I don get "alat"


Before you mumble and roll your eyes, hold on, what's the difference you ask? Isn't it just another normal account and ploy to take our money and data under the banner of indigenous innovations? Well the first obvious notable difference is that it is digital, rather than fill countless forms and wait in line to get your account processed and activated, you can open an ALAT account in 5 minutes with your bvn and phone number. 

Having a creative tag "Your bank, Your way" with a promise of no ridiculous fees, no hassle and no drama; this might be what every millennial needs. Get it on Apple store and Google play store 

And follow them on Instagram: @alat_ng

                                Twitter: @alat_ng

                                 Facebook: Alatng

Supported by Wema Bank, with AlatNg, you can

// Save Easily: Take the pressure off with a simple automated savings plan and earn 10% annual interest - three times the standard bank rate.

// Schedule Transfers: Schedule your transfers and recurring bill payments so they're paid on time even if you forget.

// Free card delivery: Except for a few banks that offer instant card like Access bank, other banks take over a week to get your card ready and even then, you have to go and queue in customer service deal with their attitude before you finally get your card. But it is different on this platform, you pick one of three bank card designs and we'll deliver yours to you in 72 hours, anywhere in Nigeria, at no cost.

// Control your card: Activate your debit card, lock it, unlock it and choose where it works all from your phone. You can also from the comfort of your phone, report the loss of your card, once again avoiding unnecessary paper work.

// Personal Customization: Change your PIN, update your personal information and upload documents with your phone's camera. No help needed.

I guess the real question here is, "Is Nigeria ready for digital banking?" Digital banks are financial institutions that have no branches and conduct all consumer interactions via internet and mobile applications as well. Digital banking is however not mobile banking as mobile banking is your physical institutions in which you have accounts opened translated to your mobile phone, while digital banking has no affiliation with already existing banks. 

Shocking as it may or may not be, a lot of people especially the older generation who happen to have the most money, would rather save their money at home or in associations at their workplace or any place of convenience. It is also no news that they are just getting used to mobile banking for the ease and influence of their kids or youths close to them; now the greatest hindrance of this app i must say and I am sure a lot of people will agree with me will be trust.  Why will i take money i barely have and put in a bank that has no branches and on which i have to rely on virtual communication with? Have we sorted our security systems? Are the gateways to this app entirely safe and secure? This trust barrier has to be abolished but nevertheless this is a great idea!