Wema Bank, home to Africa’s pioneering fully digital bank ALAT, has dramatically set the pace in digital banking in Nigeria.
ALAT offers a cutting-edge digital experience with features like seamless onboarding, automated savings, instant loans and a gamified experience that keeps users engaged.
Rapid adoption has been driven by expansion of its innovative Playground ecosystem and ALAT, which uses API-based banking-as-a-service solutions, leading to an impressive 150% increase in active digital users over the past year. These tools, alongside sophisticated AI and data analytics, improve predictive credit scoring, refine personalised product offerings, and enhance real-time customer support.
On the security front, Wema Bank has introduced facial biometric technology for crucial tasks such as onboarding, account upgrades, and high-value transactions, effectively replacing traditional one-time passwords and helping to reduce fraud incidents by 40%. The bank has excelled in employing AI-driven fraud detection systems, robust transaction monitoring, and endpoint detection, collectively facilitating an impressive 91% decrease in customer balance and transactional errors thanks to robotic process automation.
Initiatives are specially tailored to empower women, youth and MSMEs by imparting valuable digital and financial skills
Complementing its tech innovations, Wema Bank has championed financial inclusion and literacy through several initiatives. Noteworthy among them is the launch of ‘Sara by Wema’, the Hackaholics Ideathon, and the FGN/ALAT Digital Skillnovation Programme. These initiatives are specially tailored to empower women, youth, and micro, small and medium-sized enterprises (MSMEs) by imparting valuable digital and financial skills. Significantly, Wema Bank facilitated approximately ₦7.6 billion ($5 million) in sales for nearly 3,000 women vendors and played a pivotal role in expanding market access.
With such comprehensive integration of digital technology, advanced infrastructure and impactful community programmes, Wema Bank has reaffirmed its status as Nigeria’s best digital bank.
