The Bank That Will Operate Fully Through an App In Nigeria
Soon to come out in Nigeria, a new and very modern type of bank is set to be released into the market. This bank will not require any physical tellers or even a physical building because it will be operated fully from an application that customers can access from their mobile phones. But, this bodes the question then, is it safe? Can I afford to save up my money in this app-centric bank? Read on to find out more.
The app bank (as I will call it from here on out) was developed by two already established and trusted players in the market: Wema Bank and Union Bank. They have named it ALAT and will be launching it very soon in the upcoming year. On the app, customers would be able to do everything they would normally do at a traditional bank from depositing physical cash, lodging a complaint to withdrawing money (physical cash). If it is customer service some individual needs, this will also be available through the app bank.
To start off, the app bank is offering a few personalized services for Nigerians. It has a piggybank function that allows you to set a goal or a target to save towards, as a means of encouraging individuals to save up. Nigerians will also be able to purchase airtime or make bill payments directly through the app. All these are in addition to the normal services ALAT will offer.
Wema and Union Banks have already gotten off to a good start and should enjoy a first mover’s advantage. Regulation is now being developed in this area and start-ups will have difficulty entering with the same ease as they are not already recognized as players in the market. As to whether the app bank will also take on cryptocurrency to supplement its operations, we are not yet sure.
Would you create an account with ALAT? What’s your view on it? Let us know in the comments below.