What ALAT does

ALAT is the digital banking division of Wema Bank PLC, positioned as Africa's first fully digital bank since its 2017 launch in Lagos, Nigeria. The platform operates as a mobile-first, branchless banking service accessible via iOS and Android apps, with all account opening, card issuance, transfers, and support handled digitally. It serves a stated base of over 5 million individual consumers and 200,000+ businesses across all 36 Nigerian states, targeting retail customers seeking convenience (no queues, 24/7 access) and SMEs requiring digital financial management tools.

The product surface includes instant virtual and physical debit cards (Naira and Dollar, across Verve, Visa, and MasterCard networks), the SAW voice banking assistant supporting English and three major Nigerian languages, NFC-based Tap & Pay for peer-to-peer contactless transfers, Treasury Bills and stocks investment products, personal and group savings features, and prepaid loan facilities. Underlying technology relies on biometric authentication (fingerprint, facial, and voice), AI-based fraud detection, and CBN-licensed banking infrastructure inherited from Wema Bank PLC. Distribution is entirely self-serve through app stores and a Campus Ambassador student program, with no physical branches.

ALAT generates revenue through transaction and transfer fees, card interchange, interest income on prepaid loans, and likely spreads on investment products. As a non-independent division of Wema Bank PLC rather than a separately funded entity, ALAT has no disclosed external funding, no independent revenue disclosure, and no standalone ownership structure. Competitive positioning rests on first-mover brand recognition, regulatory coverage through its parent's CBN license and NDIC deposit insurance, and differentiated consumer features such as multilingual voice banking.

Name

ALAT

Legal name

Wema Bank PLC

Website

https://alat.ng

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

ALAT is the digital banking division of Wema Bank PLC, launched in 2017 as Africa's first fully digital bank. It serves over 5 million consumers and 200,000+ businesses across Nigeria through a mobile-only app offering cards, voice banking, NFC transfers, and investments.

Ownership category

akta.pro rank

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Transaction and Transfer Fees: Fees from money transfers, bill payments, and card transactions generate revenue from the high volume of daily banking activities conducted on the platform.
2. Loan Interest: Prepaid loans and credit facilities offered to customers with interest charges, generating interest income.
3. Card Transaction Interchange: Revenue from debit and credit card usage, including POS transactions, ATM withdrawals, and online payments.
4. Investment Products: Treasury bills and stock trading services likely generate revenue through transaction fees and potential spreads on investment products.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

ALAT is a fully digital bank, powered by Wema Bank PLC, that delivers retail and SME banking exclusively through a mobile application (iOS and Android) and web channels. Its product set spans personal and business accounts, instant virtual and physical debit cards (Naira and Dollar), NFC Tap & Pay, voice-activated banking via the SAW assistant, prepaid loans, savings tools (personal and group), and investment products (treasury bills and stocks) for individuals and SMEs in Nigeria.

Product overview

ALAT is Nigeria's first fully digital bank, powered by Wema Bank, offering a comprehensive mobile banking ecosystem. The core ALAT Digital Banking App serves as the unified platform for everyday banking, while modular add-ons extend functionality including Virtual and Dollar Cards for payments, Voice Banking (SAW) for hands-free operations, Tap & Pay for NFC transfers, investment products (Treasury Bills, Stocks), savings tools (Personal Savings, Group Savings), and Prepaid Loans. The separate ALAT for Business platform addresses business banking needs.

Differentiator

Problem solved

Functional benefit

Products and services

• ALAT Digital Banking App Africa's first fully digital bank mobile app powered by Wema Bank, providing 24/7 personal banking for savings, spending, transfers, bill payments, loans, and investments.
• ALAT for Business Business banking platform providing digital banking tools for SMEs including transaction management, payment processing, and business account services.
• Virtual and Physical Debit Cards (Naira & Dollar) Instant virtual and physical debit cards supporting MasterCard, Verve, and Visa networks for online shopping, international payments, bill payments, and POS transactions; includes Naira and Dollar card variants for local and international use.
• Voice Banking (SAW) SAW (Speech-to-Automated-Writing) is a voice-controlled banking assistant that lets users conduct transfers, balance checks, bill payments, and account management through voice commands in English, Yoruba, Igbo, and Hausa.
• Tap & Pay NFC-based contactless payment feature for instant money transfers between ALAT users by tapping compatible devices, eliminating the need for account numbers.
• Treasury Bills Short-term securities investment product issued by the Central Bank of Nigeria, allowing users to invest in government-backed treasury instruments directly from the ALAT app.
• Stocks Trading Investment feature allowing users to buy and sell stocks directly from the ALAT app for equity investments anytime, anywhere.
• Personal Savings Individual savings feature allowing users to save independently toward personal financial goals with target-based tracking.
• Group Savings Collaborative savings feature enabling multiple users to save together toward a shared financial goal.
• Prepaid Loans Prepaid credit facility offered to eligible users, providing access to funds before salary or income arrival with interest charges.

Quantifiable outcome

• 5+ million customers served across Nigeria
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature4 records

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Moniepoint: Moniepoint (formerly TeamApt) is a Nigerian digital banking and payments platform focused on merchants, SMEs, and underbanked consumers. Directly comparable on digital banking and POS/payments distribution in the same Nigerian market.
• Kuda Bank: Kuda is Nigeria's leading app-only challenger bank offering savings, transfers, cards, and loans to individuals and SMEs. Direct competitor with ALAT on mobile-first retail banking, targeting the same digitally native Nigerian consumer base.
• OPay: OPay is a Nigeria-headquartered super-app offering payments, transfers, savings, cards, and merchant services via a mobile app. Direct competitor referenced in ALAT user testimonials and operating in the same product-led, branchless digital banking niche.
• FairMoney: FairMoney is a Nigerian digital lender and mobile banking platform offering personal loans, savings, and payments through a smartphone app. Directly comparable in mobile-first financial services to retail and SME users, with similar prepaid-credit and app-based onboarding flows.
• Carbon (formerly Paylater): Carbon is a Nigerian digital lending and consumer finance platform offering instant loans, savings, and investments via mobile. Comparable to ALAT on consumer credit products and app-led GTM, though with deeper credit-led positioning.
• PalmPay: PalmPay is a pan-African mobile payments and digital banking platform with strong Nigerian presence. Directly comparable on app-based transfers, bill payments, savings, and card issuance for mass-market consumers.

Broad incumbents

• Wema Bank PLC: Wema Bank is ALAT's parent bank (est. 1945), offering full retail and corporate banking across Nigeria. Comparable as the broader licensed banking franchise under which ALAT operates and from which it derives its CBN licence and NDIC-insured deposit capability.
• Guaranty Trust Bank (GTBank / GTCO): Guaranty Trust Bank is one of Nigeria's largest banks with a mobile app, USSD, and digital channels serving retail and SMEs. Comparable incumbent providing a benchmark for traditional Nigerian banks competing with digital-first players including ALAT.
• United Bank for Africa (UBA): UBA is a pan-African bank with significant Nigerian retail and SME presence, including the Leo AI chatbot on its mobile app. Comparable as a large incumbent embedding AI-driven features into digital banking, similar to ALAT's SAW voice banking.
• Zenith Bank: Zenith Bank is a major Nigerian commercial bank offering retail, corporate, and digital banking services. Comparable incumbent for benchmarking against ALAT on the digital features of traditional Nigerian banks.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/alat_ng
• Facebookfacebook.com/Alatng

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ALAT