that you know what a scheduled transfer is, let’s see how to set it up.
Simply click on send money, select scheduled transfer and click setup re-occurring.
Enter the bank details and click get details. Fill in the details required.
The nickname could be what the payment is about e.g (house rent). Enter the amount and select how often you want the payment to occur. The scheduled transfers could be quarterly, monthly, weekly or a one-time payment at a scheduled date.
Enter your Alat pin and click setup recurring.
There are a lot of other things you could do on this app. You could set up a goal, make airtime and utility bill payments.
Have you used the Alat app by Wema bank? Feel free to tell us what you feel about it.