ALAT Increases Interest Rate and Band For Savings

August 25, 2021
2 min read
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Nigeria’s first fully digital bank, ALAT by Wema, has recorded another amazing first with the increase in the rate for savings. Also, ALAT customers can now open foreign exchange accounts from their mobile devices.

Since its launch in 2017, ALAT has always focused on putting customers first and attending to their needs even before they ask in order to make the digital banking experience a fulfilling one.

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.

Also, ALAT increased its savings band from a maximum of N200,000,000 to N500,000,000 giving customers more room to get on board the savings challenge while also earning more from it.

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As part of its trailblazing move in digital banking, ALAT has provided an opportunity for customers to open foreign exchange accounts. As a testament of its digital banking experience, this can also be done from a mobile device and does not require walking into a banking hall. There is zero minimum opening amount and no operating or hidden charges apply.

This is however open only to tier three customers who have been fully onboarded on the platform by providing a government-approved identity card.

To open this domiciliary account requires this easy steps below:

Step 1: Log into your app

Step 2: Click on "Create Account"

Step 3: Select the Domiciliary Account

Step 4: Follow the steps.

This foreign exchange account has no limit to inflow and transfers. However, there is a cash withdrawal limit of $2,000. As part of its focus on fully digital banking, no cash deposits into the account is allowed.

“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.

“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.”

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