Nigeria
activeNeobank
- HQ
- Lagos
- Fee
- Free core account
ALAT
Nigeria’s first fully digital bank. Powered by Wema Bank. NDIC follows Wema.
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6.8Mixed
AlternativesFive questions
At a glance
Is it a bank?
Yes — Digital bank product of Wema Bank Plc (Central Bank of Nigeria). Still read the entity on the statement.
If it fails?
NDIC on eligible deposits at Wema Bank Plc — ALAT is the app, Wema is the bank
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Digital SKU — confirm live
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
6.8
/10 · Mixed
ALAT is Wema Bank’s digital brand, not a mysterious EMI. NDIC follows Wema. Score it as a naira current account. Kuda is the other Nigerian digital-bank search; the licence lines differ — read both.
What it is
ALAT by Wema launched in 2017 as ‘Africa’s first fully digital bank’. The deposit sits at Wema Bank Plc, a CBN-licensed commercial bank. That is the file. The app is the skin.
Best for: Nigerians who want a CBN-bank deposit with an app, and will read ‘Wema’ on the statement.
Last checked 2026-08-28. Not advice.
What it does well
- +Named bank (Wema)
- +NDIC path is the parent
- +First-mover digital brand
- +Cards
What to watch
- −App ratings are mixed
- −Not a separate CBN digital-bank licence in the new class
- −Support load
- −Not Kuda’s brand heat
Who holds the money
The account
- Platforms
- iOS · Android
- Account types
- Naira current · savings
- Partner bank
- Wema Bank Plc
- Minimum balance
- ₦0
- Lowest monthly fee
- Digital SKU — confirm live
- Who can open
- Nigerian residents
- Availability
- Nigeria
How money actually moves
- Who holds the cash
- Bank balance
- How money moves
- In-app ledger
- Built for
- Personal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Bank-grade; still not freeze-proof
- Card
- ALAT lists a physical card and a virtual card on mastercard, plus Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
NDIC on eligible deposits at Wema Bank Plc — ALAT is the app, Wema is the bank
Who holds the money: Wema Bank Plc
- Central Bank of NigeriaDigital bank product of Wema Bank Plc · Nigeria
Fees
- Monthly
- Digital SKU — confirm live
- FX markup
- Naira product; dollar card is a separate tariff if issued
- ATM
- Wema / network
Features
- –IBAN
- –Fee-free core
- –Multi-currency
- –Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- –Halal
- Naira current account
- Wema Bank licence
- Virtual + physical cards
- Savings pots
- Loans
Score
- Safety25%
- 7.6
- Fees20%
- 7.8
- Features15%
- 7.2
- App15%
- 7.4
- Global15%
- 3.4
- Support10%
- 6.0
Change log
Full logLicence
ALAT is Wema Bank’s digital brand
NDIC follows Wema Bank Plc. The app is the skin. Not a separate CBN digital-bank licence in the new class.
Available in
Straight answers
FAQ
01Is ALAT a bank?
ALAT holds a banking-style licence (Central Bank of Nigeria). Still read the legal entity on the statement, not the app icon.
02How is money protected?
NDIC on eligible deposits at Wema Bank Plc — ALAT is the app, Wema is the bank
03Where is ALAT available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with ALAT.
04Card and wallets?
ALAT lists a physical card and a virtual card on mastercard, plus Google Pay. Confirm the live product in the app — a card is not a current account.
05Can I open ALAT remotely?
Residency and KYC are gated. An App Store listing is not proof you can onboard from your country.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
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