Wema Bank has made history by launching ALAT Xplore, Nigeria’s first licensed mobile banking app exclusively designed for teenagers aged 13-17. This groundbreaking app, unveiled in Lagos on Saturday, October 26, introduces a unique approach to youth banking, aiming to foster financial literacy and responsibility among young Nigerians.
Available on both PlayStore and App Store, ALAT Xplore offers an innovative platform for teens to learn financial management through engaging features, from setting and reaching savings goals to airtime purchases and customizing their app interface. Teenagers can also access personalized debit cards, selecting from three unique card designs that introduce them to the experience of managing their own finances.
A key aspect of ALAT Xplore is its robust parental control system. The app operates in connection with the ALAT app, which allows parents or guardians to supervise their teens’ financial activities. Parents can open and fund ALAT Xplore accounts via the ALAT app, providing approvals for transactions and managing funds through a connected wallet account to ensure the teenager’s activities align with financial goals.
Wema Bank’s Managing Director, Moruf Oseni, emphasized the app’s role in shaping financially responsible adults by instilling financial literacy early. “Teenage years are critical in steering future financial independence. ALAT Xplore is designed to engage teens in the journey toward financial success, teaching them the principles of managing money wisely,” Oseni said. He encouraged both teens and their parents to join this innovative journey, noting that the app is poised to redefine youth banking in Nigeria.
The ALAT Xplore app is accessible to teenagers worldwide, offering Nigerian teens at home and abroad a secure entry point into financial management. With its innovative card options and easy access, ALAT Xplore is set to empower teens, equipping them with essential skills for adulthood.
Teens are invited to download ALAT Xplore and begin their financial journey, while parents are encouraged to facilitate this experience through the ALAT app. The ALAT Xplore launch marks a significant step forward in financial inclusion, continuing Wema Bank’s legacy of pioneering digital banking in Africa.