In view of increasing demand for short term loans and online payment by customers living outside Nigeria, ALAT by Wema said it has added two new features on its platform.
The two new features on the mobile application are quick short-term loans and a virtual dollar card. The short term loans feature will enable ALAT’s customers gain access to short term loans via their Android and iOS devices. Users can get as much as N100, 000 as loans within minutes of placing a request.
The ALAT Virtual Dollar Card which has been available since January 29, 2018, is a non-physical, dollar-denominated debit card designed for online payments. The bank’s customers will be able to access it through the latest version of the ALAT app – Version 2.4.
“A bank should do more than just keep money safe. That is the barest minimum,” noted Dele Adeyinka, chief digital officer, ALAT, during the launch of the new features recently. “The way we see things at ALAT, that bare minimum is no longer acceptable. We believe that these new features will further show the world that banking can and should be relevant to people’s lifestyles.”
Some of the requirements for using the virtual dollar card include 16-digit card number, name of cardholder, 3-digit Card Verification Value (CVV) number, and expiration date.
Other features that come with the mobile app update include ability for customers to connect other bank account numbers they have to their ALAT profile. This will ensure ease of moving money from one bank account to another for those who use multiple accounts.
Related to the virtual dollar is the function that allows users convert naira to dollar. To do this, customers have to place a request on the app using their virtual dollar card. The conversion is done automatically using the current bank rates. This eliminates the stress of dealing with Bureau de Change marketers.
