One of the major slogans for driving financial inclusion in this part of the world is 'banking the unbanked.' This has led to the birth of many fintechs providing solutions to drive this inclusion.
Traditional banks are also innovating and releasing standalone products that are doing well and extending the frontiers of banking.
ALAT by Wema is one innovative digital bank that sprung up from traditional banks and is pushing the drive for financial inclusion. The platform enables users to register and get a bank account number at their comfort, and there's more to their offerings.
Interestingly, ALAT is a proud sponsor of The Fintech Summit. We had a brief chat with Morolake Philip-Ladipo, Acting Head, Marketing Communications and Investor Relations at Wema Bank, who discussed what ALAT does and why they are excited about The Fintech Summit.
Can you tell us more about ALAT by Wema and your offering?
We are building Nigeria's most dominant digital banking platform. We believe your bank should support your aspirations and help you reach for much more. That's why we built ALAT, Nigeria's first fully digital bank, to offer bespoke solutions to all your banking needs while supporting your lifestyle choices, business demands and recreational ventures.
ALAT offers a simple, reliable, and convenient 360 digital banking experience. Our technology inspires people to manage their money differently while allowing them to bank on the move from anywhere.
It takes about the same time used to eat a burger to sign up to our branchless bank and get a functional account number, access to loans, and a free debit card delivered to you with an option to lock and unlock anytime.
ALAT stands for - Audacious, Limitless, Aspirational, and Timeless. ALAT was borne out of the willingness to take bold steps by Wema Bank, and that defines the audacious tag; it is this spirit that drives our brand positioning, campaigns and initiatives – the goal is to 'ginger' young Nigerians (the ALAT trybe) to go all out for their goals and aspirations.
ALAT offers a branchless and paperless banking experience. The focus is to improve lifestyle through innovation. It is a bank without borders, and its core is embedded in the innate desire of humans to live free, making it limitless.
With flexible options to manage funds, enjoy lifestyle banking, and enjoy amazing deals and discounts, ALAT gives that extra zest to aspire for bigger things (and go all out to achieve them)
Innovation is timeless – it transcends various generations, improving lives and supporting development. The dream with ALAT has always been to build a brand that will outlive its founders and continue to meet the financial needs of Nigerians.
We have the vision to be the dominant digital platform in Africa, delivering seamless financial services, and we have a mission to Empower lives through innovation.
What makes you excited about the fintech summit?
We have seen the efforts and progress of the Techpoint team over the years and its contribution to the growth of technology in Nigeria. We cannot deny the fact that the future of human development not only in Nigeria but the world at large will be driven by technology in various sectors like health, education, finance etc.
As the first fully digital bank not only in Nigeria but in Africa, we are very much enthusiastic about technology with a special focus on the financial sector; therefore, The Fintech summit is of interest to us as a brand and business. We have enabled many Fintechs that are fully operational in the Nigeria ecosystem that offer their services from payments, database administration, inclusive banking, investments, loans etc.
As a dominant digital bank, we want to meet more businesses and startups so we can provide our services to help them operate seamlessly, offering solutions to the public.
What pain points do you think need to be addressed in Africa’s fintech Sector?
Every ecosystem has its challenges and peculiarities, and the fintech space is not alien to that. As the first fully digital bank, we paved the way and, through our efforts and technology, have empowered and enabled the operations of fintech.
I believe there are still areas where fintech can create solutions. The needs of the people and customers' wants are ever-increasing, giving room and opportunity for more tech-driven solutions and opportunities.
With the new startup act, we will have new policies that will ensure a conducive environment and sustenance for these startups.
Loan, investments, customer validation, and budgeting, to mention a few pain points in the Fintech sector, would need to be addressed.
Also, with the growing needs and demands of customers and paying more attention to the activities of fraudsters, cyber security in the fintech space cannot be overemphasised.
What impact will you be expecting following conversations that will be held at the fintech summit?
Solutions and new opportunities for startups to emerge from the problems identified will bring in more revenue for the ecosystem and improve the standard of living for the average Nigerian.