ALAT – online loan Nigeria

ALAT by Wema Bank – Nigeria's First Digital Bank Loans

ALAT is Nigeria's first fully digital bank, launched by Wema Bank Plc in 2017. It operates entirely online with no physical branches, offering savings accounts, fixed deposits, and instant personal loans through its mobile app. Wema Bank, which has been operating since 1945, powers the banking infrastructure behind ALAT, giving the digital platform the stability and regulatory backing of one of Nigeria's oldest financial institutions. ALAT has attracted hundreds of thousands of users who prefer managing their finances entirely on mobile devices.

ALAT personal loans are available exclusively to registered ALAT account holders. Loan amounts range from ₦10,000 to ₦200,000 with monthly interest of just 3% and very short disbursement times — approved loans can reach your account within 2 minutes. Repayment terms range from 1 to 6 months. To access a loan, you simply open the ALAT app, check your pre-approved limit based on your account activity and BVN data, and request the loan amount. No physical documents are required.

ALAT is regulated by the Central Bank of Nigeria (CBN) through Wema Bank's banking licence. As a CBN-supervised entity, all funds deposited with ALAT are insured by the Nigerian Deposit Insurance Corporation (NDIC) up to the statutory limit. ALAT is best for tech-savvy Nigerians looking for a simple, fully digital banking experience with access to instant credit. The relatively low maximum loan amount makes it most suitable for small personal expenses rather than major financing needs.