{"id":74778,"date":"2020-07-12T15:17:55","date_gmt":"2020-07-12T14:17:55","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=74778"},"modified":"2020-07-12T15:17:55","modified_gmt":"2020-07-12T14:17:55","slug":"wema-alat-appreciating-a-technology-led-bank","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/wema-alat-appreciating-a-technology-led-bank\/","title":{"rendered":"WEMA ALAT: Appreciating a technology-led Bank"},"content":{"rendered":"
\n
With the growing face of competitiveness and many luring offers by<\/div>\n
\n
different financial institutions in the country today, it takes the
\ningenuity and resourcefulness of each institution to remain relevant to
\nits customers.<\/p>\n

The development of the Nigerian economy has not been stable over the
\nyears. Due to this, the country’s economy has gone through different
\nturbulence, which has affected many financial institutions in the
\ncountry. The turbulence has affected many customers, bringing shocks and
\ndisturbances both internally and externally over the decades to teeming
\ncustomers of different banks affected by these turbulent times.<\/p>\n

It is worthy of note that the unstable investment patterns as well as
\nthe improper implementation of public policies and changes in future
\nexpectations are some of the factors responsible for the fall of some of
\nthese financial institutions, whom customers never suspected would
\ndevelop issues in their years of existence.<\/p>\n

Also, some external factors such as population growth rates, migration,
\ntechnological savviness, and changes as well as the openness of the
\ncountry’s Nigerian economy are some of the factors responsible for the
\nfall of these institutions.<\/p>\n

The efficient channeling of funds and allocation of financial resources
\nare roles expected to be undertaken in the financial system to
\nfacilitate productivity growth in the real sector of the economy. There
\nhave been overlapping roles in the Nigerian financial system and this
\nhas resulted in inefficient intermediation and under-development of
\nvibrant sectors of the economy.<\/p>\n

Thus, this gave birth to development financial institutions to render
\nservices to the large un-catered economic agents, especially in the
\nrural areas by the banks. The institutions offer specialized and
\nmicro-financial services, offer relatively cheap and accessible
\nfinancing options, provide long-term finance for infrastructure
\ndevelopment, industrial growth, agriculture, small and medium
\nenterprises (SME) development and provide financial products for certain
\nsections of the people.<\/p>\n

These services are designed to meet the urgent banking needs of teeming
\ncustomers of these financial institutions and business dealings with
\nfinancial and monetary transactions such as deposits, loans,
\ninvestments, and currency exchange. Also, these financial institutions
\nencompass a broad range of business operations within the financial
\nservices sector including banks, trust companies, insurance companies,
\nbrokerage firms, and investment dealers. Virtually everyone living in a
\ndeveloped economy has an ongoing or at least periodic need for the
\nservices of financial institutions.<\/p>\n

Wema bank has remained relevant in the provision of these services and
\nhas constantly moved with the tides of time, despite its nomenclature of
\nbeing an old generational bank. Its teeming customers have expressed
\nhappiness that the bank has stayed ahead of the curve through its
\ntechnology-led investments: Wema ALAT.<\/p>\n

Wema ALAT is Nigeria’s First Fully Digital Bank which has continued to
\nyield results. He stated that plans were in place to continue strong
\ngrowth in customer acquisition and retention through ALAT in 2020
\ndespite the economic headwinds.<\/p>\n

ALAT By Wema saves time with a simple account opening process. It helps
\ncustomers put money away easily by automating their savings. It will
\nmake sure your bills are paid on time with its scheduled payments
\nfeature. Its high technology features allow customers to withdraw money
\nfrom their ALAT account through an ATM without using their debit cards.<\/p>\n

Under the leadership of a competent and savvy Managing Director, Mr.
\nAdemola Adebise, Wema Bank has ushered in an exciting new future for the
\nbank and its customers, through an innovation called “Wema Alat”, an
\ninnovative programme by the Bank which allows customers to get loans of
\nup to Four Million Naira, with a payback period of six to twenty-four
\nmonths.<\/p>\n

Launched on May 2, 2017, by Nigeria’s foremost commercial institution,
\nWema Bank Plc. ALAT was designed to cater to the needs of today’s
\n(digital) customers who are in dire need of a bank that understands and
\nsuits their lifestyle with respect to value for time, money, and
\nresponsiveness.<\/p>\n

The bank’s Chief Financial Officer (CFO) Mr. Tunde Mabawonku, confirmed
\nthat the loan programme allows customers to pay 2% interest per month.
\nTo complete your sign up, type in your email address set a new password
\n(a good password is a combination of letters, numbers, and symbols),
\npick a security question, and provide an answer you’ll remember easily.
\nThat’s it! Congratulations, you can now use your ALAT account.<\/p>\n

There is no gainsaying that the bank has recorded significant growth in
\nrecent times. For instance, the bank posted significant growth in its
\n2019 performance with an increase in the bank’s interest income and
\nnon-interest income from the previous year by 23% and 74% respectively.<\/p>\n

“The non-interest income growth was driven by a 22.9% growth in Net Fees
\nand Commission due to increased volume of transactions across various
\nelectronic channels (ATMs, POS, Mobile Banking, Electronic Banking).”<\/p>\n

Little wonder Wema Bank’s Net Trading Income grew by “a whopping 167.45%
\nfrom the previous year due to increased income on Treasury Bills.”
\nDespite the impact of COVID-19 pandemic on various sectors of the
\neconomy, the disruption has had a positive impact on WEMA Bank more than
\nothers.”<\/p>\n

Mr. Mabawonku once stated in an interview he granted that the bank is
\npoised to achieve all its plans, one of which is making Wema Alat a
\nstronger platform, where customers “cash-out” with so much ease.<\/p>\n

Wema Bank has helped mitigate against the sore effects of the pandemic
\non its customers by putting in place a Business Continuity Plan, such as
\nWema Alat, designed to ensure that business operations are not severely
\nimpacted.<\/p>\n

Mabawonku was quoted to have said, “The plan is focused on two pillars
\nnamely \u2013 Business continuity and safety of customers and staff,” he
\nsaid.<\/p>\n

While emphasizing the strong support Wema Bank has offered to customers
\nby putting a moratorium on repayment of SME loans during the pandemic,
\nthe Bank is also adjusting to the new normal by putting frameworks in
\nplace to ensure its workforce is well equipped to function accordingly
\nwhile ensuring the safety of customers across all its physical
\ntouchpoints.<\/p>\n

Olamide Adeniji is a public affairs analyst.<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

With the growing face of competitiveness and many luring offers by different financial institutions in the country today, it takes the ingenuity and resourcefulness of each institution to remain relevant…<\/p>\n","protected":false},"author":1,"featured_media":74779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-74778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-opinions"],"yoast_head":"\nWEMA ALAT: Appreciating a technology-led Bank - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/wema-alat-appreciating-a-technology-led-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WEMA ALAT: Appreciating a technology-led Bank - 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