Wema Bank ALAT Limits FX Cash Withdrawal, Raises Savings Band

By Sodeinde Temidayo David

Nigeria’s first fully digital bank, ALAT by Wema Bank Plc, has announced that customers can now open foreign exchange (FX) account from their mobile devices.

This is part of its trailblazing move in digital banking, providing customers with an opportunity to operate a domiciliary account with ease.

The lender said the process is purely from a mobile device and does not require walking into a banking hall and it is with zero minimum without any operating or hidden charges.

However, to open this domiciliary account, one has to have an ALAT account and select the domiciliary account menu, while following the steps and procedure on the platform.

It was stated that the FX account has no limit to inflow and transfers, but there exists a cash withdrawal limit of $2,000 and as part of its focus on fully digital banking, no cash deposits into the account is allowed.

“We have also made it very easy for our tier three customers who have provided government-approved identification to open foreign accounts.

“We understand the world is a global village and international and intercontinental exchange is continuously on the rise.

“This new feature allows our customers to seamlessly send and receive dollars all from the comfort of their mobile devices,” the bank stated.

Wema Bank ALAT also said it has increased its savings band from a maximum of N200 million to N500 million, giving customers more room to get on board the savings challenge while also earning more from it.

“This is one of several features we have introduced to ALAT customers to make the digital banking experience a more rewarding one.

“The increased interest rate and expanded savings band is a way to encourage the culture of saving in a way that our current and potential customers benefit immensely from the experience.

“Looking at the new extended savings band on the savings goal initiative, customers who are under the challenge can save up to N500,000,000 at an 8.75 per cent new interest rate.

“The review of the interest rate is one of the several initiatives from ALAT to not only encourage customers to save but to also earn more from doing so.

“Customers who have not gotten on the savings challenge have an opportunity to do so and benefit from this increased rate,” the lender said.