In five mins, you can open an account with Nigeria’s ‘first fully digital bank’ — all by yourself

In less than five minutes, you can open a bank account with Alat, the electronic, branchless bank, regarded as Nigeria’s first fully digital bank.

The bank, which was set up by Wema Bank, is aimed at taking banking in Nigeria to the future, via a mobile application and web portal launched at Wema Bank’s 72-year anniversary.

At the unveiling of the bank on Tuesday night in Lagos, Segun Oloketuyi, the managing director of Wema Bank, said due to the convenience that comes with the digital bank, it expects that the bank will accrue about three million customers.

“This is an offering to the young professionals, entrepreneurs and students who are tech savvy and always on the move. It is an opportunity to integrate banking into their lifestyle without hassles,” Oleketuyi said.

Oloketuyi said the bank will be of great value to undergraduates, young professionals, young entrepreneurs, and busy executives, enabling them to expand their potentials across the globe.

“You can carry out all of your transactions and not step into a bank, and this includes requesting, receiving and activating your debit card,” he added.

“ALAT is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. A banking app is just an app offering some banking services, not a full digital experience”.

To open an account with Alat, “install ALAT from the Apple App Store or the Google Play Store, open the app and sign up with your Bank Verification Number and a valid phone number”.

Based on TheCable review, this can be done in less than five minutes from the download of the app, if the BVN, email address and phone number are available.

The branchless bank also has a savings plan which gives up to 10 percent on savings per year.