Wema Bank Introduces Nigeria’s First Licensed Banking App for Teenagers—ALAT Xplore

Financial literacy is becoming a vital life skill, especially for the younger generation. In response to this growing need, Wema Bank—Nigeria’s most innovative financial institution and the pioneer behind Africa’s first fully digital bank, ALAT—proudly announces the launch of the ALAT Xplore App, Nigeria’s first licensed banking app designed specifically for teenagers aged 13 to 17.

The ALAT Xplore App empowers teens to take charge of their finances while learning crucial money management skills. More than just a banking tool, it combines financial education, engagement, and empowerment, giving teenagers the tools they need for future financial success. With its user-friendly design and interactive features, the app offers teens a unique opportunity to learn about banking, saving, and spending in a secure and controlled environment as they prepare for adulthood.

One of the app’s standout features is the ability for teens to customize their experience, including selecting one of three personalized debit card designs. ALAT Xplore Debit Cards, issued in the teen’s name, foster a sense of ownership and responsibility while teaching practical money management. Teens can easily request the card through the app, allowing them to take pride in their financial journey.

Another exciting feature is the goal-setting function, which allows teens to set and track their savings goals, whether it’s for a new gadget, a fun outing, or even a charitable cause. The process is designed to make saving engaging and rewarding, helping teens develop strong financial habits early on.

The app also promotes healthy financial conversations between parents and teens. Linked to the ALAT App, parents can supervise their teen’s financial activities, grant or deny requests, and monitor expenses, all while guiding them in making informed financial decisions. This collaborative approach ensures teens learn about budgeting and goal-setting with security and parental support.

Here’s how it works:

• Parents or guardians open an ALAT App account for their teen.
• The teen downloads the ALAT Xplore App and requests permission from their parent/guardian via a link sent through the app.
• Parents grant permission via the ALAT App.
• Once approved, teens can explore the app, request their ALAT Xplore Debit Card, set savings goals, and access all features directly from their phone.

As Nigeria’s first licensed banking app for teenagers, the ALAT Xplore App is set to revolutionize how young people approach financial management, equipping them with the skills to become financially responsible adults.

The official launch of the ALAT Xplore App is set for Saturday, October 26, 2024. However, teens can download the app now on the PlayStore or AppStore to start exploring its innovative features. Interested in attending the virtual launch event? Click here to register.