ALAT was launched on May 2, 2017 to be an independent virtual bank, but powered by Wema Bank. With over 574,000 customers and over 43 million transactions processed, ALAT is now regarded as one of the leading virtual banks in Nigeria. They steadily delight the customers who have opened and run their personal or corporate accounts virtually. Wema Bank has done extremely well with this one.
This article exists to assist ALAT customers with how to open an ALAT account on ALAT App/WEB and get an ALAT account number instantly, how to make payments and pay bills on ALAT, how to use the ALAT USSD Code (*945#), how to upload your details and documents on the app, how to request/apply for ALAT loan without collateral and other frequently asked questions about Wema Bank ALAT. It’s all you need to know about the Wema Bank ALAT App.
Honestly, I thought the ALAT App was another online mobile bank app until I downloaded it. No, ALAT is quite different from the others
ALAT is Nigeria’s first fully functional digital bank powered by a commercial bank (Wema Bank). With ALAT, you can do all your banking transactions without being physically present at a bank.
How to Download and Open an Account on the ALAT App
This is quite easy to do, except you are new to the Android or iOS platform. First, you need a smartphone to use ALAT, that’s pretty much common these days. Here is a step-by-step guide on how to download, install the ALAT App on your phone, and get an account number instantly:
- On your smartphone, go to the App store
- Search for ‘ALAT’
- You might see many apps, but this one
is the right one - Click Get or Install
- Once the app is on your phone, launch it
- Choose Get Started and Proceed
- Enter your email address and phone number
- A verification mail/text is sent to you. Go to your email/SMS and verify
- Once verified, enter your BVN and basic details
- An ALAT account number will be generated instantly for you
At this stage, you can log in to the ALAT app to complete your onboarding process.
How to Create a Business Account on ALAT for Business
ALAT also has special accounts for corporates. To open your corporate account on ALAT for Wema, you need to get all your incorporation documents, plus directors’ details for upload.
All you need to do is visit the ALAT for Business website or download the ‘ALAT for Business’ application to your device.
Documents Needed to Open an ALAT for Business Account
Here are the documents you need to upload to the ALAT portal whilst opening a corporate account with ALAT:
- CAC documents
- All directors’ and signatories’ ID
- All directors’ and signatories’ BVN
- Proof of address
- Picture of signatories
- Tax ID
- Board resolution (where needed)
How to Create your ALAT PIN
The ALAT PIN is the most important thing on the App. To get your PIN, you must first go set your Security Questions (Settings).
To create your ALAT PIN, do this:
- Log in to the ALAT App
- Go to the top right corner where you have ‘Hi, YourName’
- Scroll down to Settings
- Click ‘ALAT PIN Management’
- Choose Get New ALAT PIN
- Enter the answer to your Security Question
- Enter a 4-digit number, confirm it
- Submit
How to Upgrade your ALAT Account on the ALAT App
This needs a bit more of your concentration. Here is a step-by-step guide on how to upload your details and documents to upgrade your account on the ALAT App in 5 minutes:
First, you cannot do anything on the ALAT App without your PIN. This is how to set your ALAT PIN.
- Log in to the ALAT App
- Go to the top right corner where you have ‘Hi, YourName’
- Choose Edit Profile
- Set your BVN, Personal Information, Contact details, Documents, Next of kin
Be extremely careful as you set these details as you cannot modify them once you submit them. Once you submit, the ALAT Team would need about 48 hours to view and verify these documents and details and approve them.
Once your documents and details are approved, you’re good to go!
How to Fund your ALAT Account
You need a way to get the money in. You can fund/load your ALAT account in three ways:
- Directly from a Wema bank account or other banks
- From other banks’ (Add a Card)
- From a foreign bank card
ALAT Account Types and their Limits
There are two types of Wema ALAT accounts:
Tier 1 ALAT account (N300,000 limit)
For this account type, all you need are your BVN, photo, and signature
Tier 3 ALAT account (Unlimited limit)
For this account type, you need to upload your BVN, photo, signature, address, Identification card, and utility bill.
Loan Types and How to Apply/Get A Loan on ALAT
This is a very important part of the app – loans. You can access a loan on ALAT even immediately after signing up. The ALAT credit analysts use CRMS (Credit Risk Management System) and the history of account to assess your loan requests.
There are four different types of loans on Wema ALAT. I will explain them one by one below:
Salary Based Lending (Loan for Salary Earners)
This loan type is for employees of several listed companies who get their salaries in their bank accounts. It’s not compulsory that you receive your salary in an ALAT or Wema account.
Features of the Salary Based Lending
- Lowest amount – N5,000
- Highest amount – N4,000,000
- Lowest tenor – 2 months
- Highest tenor – 24 months
- Monthly interest rate – 2% (this is probably the lowest you can get amongst all loan companies now)
How to Apply:
- Enter your requested amount
- Choose tenor
- Click Get Started
- On the next page, enter your Industry, Employer, and upload your work ID
- Upload your salary account statement and provide all other requested details
- Submit
Once submitted, the request goes to the ALAT Credit Analysts. They will review and approve or decline with reasons.
Goal-based Loan
This loan type is for ALAT customers who have saved up to N100,000 on goal savings. The security is the savings that you have done with them.
Once submitted, the request goes to the ALAT Credit Analysts. They will review and approve or decline with reasons.
Device loan
This loan type is for customers who want to buy laptops, headphones, AirPods, phones, cables, game consoles, etc but do not have the whole money.
You will be expected to have a minimum of 20% of the total cost of the device in your ALAT account at the time of requesting the loan.
How to apply:
- Select Vendor
- Select Device
- Enter how much you have (must be up to 20% of the device)
- Interest is 2% monthly
- Click proceed
- Enter all requested details and submit
Once submitted, the request goes to the ALAT Credit Analysts. They will review and approve or decline with reasons.
Pay Day Loan
This loan type is for employees. Sometimes, it’s called ALAT salary advance. This type of loan is to assist the employee till the next salary payday.
Features:
- Maximum tenor – 30 days
- Minimum tenor – 1 day
- Minimum amount – N5,000
- Maximum amount – N500,000
- Interest is 2%
How to apply:
- Enter How much you want to borrow
- Enter the duration you want
- Proceed
- Upload your salary account statement and provide all details
- Submit
Once submitted, the request goes to the ALAT Credit Analysts. They will review and approve or decline with reasons.
How to Make Payments on ALAT
On the ALAT App, you can make money payments. You can do the following:
- Send money (Local transfers, FX transfers within Wema and ALAT)
- Purchase Airtime and Data
- Pay Bills
- Make Remita payments (with RRR)
- Receive money through Western Union directly into your account
- Make QR payments
- Make NIBBS E-bills payments
- ALAT collections (Pay directly to your merchant – you will see them if they are registered)
- Fund and withdraw from your eNaira wallet instantly
Just select your preferred category, follow the steps and enter all request details. Get your transaction done in minutes!
How to Request a Debit/Virtual ALAT Card
By clicking the Cards category at the bottom right, you can make requests for physical cards or virtual ALAT cards on the app. This is how to get ALAT Card:
Debit cards
- ALAT physical debit cards are either MasterCard or Visa debit cards
- Choose Debit Cards
- Choose the design type
- Enter your address to be delivered to your doorstep. (2 working days)
- Enter PIN and create
Virtual Cards
You can request a Dollar or Naira Virtual card on ALAT. Virtual cards work online exactly the same way normal physical debit cards do. You obviously cannot use the virtual card on ATMs or POS.
You don’t need to create a fresh USD account to create a virtual dollar card. The rate for ALAT Dollar Card is N488/$1.
- ALAT physical debit cards are either MasterCard or Visa debit cards
- Choose Virtual Cards
- Choose currency (NGN or USD)
- Enter Card Name
- Choose the source account (where the card will be linked to)
- Enter PIN and create
How to Save (Goals) on Wema ALAT
This section of the app is for customers who wish to save some portion of their money either by automatic or manual debits from their main account.
There are two types of savings here:
Personal savings
- Investment – Save high amounts for longer periods and earn higher interest
- Dollar goal – Save in USD and earn higher interest when you save more
- Flexi goal – Save daily, weekly, or monthly. Earn higher interest when you save more. You can withdraw up to 50% of your savings once every 30 days but you will lose interest if you don’t meet your savings target.
- Fixed goal – Save daily, weekly, or monthly. Earn higher interest when you save more. No withdrawal is allowed and you will lose interest if you don’t meet your savings target
- Stash – Save whatever you want and at any time. Earn higher interest when you save more.
Group savings (Ajo/ Esusu/ Adashe)
- Rotating savings – Save with up to 12 friends. Receive the collective savings automatically when it is your turn.
- Save towards a target – Invite an unlimited number of people to save with you towards a goal.
Wema ALAT USSD Code
*945# is the official USSD code for ALAT USSD banking – Banking without the internet. With this USSD banking service, you can carry out daily banking transactions with ease from the comfort of your mobile devices.
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