Commonly asked questions about Nigeria’s first fully-digital bank, ALAT
So I’ve been writing a lot about ALAT and people have been wondering, are they paying you for this?! My answer, I just love the idea and those who know me, know that I’m a huge supporter of brilliant ideas. I can defend it so much, not with my life sha 😁
Anyways, when I talk about ALAT, I hear it some comments such as, it’s a fraud, it’s a scam. How can they give 10% interest, when older banks aren’t even given that. How can they run a fully-digital bank? Well, in the following paragraphs, I seek to convince and not to confuse you that ALAT is legal, it’s legit, it’s real, they keep their word and lastly, it’s designed to put banking at your finger tips and make you smile.
Q: How can ALAT pay 10% annual interest when other banks don’t?
My answer: firstly, the idea of technology, the reason people embrace technology is to make things easy, to reduce stress, to be more cost-effective with what you do. ALAT being Nigeria’s first FULLY digital bank, has only one office; its head office. Because of that, it doesn’t need several offices, several number of staff, doesn’t need to buy plots of land, buy equipment, pay security men etc. I’m talking of lesser operating costs. That’s the beauty of technology; to make things easy and cost-effective for the user. With this lesser operating cost, they can always afford to give higher interest rates than any other bank because unlike other banks, they automatically spend less being digital.
Q: How do I know this isn’t a fraud, You know how these things work. I’ve been duped before, can’t stand investing in something that’s barely months old.
My answer: every great company had a beginning, every great idea you enjoy and pay for today had a start phase, when it was just 1 day old, 1 month old, 6 months old, 1 year old. ALAT as I picture it, is a child of Wema Bank; Nigeria’s longest standing indigenous bank and as such, you can’t possibly expect a bank as reputable and with good books like Wema to produce a faulty, fraudulent product. Do you? 🤷🏾♂️
Q: how can there be a fully digital bank? Does it exist?
My answer: absolutely it does exist, there are a number of fully digital banks worldwide, all doing very well. There is the DBS in Singapore, Mondo, Atom; all fully digital banks with fantastic services and because of their fully digital nature provide beautiful returns for their clients. So why shouldn’t we have such in Nigeria. This is one of the factors that excited me about ALAT causing me to sign up and advocate for increased patronage.
That being said, I hope I’ve been able to convince you and not confuse you that ALAT is a brilliant idea whose time has come and it’s as legal as the Naira and it will grow and become a model for other financial institutions in time to come.
As you conclude this piece, please visit your android or iOS stores and download the ALAT mobile app and join