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Wema Bank Boosts Financial Literacy Among Teenagers With ALAT Xplore App

Wema Bank Plc, has launched ALAT Xplore App, a mobile banking app designed strategically to empower teenagers ages 13-17 with financial resources and opportunities to give them a head-start towards financial responsibility.

The App was unveiled on October 26, 2024 in Lagos. Currently available on the PlayStore or App Store, ALAT Xplore App boasts a unique range of engaging, educative and innovative features that make finance management more interesting for teenagers and help them weave financial literacy into their daily lives.The App offers a seamless onboarding experience, savings goals for Teens to save towards specific targets of their choice at any frequency and earn interest, airtime and data purchases, widgets that allow teens customise the App's interface based on their preferences.

Built with a unique parental-control framework, the ALAT Xplore App works in connection with the ALAT App, offering a unique experience that allows teenagers manage their finances via the ALAT Xplore App, with parents able to supervise and control the teenagers' access to onboard on the app, as well as their use of funds.

Speaking, MD/CEO of Wema Bank, Moruf Oseni, emphasised the importance of inculcating financial literacy from early childhood and teenage years, towards producing more financially responsible adults.

"Teenagers stand at a confluence between childhood and adulthood, teenage years have the capacity to steer the course of adulthood, and it is important that we leverage this pivotal phase to steer teens in the right direction.

"We had created the ALAT Xplore Account to help parents and guardians build a solid financial foundation for their teens, and the results have been impressive so far. However, we identified an equally important need for these teens to become involved in this journey to financial success, hence the launch of the ALAT Xplore App. The goal is to build more financially responsible adults from the point of being teens," he explained.

Oseni said, "we are excited to launch teenagers across Nigeria into a world of financial possibilities through the ALAT Xplore App, and we invite parents, guardians and teenagers across Nigeria to join us on this thrilling journey."

He stated that "the ALAT Xplore App is a game changer in the Nigerian banking industry and as we did when we pioneered ALAT, we are ushering in a new era of financial inclusion for Nigerians, this time, for teenagers."

The ALAT Xplore App is the Nigeria's first licensed banking app for teenagers. The App is accessible from any part of the world, allowing teenagers within and outside Nigeria to onboard on the app provided their parents have opened ALAT Xplore accounts for them on ALAT. The intriguing card designs also present a new opportunity for teenagers to own and operate their own debit cards issued in their own name, as they explore on their journey to adulthood.

Wema Bank Is Shaping The Future With Launch Of Pioneering ALAT

Constructed from the ground up to be a paperless, branchless bank, ALAT entirely removes the need for a physical branch or location when conducting banking services 

Interview with: Ademola Adebise, Deputy Managing Director, Wema

Crowded banking halls, long queues at ATMs and a daunting amount of paperwork: these have long been the hallmarks of banking in Nigeria. For even the most resilient person, a trip to the bank is an overwhelmingly stressful experience. It is also something that people go through often, with many regular banking tasks still requiring a physical visit to a branch. While advances in digital technology have opened up new channels and mean there are fewer reasons to visit, their functionality is limited. For everything beyond the most simple transactions, enduring a visit is still a necessity.

As the convergence unfolds at Wema Bank, a far-reaching strategy for transforming the entirety of the Nigerian banking experience is slowly crystallising

This status quo is mirrored on the back end of banking operations as well. Behind-the-scenes processes are typically sluggish, which leads to very long wait times. This all adds up to create a seemingly unending list of frustrations for the average customer.

Quantity isn't qualityWhile many Nigerian banks have committed a significant amount of resources to making banking more convenient for their customers, they have primarily approached it by expanding the footprint of their branches. By building more physical locations, they hope to better accommodate the daily flood of people visiting to complete transactions, open accounts and resolve any other issues that may arise. But the drawbacks of physical expansion far outweigh the benefits. An increase in the number of branches may help a bank manage the number of customers it has to deal with every day and increase its brand presence, but ever-growing building and maintenance costs diminish any potential gains. Add in the necessary investment in human resources needed to support additional branches, and any physical expansion becomes a risk on the bottom line of a bank.

As well as adding branches, several banks in Nigeria have made varying degrees of commitment to furthering some sort of digital banking strategy. Mostly, their efforts involve deploying a combination of internet banking services, mobile apps for smartphones and creating an Unstructured Supplementary Service Data (USSD) portal for GSM mobile phone users. Unfortunately, the success of these digital channels has been limited; their high cost combined with the limited penetration of internet connectivity in Nigeria has hampered their success. The channels themselves have also proved to be inconsistent and unreliable at times. Consequently, more uptake has been seen in the use of USSD than all other internet-dependent channels combined.

But USSD is not without its limitations and, while its usage is increasing, it has not been able to stem the tide of customers making their way to the banking halls. The Nigerian banking experience is ripe for disruption, and innovation has recently appeared from what many would have considered the most unlikely source.

The digital pivotWema Bank, the oldest indigenous bank in Nigeria, faced a conundrum for many years: while it desperately needed to achieve profitability by acquiring more customers, it could not afford the massive expense that would be required to expand its network of branches. To make the bank's situation even more dire, the Wema brand is not what it used to be. Over the years it has been overtaken by more youthful financial brands, and for a while now has been considered unattractive by a majority of Nigeria's Millennial population. With these people representing the future of the bank, a change was necessary to ensure the bank's survival.

Pressed for time and struggling to stay afloat, Wema Bank took a bold step that caught the rest of Nigeria's banking industry sleeping. In May 2017, Wema Bank offered a fresh and exciting perspective on the Nigerian banking experience with the launch of ALAT, the first entirely digital bank – not just in the country, but one of the first in Africa as well.

Built from the ground up to be a branchless, paperless bank, ALAT completely removes the need for commencing or completing transactions at a physical location. Signing up begins with downloading the bank's app, available on both Android and iOS, or visiting its web application. Registration is completed by uploading a selfie and a photo of one's signature, as well as other identification documents. With an average sign-up time of only five minutes, ALAT has revolutionised the process of opening a bank account in Nigeria. The hour-long, paperwork-filled account opening process at traditional banks is now a thing of the past.

The bank's innovation also extends to securing a debit card, another process that is typically tedious. Unprecedented in Nigeria, ALAT offers in-app card requests and activation, as well as free card delivery in as little as three working days to any Nigerian address.

Like other Nigerian banks, ALAT offers a standard savings account, but that is where similarities end. The bank provides multiple personal savings options, including savings goals and group savings options. Nearly all of these account formats come with up to 10 percent interest; three times the regular bank rate in Nigeria. To keep its Millennial audience within the ALAT ecosystem, the bank also offers loans and deals or discounts on food, entertainment and travel, and a virtual dollar card for online shopping. This is an innovative use of digital systems and is proving to be extremely successful.

While adoption is increasing among Millennials, the general response to ALAT has also exceeded expectations: during its first year, the bank has acquired more than 250,000 customers responsible for well over NGN 1.6bn ($4.48m) in general deposits. Now ALAT is closing in on the NGN 1bn ($2.78m) mark in terms of deposits into savings accounts. With assets growing steadily, ALAT is also seeing a consistent increase in the number of monthly active users.

Despite its success, ALAT is not exempt from the growing pains that digital-only ventures typically experience. It has also been unable to completely escape the internet connectivity issues and regulatory impediments that would otherwise make its adoption easier. Yet, the bank has shown more than enough promise for it to be a linchpin in the next phase of Wema Bank's digital transformation journey; the convergence of its banking services into one versatile, omnichannel platform.

Bringing it all togetherDriven by the success of ALAT, as well as a desire to simplify banking for everyday Nigerians, Wema Bank has begun the process of streamlining its banking services, harmonising duplicates and consequently cutting operational costs. Wema Bank's convergence journey kicked off recently with the gradual closing of its old Wema Mobile app. Users of the old app will be seamlessly migrated into ALAT, which has proven to be a more than adequate replacement. Once this process has been completed, ALAT will become Wema Bank's primary online banking platform, supported by its highly successful USSD channel and a small, but frequently visited, network of branches.

[A]n omnichannel approach that allows for the co-existence of digital and traditional platforms

As this convergence unfolds at Wema Bank, a far-reaching strategy for transforming the entirety of the Nigerian banking experience is slowly crystallising. This will begin with our own customers, but we hope it will also bring significant change to Nigerian banking more generally. The unique nature of the Nigerian market has shown that the digitalisation of front-end services may not catch on as quickly as businesses would like.

Consumers are often resistant to change in all sectors of the economy, not just in banking. Instead, what is more workable is an omnichannel approach that allows for the co-existence of digital and traditional platforms, with the former slowly absorbing the latter as the quality and proliferation of digital infrastructure grows. With digital services always improving, we believe that while it may take time, there will ultimately be a successful transition to a digital-first experience.

However, in terms of back-end services, we have much more freedom as to how we work to create a digital revolution. This is urgent, given the state that much of the Nigerian banking industry operates in. Wema Bank has already staked a claim at the forefront of this development, promoting digital change by implementing the globally touted, agile method of software development. Agile is an exciting form of development that will allow us to adapt to customers as their needs evolve. By developing and rolling out new features and tools frequently, we can bring a much-needed increase in speed to the Nigerian banking industry.

As more customers come on board, having an agile development team in place will become a necessity to meet their expectations. We have recruited some of the best homegrown technical talent and are investing liberally in research and development. With our expert team, we will lead the way when it comes to Nigeria's digital banking revolution.

The evolution of Wema Bank from simply the oldest indigenous bank in Nigeria into a nimble financial institution with its own fintech spinoff is well underway, and it is quite a sight to behold. We believe that our work now will come to shape the future of the entire Nigerian banking industry. The world should sit up and pay attention: Wema Bank is a bank to watch and a bank to beat.

Nigeria: Wema Bank's Alat Xplore - Pioneering Financial Literacy With Nigeria's 1st Teen Banking App

Oluchi Chibuzor writes on Wema Bank's ALAT Xplore App, Nigeria's first licensed banking App tailored specifically to teenagers ages 13 to 17

As the world rapidly evolves into a digital and interconnected marketplace, financial literacy among young people has become critical. Early exposure to financial concepts like saving, budgeting, and responsible spending is increasingly recognized as essential for personal and professional success. Studies by the Programme for International Student Assessment (PISA) reveal that one in four students across OECD countries lacks basic financial knowledge, a gap that significantly impacts lifelong financial health. Without early education, many young people struggle with debt and poor financial habits into adulthood, underscoring the need for financial independence as a cornerstone of confidence and long-term success.

In Nigeria, where the population exceeds 230 million and includes one of the world's largest youth demographics, financial literacy is a pressing priority. Over 61 per cent of Nigerians are under the age of 24, with a median age of 18.1 years, creating a youth-driven economy ready to engage in financial and technological advancement. Teaching financial responsibility from an early age is not a luxury but a national imperative.

In this context, Wema Bank has introduced a groundbreaking solution tailored specifically to teenagers: the ALAT Xplore App, Nigeria's first licensed banking App exclusively for ages 13 to 17. ALAT Xplore is not simply another App; it is a foundational tool designed to empower young Nigerians with the skills they need to navigate the complexities of personal finance. Beyond transactions, the App provides teens with a guided experience that includes goal-setting, expense tracking, and financial planning. The ALAT Xplore App bridges a crucial gap, creating a safe and structured environment where teens can learn practical financial skills while exercising some independence.

Wema Bank has a longstanding legacy of innovation, consistently delivering digital solutions that redefine the banking experience. From ALAT, Africa's first fully digital bank, to the recent launch of CoopHub, a comprehensive digital solution for cooperative societies, Wema has proven its dedication to meeting the evolving needs of Nigeria's economy and people. The launch of the ALAT Xplore App exemplifies Wema's commitment to customer-focused solutions, reflecting a proactive Approach to engaging each customer segment with targeted, relevant tools. For Wema Bank, innovation is more than a strategic move; it's the embodiment of its mission to empower lives through technology.

The ALAT Xplore App was conceived after extensive research into the unique financial needs of Nigerian teens and their families. Studies and surveys indicated a strong demand for a financial platform that allows teenagers a degree of independence in managing their money while also keeping parents involved in the process. The App serves as a digital ecosystem for financial literacy, promoting responsibility and autonomy with the right balance of parental guidance. Parents retain oversight through secure controls that allow them to set transaction limits, track spending, and Approve allowances, while teenagers can enjoy financial independence within structured boundaries.

The App's interface is tailored to Appeal to its young audience, offering tools that make learning about money enjoyable and accessible. Teenagers are introduced to budgeting tools, savings goal trackers, and real-time expense categorization, helping them make informed financial decisions from an early age. Through the ALAT Xplore App, teens can see the impact of their choices, providing a natural and intuitive Approach to cultivating good financial habits.

A central feature of the ALAT Xplore App is its parental control functionality, which offers peace of mind and oversight for parents. Recognizing the importance of balanced autonomy, Wema Bank designed the App to ensure that parents can monitor their teens' financial journey in real time. Parents can set spending limits, control allowance transfers, and receive alerts on their child's financial activities, creating a collaborative environment between parents and teens. This dual functionality makes the ALAT Xplore App a comprehensive tool for learning, responsibility, and trust-building.

Security is also a priority in the ALAT Xplore App experience. Wema Bank has integrated advanced security protocols, including three-factor authentication, to ensure that users' information and transactions remain safe. In a digital world where data security is paramount, especially for younger users, Wema's dedication to building a secure platform underscores its reputation for reliability and trust. The ALAT Xplore App offers both teens and parents confidence in knowing their financial interactions are protected, allowing them to focus on learning and growth without concern over security issues.

To further engage young users, the ALAT Xplore App incorporates a reward system that incentivizes financial literacy and responsible habits. The App uses reward points, milestone achievements, and gamified learning experiences to make financial education engaging and interactive. Each positive interaction with the App--whether hitting a savings target, staying within budget, or completing a financial knowledge quiz--earns the user points that can be redeemed for rewards. This design transforms learning into an enjoyable experience, motivating teens to actively participate and stay invested in their financial growth.

The launch of the ALAT Xplore App aligns perfectly with Wema Bank's mission to empower lives through innovation. This initiative marks a strategic move to nurture a financially literate generation, equipping teenagers with essential tools and a practical Approach to managing money. The App addresses a national need, bridging a gap in Nigeria's financial education landscape by providing a secure, guided experience that prepares young Nigerians for a financially responsible future. It reflects Wema Bank's understanding that financial literacy is not just about managing money but also about instilling confidence, discipline, and independence in Nigeria's youth.

Wema Bank's legacy in the Nigerian banking sector is defined by a commitment to forward-thinking solutions. From the revolutionary ALAT App, which transformed banking by creating an accessible, fully digital platform, to CoopHub, which introduced cooperative societies to digital financial management, Wema Bank has shown time and again that it is dedicated to meeting the diverse needs of its customers. With each new product, Wema Bank has proven that innovation can be both impactful and inclusive. The ALAT Xplore App is a continuation of this legacy, representing a bold step forward in youth banking and reinforcing Wema's dedication to addressing the financial needs of every Nigerian demographic.

In a broader sense, the ALAT Xplore App is more than a banking tool; it's an initiative with far-reaching social and economic implications. By focusing on financial literacy for teenagers, Wema Bank is contributing to Nigeria's economic resilience. Financially literate individuals make better economic decisions, benefiting the economy as a whole. Through ALAT Xplore, Wema Bank is not only cultivating responsible, financially savvy individuals but also contributing to a more stable and prosperous Nigeria.

As we look to the future, Wema Bank's commitment to innovation promises to continue shaping the financial landscape in Nigeria. The ALAT Xplore App is a landmark achievement, a digital rite of passage offering teenagers a safe space to learn, manage, and enjoy the benefits of financial independence. This pioneering product serves as a reminder that banking is more than transactions; it is a powerful tool for empowerment, learning, and social change. By giving teenagers access to banking services specifically tailored to their needs, Wema Bank is making a lasting impact on Nigeria's future.

Wema Bank's journey has been defined by a clear vision: to empower lives through technology and innovation. The ALAT Xplore App is a manifestation of this vision, providing teenagers across Nigeria with the opportunity to become financially aware, capable, and responsible. As Nigeria's first licensed banking App for teenagers, ALAT Xplore isn't just breaking ground; it's setting a new standard for youth banking in Nigeria.

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Through ALAT Xplore, Wema Bank is not only teaching Nigerian teenagers how to handle money; it is also laying the foundation for a generation of financially literate individuals who will shape the nation's future. In a country where young people represent a significant portion of the population, the impact of ALAT Xplore will resonate far beyond individual users, contributing to a more educated, empowered, and economically stable Nigeria.

By investing in Nigeria's youth and focusing on innovation, Wema Bank continues to lead by example, demonstrating that banking can be a catalyst for personal growth and national development. With the launch of the ALAT Xplore App, Wema Bank has solidified its role as a pioneer in Nigerian banking, dedicated to empowering all segments of society, especially its youngest members, and shaping a financially literate future.

"Wema Bank has a longstanding legacy of innovation, consistently delivering digital solutions that redefine the banking experience. From ALAT, Africa's first fully digital bank, to the recent launch of CoopHub, a comprehensive digital solution for cooperative societies, Wema has proven its dedication to meeting the evolving needs of Nigeria's economy and people. The launch of the ALAT Xplore App exemplifies Wema's commitment to customer-focused solutions, reflecting a proactive Approach to engaging each customer segment with targeted, relevant tools. For Wema Bank, innovation is more than a strategic move; it's the embodiment of its mission to empower lives through technology."

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