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LONDON, March 07, 2018 -- In May 2017, Wema Bank made a great step forward for the rapidly digitalising nation of Nigeria, by opening the country’s first ever fully-digital bank. The digital bank, named ALAT, enables Nigerians to open a fully-functional account without visiting a physical branch, and also delivers debit cards to customers’ doorsteps for free.
The digital bank has ushered in a new level of efficiency for banking in Nigeria. Customers require just two pieces of basic information to get an ALAT account up and running – a phone number and a banking security verification number. The customer’s security number contains biometric data, which enables ALAT to authenticate the identity of the account holder in less than a minute, making the process of opening an account almost instant. All other documentation can be uploaded directly from a mobile device and verified by a back-end team, saving the customer time and money by ensuring they never have to visit a physical branch.
In a country where mobile ownership is fast rising, the digital banking model has huge potential over the coming years. 81 percent of the Nigerian population are now mobile subscribers, while 53 percent are internet users, according to data from the Nigeria retailer Jumia.
Unsurprisingly, the Wema brand is starting to pick up traction. In the first six months of its launch, ALAT welcomed more than 175,000 customers and collected over NGN1.1bn in deposits. It has also caught the attention of international analysts, having scooped up an award for the Best Digital Bank in Nigeria of 2017 in World Finance magazine’s yearly round-up of the most impressive players in the financial sector. In addition, it picked up a second World Finance award for the Best Mobile Banking App in Nigeria.
To see a full list of this year’s winners, and to read more about the Nigerian digital banking revolution, pick up the latest issue of World Finance, available in print, online and on tablet now.
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Elizabeth Matsangou
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