Nigeria's first fully digital bank

ALAT by Wema wins Best Digital Bank Award from World Finance Magazine – Throwback to 2018

ALAT by Wema, Nigeria’s first fully digital bank, has won two awards at the prestigious World Finance Awards 2017. The bank, launched in May 2017, was named Best Digital Bank in Nigeria and Best Mobile App in Nigeria by a judging panel of finance and business journalists, with the awards announced in the Winter 2018 issue of the World Finance Magazine.

ALAT by Wema was one of over 25 banks across the world honored in the Digital Banking category of the awards. According to the magazine, the awards recognize “institutions leading the charge” in the banking sector’s digital revolution, itself a consequence of “the need for greater security and a rising demand for cryptocurrencies.”

The magazine also noted that “there has been a lot of change over the past year [2017], with financial institutions proving to be more willing to adapt…” This adaptation is a credit to Wema Bank, Nigeria’s oldest indigenous bank and the institution that gave rise to ALAT.

ALAT Digital Banking App By Wema Bank

Speaking on the occasion, Mr. Moruf Oseni, Executive Director of Retail Banking at Wema Bank, expressed the institution’s gratitude for the global recognition. “We are humbled to receive these awards so early in the existence of ALAT. To us, they are not merely a reward for the hard work we did to bring our digital bank to life, they are also incontrovertible evidence of Wema Bank’s new place as a leader in banking innovation in Africa,” he said.

ALAT by Wema is branchless, providing banking services through its Android, iOS, and web apps. As of January 2018, the bank has close to 180,000 customers with deposits of over 1 billion nairas.

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