ALAT For Business & ALAT By Wema App/Loans _ Everything You Need

In the vast sea of online banking apps, one name stands out and consistently earns accolades for its exceptional services and customer satisfaction – ALAT. Launched on May 2, 2017, this innovative virtual bank took Nigeria by storm, backed by the renowned Wema Bank. With an impressive 574,000+ customers and over 43 million transactions processed, ALAT has secured its position as a leading virtual bank in the country, reshaping the landscape of modern banking.

ALAT isn’t just another run-of-the-mill banking app. It’s a game-changer that brings banking to the fingertips of its users, empowering them to manage their personal and corporate accounts virtually with seamless ease. Wema Bank’s ingenuity in creating this exceptional platform is worthy of praise and admiration, but the true marvel lies in how ALAT continues to delight and captivate its ever-growing customer base.

This blog article is your insider’s guide to mastering the ALAT App (ALAT by Wema and ALAT for Business) – from opening an account instantly to making payments, paying bills, utilizing the ALAT USSD Code (*945#), uploading essential documents, and even unlocking the gateway to collateral-free loans! Whether you’re an existing ALAT customer seeking to maximize your banking experience or a curious newcomer looking to dip your toes into the virtual banking world, this guide has got you covered.

ALAT was initially seen as just another mobile banking app, but little did many know what they were missing out on until they took the plunge and downloaded it. ALAT is far from ordinary; it’s extraordinary. So, let’s embark on this eye-opening journey together as we delve into the remarkable world of the ALAT App, revealing the hidden gems that make it a cut above the rest. Prepare to be amazed!

How to Download ALAT by Wema

To download ALAT by Wema, follow the simple steps below;

• Open your ‘PlayStore’ or ‘AppStore’
• Search for ‘ALAT’
• Click Get or Install
• Once the app is on your phone, launch it
• Choose ‘Get Started’ and Proceed
• Enter your email address and phone number
• A verification mail/text is sent to you. Go to your email/SMS and verify
• Once verified, enter your BVN and basic details
• An ALAT account number will be generated instantly for you

There are two types of Wema ALAT accounts;

• Tier 1 ALAT account (N300,000 limit) For this account type, all you need are your BVN, photo, and signature

• Tier 3 ALAT account (Unlimited limit) For this account type, you need to upload your BVN, photo, signature, address, Identification card, and utility bill.

How to Download ALAT For Business

While the two apps ‘ALAT by Wema’ and ‘ALAT for Business’ are from the same bank and offer similar services, the apps differ from each other. To download ALAT for Business, follow the steps below;

• Open your ‘PlayStore’ or ‘AppStore’
• Search for ‘ALAT’
• Click Get or Install
• Once the app is on your phone, launch it
• Choose ‘Get Started’ and Proceed
• Enter the required details about your business/ cooperate organisation

You need to get all your incorporation documents, plus the directors’ details for upload to successfully pass the registration process. Some key documents needed include;

• CAC documents
• All directors’ and signatories’ ID
• All directors’ and signatories’ BVN
• Proof of address
• Picture of signatories
• Tax ID
• Board resolution (where needed)

ALAT PIN Creation

To get your PIN, you must first go set your Security Questions (Settings). To dothis;

• Log in to the ALAT App
• Go to the top right corner where you have ‘Hi, YourName’
• Scroll down to Settings
• Click ‘ALAT PIN Management’
• Choose Get New ALAT PIN
• Enter the answer to your Security Question
• Enter a 4-digit number, confirm it
• Submit

ALAT Account Update Steps on the ALAT App

To upgrade your account on the ALAT App, you will need to upload your details and documents. To do this, follow the steps below;

• Log in to the ALAT App
• Go to the top right corner where you have ‘Hi, YourName’
• Choose Edit Profile
• Set your BVN, Personal Information, Contact details, Documents, Next of kin

ALAT Loan Types

There are a number of available loans on the ALAT app. They include;

• Salary-Based Lending (Loan for Salary Earners)
• Goal-based Loan
• Device loan
• Pay Day Loan/ ALAT Salary Advance

How to Apply For ALAT Loans

The details on how to apply for each of the aforementioned loans on ALAT are as follows;

ALAT Salary-Based Lending (Loan for Salary Earners)

This loan type is for employees of several listed companies who get their salaries in their bank accounts. It’s not compulsory that you receive your salary in an ALAT or Wema account.

Features of the Salary-Based Lending

Lowest amount – N5,000
Highest amount – N4,000,000
Lowest tenor – 2 months
Highest tenor – 24 months
Monthly interest rate – 2% (this is probably the lowest you can get amongst all loan companies now)

How to Apply For ALAT Salary-Based Lending

• Enter your requested amount
• Choose tenor
• Click Get Started
• On the next page, enter your Industry, Employer, and upload your work ID
• Upload your salary account statement and provide all other requested details
• Submit

ALAT Device loan

This loan type is for customers who want to buy laptops, headphones, AirPods, phones, cables, game consoles, etc but do not have the whole money.

You will be expected to have a minimum of 20% of the total cost of the device in your ALAT account at the time of requesting the loan.

How to Apply For ALAT Device loan

• Select Vendor
• Select Device
• Enter how much you have (must be up to 20% of the device)
• Interest is 2% monthly
• Click proceed
• Enter all requested details and submit

ALAT Pay Day Loan

This loan type is for employees. This type of loan is to assist the employee till the next salary payday.

Features of ALAT Pay-Day Loan

Maximum tenor – 30 days
Minimum tenor – 1 day
Minimum amount – N5,000
Maximum amount – N500,000
Interest is 2%

How to apply for ALAT Pay-Day Loan

• Enter How much you want to borrow
• Enter the duration you want
• Proceed
• Upload your salary account statement and provide all details
• Submit

Note:

Upon submission, the request is forwarded to the ALAT Credit Analysts who diligently undertake a comprehensive review. Subsequently, they shall render a decision to either approve or decline the request, providing clear and concise reasons for their determination.