Banking
Wema Bank Upgrades ALAT App, Offers 30% Discount to Customers
By Dipo Olowookere
Customers of ALAT, Nigeria’s first fully digital bank launched by Wema Bank Plc, are set to enjoy the best of times with the lender committed to understanding their needs and offering them great deals.
The bank, which recently celebrated 100,000 accounts after just five months of operation, is offering its customers discounts of up to 30 percent on purchases made with its cards.
“When we launched ALAT in May, we made some promises to everyone who banks with us and we have not failed to deliver on these promises,” says Dele Adeyinka, chief digital officer at ALAT by Wema. “Technology has opened up various options through which banking can be made easier, faster and even more rewarding. We have been able to exploit the capabilities technology has offered to become a part of customers’ life. We are tailoring the solutions we provide to the lifestyles of our customers.”
The discount offer is part of the new ALAT 2.0, an upgrade to the app the Bank launched with. The new version of ALAT is expected to help it deliver more value to its customers who are increasing daily.
The new upgrade also comes with freshly designed interface that remains representative of the trendy ALAT app.
With ALAT 2.0, customers can send money to phone numbers, email addresses and social media handles. These interesting features have also come with exciting names like ALAT Pay out, ALAT Deals and ALAT Stash – which allows customers to earn 10 percent interest on savings.
Launched in May 2017, ALAT is Nigeria’s first fully digital bank, designed in response to the growing needs of Nigerian millennials for financial institutions that understand their fast-paced lifestyle, responds quickly to their needs and helps them save money.
ALAT by Wema Bank was named the Digital Banking Platform of the year by Business Day, Nigeria’s foremost business newspaper.
The bank was also recently nominated as the best innovative digital solution in Nigeria by the World Summit Awards. The Bank is now competing with 99 other nominees from across the world for the global top prize.
Few weeks ago, ALAT won an award for Excellence in Branchless Banking in the New Age Banking Awards.
ALAT can be downloaded from Google Play Store and Apple’s App Store. It provides end-to-end banking services digitally, without the need for physical branches. The bank also delivers free debit cards to its users.
Adoption of ALAT has exceeded expectations, with the bank passing the 100,000 accounts milestone early in October 2017.
An average of 500 ALAT accounts are opened every day through the bank’s 10 For 10 referral program alone. The program pays up to 1,000 naira for each referral made.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
