For the continuity of life (especially in the aspect of remaining relevant), a seed, which represents fertility must undergo certain changes in form and colour. Conditions must be favourable for it to germinate. It must be sown and must decompose for a new plant to emerge. That is the price the seed has to pay for its name to continue without the fear of extinction.
Wema Bank represents that seed which refuses to go into extinction despite being threatened by unfavourable conditions. On the 2nd of May 2017, ALAT came out of the womb of its mother, Wema, one of Nigeria’s oldest banks and proudly the oldest Indigenous bank. Wema launched to the public what is perceived as a disruption in the banking space; a fully-digital bank, first of its kind in Nigeria and probably the continent of Africa, ALAT just struck a particular Nigerian Chord in most people.
ALAT’s emancipation of the Wema Bank Brand are evident in the statements offered by Dele Adeyinka, the Chief Digital Officer of ALAT, who explained that “ALAT is much more than a bank, it is the future of banking”.
ALAT is a fully-digital bank designed to deliver tomorrow’s banking to today’s customers. It is built to match your lifestyle and help you save more. With ALAT, you can save seamlessly with a simple automated savings plan and earn 10% annual interest—three times the standard bank rate.
Human nature is full of weaknesses despite some noticeable strengths. Problems are part of human beings as we are still striving towards perfection. The human brain is forced to think when problems seem tougher than imagined. ALAT was created by humans to solve problems faced by humans. There have been popular customer issues one of which was faced by a student who took to a popular blog to express his disappointment with the digital bank. He complained of having his account blocked for 6-8months for the reason of not being able to verify his address. He also complained of being snubbed each time he tried to draw ALAT’s attention to his problems!
I believe ALAT will stand the test of time in Nigeria with the coming on board of two of Nigeria’s financial veterans, Mr. Ademola Adebise, the new MD/CEO of ALAT and Moruf Oseni, the new Deputy Managing Director of the bank.
I would recommend that ALAT should diversify its outreach to the elderly and not only to the youth because learning never ends and these elderly people can be sensitized about its operations.
Also, immediate customer service should be provided to handle issues emanating from the registration process. The management should take note of the fact that Nigerians believe in facts and not tall stories about how digital banking works!
By Daniel Ojuade, Content Writer at DigiLaw