Wema Bank's Mobile App wins overall best mobile app in Nigerian Fintech Awards

ALAT By Wema, the first fully digitalized bank in Nigeria, has been named the Overall Best Mobile App in the Nigerian FinTech Awards 2022, defeating the other FinTech apps nominated alongside it in the category in the platform's shortlist. The announcement was made at the Lagos award ceremony on Friday, November 4, 2022.

In its 10th year, the Nigerian Fintech Awards was founded by Fintech Africa, one of Africa's oldest and most influential publications on financial technology, to honour excellence in product designs and service delivery in financial technologies. According to the organizers, the Overall Best Mobile App, won by ALAT By Wema, is in recognition of the digital bank's contribution to the Fintech world.

ALAT By Wema, the first fully digital bank in Nigeria, was launched in May 2017 by Wema Bank Plc, the country's oldest indigenous commercial bank, to drive transformation and redefine experiential banking in Nigeria's banking sector. In its first year, ALAT by Wema gained over 250,000 customers, responsible for well over NGN 1.6 billion ($4.48m) in deposits. In 2018, the bank closed at the N1 billion ($2.78m) mark in terms of deposits into savings accounts.

Olusegun Adeniyi, Chief Digital Officer of Wema Bank, expressed his joy at the award, saying that the honour is only the icing on the cake of transformation that ALAT By Wema has brought to the banking industry in Nigeria.

Olusegun Adeniyi, Chief Digital Officer of Wema Bank, expressed his joy at the award, saying that the honour is only the icing on the cake of transformation that ALAT By Wema has brought to the banking industry in Nigeria.

According to him, the mobile app matches customers' lifestyles and helps subscribers save more with access to an exclusive group, personal savings, and other incentives.

The app provides all banking activities for users. The bank said:

"All banking apps only offer some banking services, typically airtime purchases, bill payments and transfers. For example, even with a banking app, customers usually still need to go to a physical bank to get a debit card and activate it, submit documents and often, get some kind of customer support. This is not the case with ALAT, which was built from scratch to be entirely digital, making all banking services available to the customers anywhere they can access the internet."