Wema Bank Launches Nigeria’s First Licensed Banking App Tailored for Teens: The ALAT Xplore App

In a groundbreaking move, Wema Bank, recognized as Nigeria’s most innovative financial institution and the creator of Africa’s first fully digital bank, ALAT, has introduced the ALAT Xplore App. This pioneering mobile banking platform is designed specifically for teenagers aged 13 to 17, equipping them with essential financial resources to promote early financial literacy and responsibility. The app was officially launched on Saturday, October 26, 2024, in Lagos.

Available for download on the Play Store and App Store, the ALAT Xplore App stands as the first licensed banking application in Nigeria aimed at teenagers. It features a variety of engaging and educational tools that simplify finance management and integrate financial literacy into the daily routines of young users. Among its standout features are customizable savings goals, enabling teens to save towards specific objectives and earn interest, as well as options for purchasing airtime and data. Additionally, the app allows users to personalize their experience with various widgets and offers three unique designs for its ALAT Xplore Debit Card.

Central to the app’s design is a robust parental control system that links the ALAT Xplore App with the existing ALAT App. This framework allows parents to supervise their teenagers’ financial activities and manage the accounts. Parents or guardians are responsible for opening and funding the ALAT Xplore Account via the ALAT App. While teens can download the app independently, parental approval is required for them to complete the onboarding process. Once authorized, teenagers can log in to the ALAT Xplore App anytime to manage their finances.

To further safeguard the family’s financial contributions, the ALAT Xplore App operates with a separate wallet account linked to the main ALAT Xplore Account. Parents fund this wallet at their discretion, allowing teens to access only the specified amount, rather than the total funds available in their account. Should teens require additional funds, they can easily request money from their parents through the app, prompting a notification that details the request.

Wema Bank’s Managing Director and CEO, Moruf Oseni, emphasized the critical role of instilling financial literacy during adolescence. He stated, “Teenagers stand at a confluence between childhood and adulthood, and while 0-8 are regarded the formative years, teenage years have the capacity to steer the course of adulthood. It is important that we leverage this pivotal phase to steer teens in the right direction. We had created the ALAT Xplore Account to help parents and guardians build a solid financial foundation for their teens, and the results have been impressive so far.”

Oseni highlighted that the ALAT Xplore App is specifically designed to actively involve teenagers in their financial education. “The App has been curated intentionally to give teens a head-start in their journey to financial independence,” he added. “The goal is to build more financially responsible adults from the point of being teens.”

Expressing enthusiasm for the app’s launch, Oseni noted, “We are excited to launch teenagers across Nigeria into a world of financial possibilities through the ALAT Xplore App. We invite parents, guardians, and teenagers to join us on this thrilling journey. The big picture for us is to empower teens towards financially responsible adulthood by introducing them to the practicalities of finance management in the most simplified, relatable, and realistic way.”

The ALAT Xplore App is not only a milestone in the Nigerian banking sector but also a significant resource for teenagers navigating their financial futures. Accessible from anywhere in the world, the app enables teens, both in Nigeria and abroad, to engage with banking provided their parents have set up an account for them. The diverse debit card designs further encourage teens to take ownership of their financial journey as they approach adulthood.

Teenagers can download the ALAT Xplore App from the Play Store or App Store and request a debit card that suits their preferences. Parents and guardians are encouraged to download the ALAT App to create an ALAT Xplore Account for their teens and facilitate their onboarding process.