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Wema Bank’s ALAT Gives Quick Loans, Virtual Dollar Card to Customers

By Dipo Olowookere

Nigeria’s only fully digital bank created by Wema Bank Plc, ALAT, has released two exciting new features; quick short-term loans and a virtual dollar card for paying online internationally.

A statement issued in Lagos by the lender explained that ALAT Loans are accessible to all ALAT customers through the bank’s Android and iOS apps.

The ALAT Virtual Dollar Card is a non-physical, dollar-denominated debit card designed for online payments. Like ALAT Loans, the card is available to all the bank’s customers through its apps.

In addition, customers of the bank can now connect other Nigerian bank accounts to their ALAT profile on the app. This makes moving money around a lot easier for people who use multiple bank accounts.

The feature is one of several ways ALAT users can fund their account. Other ways are through local and international bank cards, and by transfer.

Speaking on the launch of the new features, the bank’s Chief Digital Officer, Mr Dele Adeyinka, expressed his team’s passion to make banking even easier for everyday people.

“A bank should do more than just keep money safe. That’s the bare minimum. The way we see things at ALAT, that bare minimum is no longer acceptable.

“We believe that these new features will further show the world that banking can and should be relevant to people’s lifestyles,” he said.

ALAT has been well-received since its launch in May 2017, with over 200,000 accounts opened and over 1.1 billion naira in deposits as at February 2018.

ALAT is a branchless, paperless bank which provides financial services through its Android, iOS and web applications. It was designed in response to the growing needs of Nigerians for a financial institution that understands their needs, responds quickly to them and helps them save money.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.