Wema Bank has opened a new branch in Aba, Abia State, in line with its strategic expansion plan following a national licence granted it by the Central Bank of Nigeria (CBN) in 2015. The new branch offers the bank the opportunity to strategically target the eastern market via one of the region’s top commercial nerve centres.
Aba is the commercial capital of Abia State and one of the leading industrial cities in eastern Nigeria. It plays host to a large number of international and local traders as well as lucrative small businesses and manufacturing establishments and sits strategically in the middle of the eastern region.
The new branch will attract a significant share of the market segment as well as individuals and businesses from neighbouring cities within the region by offering a comprehensive range of banking services, including deposits and loans, trade services, and payments, as well as cash management solutions. The branch also promises to offer customers the latest in banking technology through alternative channels offered by Wema Bank.
Wema Bank has also provided alternative channels to ensure those who are too busy to walk into the new branch can still bank with Wema using their electronic devices.
“Aba offers Wema Bank a strategic platform on which to grow our business in the East,” Wole Akinleye, an Executive Director, South Bank at Wema Bank, said during the official opening ceremony. “We are committed to building a robust business and to offer the right mix of branch networks and digital channels, which caters to all demographics within our target markets.”
One of these digital offerings is ALAT, the first fully digital bank in Nigeria. ALAT is a branchless, paperless bank, which provides financial services through its Android, iOS and web applications. It was designed in response to the growing needs of Nigerians for a financial institution that understands their needs, responds quickly to them and helps them save money. It allows customers to open a fully-functional account, including completing Know Your Customer (KYC) requirements directly from a mobile phone.
Once signed up, customers can request for their ALAT debit card, which will be delivered for free to a location of choice. ALAT offers customers 10 per cent interest on their savings and allows them save together as a group, mimicking the local Esusu and Ajo schemes. International purchase can also be done without a physical debit card using the ALAT virtual dollar card.
ALAT has been well-received since its launch in May 2017, with over 200,000 accounts opened and over N1.1 billion in deposits as at February 2018.