ALAT by Wema — review & details

In Bank accounts · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

Nigeria's first fully digital bank, run by Wema Bank — so you get an app-first account with commercial-bank NDIC cover behind it. Free to sign up, with automated savings goals (Fixed, Flexi, Spend-and-Save) and virtual and physical cards.

Best digital bank with commercial-bank backing

ALAT by Wema

Nigeria's first fully digital bank, run by Wema Bank — so you get an app-first account with commercial-bank NDIC cover behind it. Free to sign up, with automated savings goals (Fixed, Flexi, Spend-and-Save) and virtual and physical cards.
★★★★☆
4.2/5 · How we rate
Free to sign up; standard regulated charges on transactions
Monthly Fee
Backed by Wema Bank, a CBN commercial bank
Licence
NDIC-insured (commercial bank tier, to ₦5m)
Deposit Safety
App-first banking without microfinance-tier limits
Best For
digital
Type
Pros
  • Commercial-bank deposit cover, unlike most app-only rivals on MFB licences
  • Strong automated savings goals, including a spend-and-save sweep on purchases
  • Longest track record of Nigeria's digital banks (launched 2017)
Cons
  • App reliability complaints recur in store reviews during peak periods
  • Branch service exists only via parent Wema — the ALAT experience is app-only
  • Headline savings-goal rates apply to locked goals, not the everyday balance
Fees, eligibility & documents
Fees
Sign-up / maintenanceFree to sign up
TransfersStandard CBN-regulated electronic transfer charges
Eligibility
  • Nigerian resident with BVN
  • 18 or older
  • Smartphone for the app
Documents needed
  • BVN and phone number to start
  • Valid ID and utility bill to upgrade tiers
Visit ALAT

How ALAT by Wema compares in bank accounts

ALAT by Wema scores 4.2/5 in our bank accounts rankings. Our current top pick is Opay (4.3/5). Always compare a few before you decide — see the full bank accounts comparison.

ALAT by Wema
4.2/5 · this page
 Opay
4.3/5
 Kuda
4.2/5
Monthly Fee Free to sign up; standard regulated charges on transactions None None
Licence Backed by Wema Bank, a CBN commercial bank CBN national licence (Jan 2026) CBN microfinance bank
Deposit Safety NDIC-insured (commercial bank tier, to ₦5m) NDIC-insured NDIC-insured (to ₦2m, MFB)
Best For App-first banking without microfinance-tier limits Free transfers + agent cash-out App-first budgeting
Visit ALAT → Visit Opay → Visit Kuda →

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Details last checked: July 2026

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