Let us face the fact, customers are frustrated as banks can not meet their transaction needs due to the unending cash crunch. Amidst the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes, the nation’s inflation rate rose in January after recording a fall in December.
Inflation rose to 21.82 per cent in January compared to 21.34 per cent in December, the National Bureau of Statistics announced.
The statistics office said the headline inflation rate rose to 21.82 per cent compared to December 2022 headline inflation rate which was 21.34 per cent.
Investigation shows that only one out of three or four Automated Teller Machines (ATMs) of most banks are dispensing cash. Some customers queued endlessly at the ATMs to withdraw money but got little or nothing.
Failed bank transactions are also facing a lot of people, either in form of transfers to other accounts or payment of bills and buying airtime. They come in different variations, which could be card transactions, online or internet banking, or the use of USSD codes, but the present cash drought across the country, occasioned by the redesigned naira policy of the Central Bank of Nigeria (CBN), has worsened the situation.
However, Wema Bank customers are having a field day. With ALAT, Nigeria’s first fully digital bank, customers manage their money without ever going to a branch of Wema bank. This award-winning app has also given them access to exclusive group and personal savings, a free debit card, lifestyle benefits and up to 4% annual interest.
Mr. Moruf Oseni, Wema Bank’s Managing Director has ensured the continued transformation and growth of the Bank, particularly as the Bank positions itself as a market leader in Nigeria’s retail banking segment through technology and innovation.
Interestingly, Oseni supervised the launch of ALAT – Nigeria’s 1st digital Bank that has received local and global awards and multiple accolades. Before joining Wema Bank, he was the CEO of MG Ineso Limited, a principal investment and financial advisory firm.
Oseni joined the bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015.
He took over reigns of Wema Bank, at a very trying period, and so far, with the help of ALAT, the bank has cushioned the effect on its customers. Until his appointment in January 2023, Oseni was the Deputy Managing Director of the bank.
Under the leadership of Oseni and other Tech-gurus, Wema Bank in 2017, launched ALAT with a goal to create a banking outlet that is flexible, easy to use, and suited for Nigerians who value their time, reliability, and enjoy the convenience that comes with technology. This innovation came at a time when financial institutions in the country were only beginning to create banking apps to carry out some of their services.
So, five years ago, Nigeria’s first fully digital bank – ALAT – was born, and for the first time Nigerians no longer had to visit banking halls to open accounts or complete their banking transactions.
Today, considering the pressure Nigerians are under, due to the CBN’s policy, virtual banking through ALAT has proven its worth as a prescient financial solution to a now local issue.
According to the bank, ALAT leverages the best technological resources available to democratize banking processes and make them accessible to every customer no matter where they are. Now normal procedural services like obtaining ATM cards, loans, bank registration, payment options, and many more have been integrated into a one-stop app.
Wema Bank is the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. With over 73 years in the business of banking, the bank has remained innovative in delivering value to its stakeholders.
Customers, during this cash crunch period, have testified that it is as though the paperless bank, ALAT, was built for them. ALAT is Nigeria’s first fully digital bank, designed to match customers’ lifestyle and help them save more.
The interesting part is that the app does not charge ridiculous fees, no excuses, no drama. It is indeed a timeless fit for every season.
This period, where everything fails, Wema Bank customers have been able to do much more from the click on their app. They enjoy ALAT exclusives including automated savings goals with up to 4% interest.
Interestingly, as with everything else on ALAT, customers can apply for loans without paperwork, no visitation to any physical location and response time between acceptance of offer and loan disbursement is in minutes.
Thanks to ALAT, Nigerians have a banking system they could fall back on that will provide quick and flexible financial services, and beat the long queues at the ATMs.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
