Rita
The banking sector in Nigeria has evolved from the analogue, face-to-face, physical documentation, and filing system to a digital, electronic system. The proliferation of online platforms where banking transactions are done is a welcome development. Transactions that may require you to be physically transported to the banking hall, wait in long queues, fill out long forms, in some cases, provide collateral, and eventually have to wait long periods of time to get your transactions processed can now be done on a mobile phone or other devices, at any time and anywhere, without the need of providing any collateral, in the case of getting a loan. This is certainly more convenient, easier and faster. Several banks have, in conjunction with the telecoms operators, generated codes for the performance of certain transactions, such as transfer of money, checking of account balance, etc.
In this article, we shall be looking at a fully digital banking platform designed for corporate purposes. You may not have heard of Alat for business, not to worry, we shall be discussing it in details, what it means an what it is used for. Without further ado, let’s get straight to it.
What is ALAT for Business
ALAT for business is an innovation in the banking sector, it is a corporate digital banking Application or platform designed by WEMA Bank for corporate business purposes. The platform has a broad range of features designed to allow small and medium scale enterprises (SMEs) and large scale enterprises (LEs) operate their businesses effectively with ease, anytime and from any where in the world. To enhance performance, the ALAT platform was recently updated.
Features of ALAT Application (App)
The ALAT App has a broad range of features to enable SMEs and LEs operate effectively with ease; we shall take a look at some of the features found in the App.
1. Single and multiple credit card feature which enables transfer of up to 5000 times to the same or different beneficiaries.
2. Account statements and transaction receipts can be downloaded from the App.
3. The App enables you pay bills including subscriptions, utility bills, etc, done from your mobile phone or device.
4. Business transactions and payments can be made effectively with ease.
5. The App can easily be assessed on the web or by downloading it on your mobile phone or device and used for corporate banking without the need to go to the bank.
6. The transfer feature not only enables you perform transfers of up to 2 billion naira but also foreign funds transfer with ease.
7. You can request a credit card from the App and it will be delivered to you.
8. You can have a single signatory account authenticated with your PIN number.
Upgrade of ALAT Application (App)
As seen above, ALAT App for business is an innovative approach by WEMA bank to digitalize banking transactions and the App contains features that enables corporate businesses seamlessly engage in banking transactions without the need to visit a bank. WEMA bank took a step further to upgrade the ALAT App with the intent of enhancing the various features discussed above.
The upgraded ALAT for Business 2.0 App was launched on the 3rd of May 2023. The upgraded App enhances the features of the App and introduces new features. Lets take a look at some of the improved features:
1. There is a new feature which makes the procedure of opening and managing an account easier and faster, it is not only available to multiple customers but also enables them the opportunity to share their account with family members or group members; the feature also gives them the leverage of revoking the access given to family members or group members.
2. The upgraded App is designed to be used on any kind of device and it is available in multiple app stores.
3. There is now included an interbank interphase and interbank transfer solutions
4. The App can now be assessed by multiple users performing single or multiple transactions
5. Single and multiple credit card feature now enables bulk transfers of over 6000 times to the same or different beneficiaries.
6. A very important feature is the security guaranteed for business transactions as data used on the App is encrypted in transit and no data is shared with third parties.
Eligibility to Use the AlAT for Business App
As the name implies, the App is designed for business, this means to register for the Alat App, you must be an SME or LE engaged in business for the purpose of making profits.
How to Register on ALAT for Business
If you are a small or medium scale enterprise (SME) or a large scale enterprise (LE) and you are looking for an easy and convenient way to perform your banking transactions, look no further. Not only is the ALAT for business App easy and convenient, there are numerous benefits of using the App as seen from its many beneficial features discussed above. Registering on the ALAT for business App is easy, follow the steps below:
1. On your mobile phone or device, navigate to google play store or any app store on your android or iphone Operating System (ios).
2. Open the app you chose and type ‘ALAT for Business’
3. Download the upgraded ALAT for Business 2.0 App.
4. Launch the App and it will prompt you to either enter your Username and Password, Signup or Reactivate Inactive or Dormant account.
5. You will have to sign up to create your Username and Password.
6. Click on Signup and commence opening an account by simply completing an online form which includes indicating your business type. Also create your Username and Password.
7. You can also customise your business details and other information to enable ease of transactions.
8. After opening an account, you will have to make payment as opening balance for the account, the amount you pay will vary depending on the business type as indicated by you.
9. After this, you can have unlimited access to the numerous features the App provides to enable you manage your business anywhere and anytime and which so much ease and convenience.
Conclusion
ALAT for Business is a revolution in the banking industry and it is even set to be further improved in as Wema Bank aims to incorporate features that will set records and revolutionize the banking sector. Features such as artificial intelligence (AI) and multi-language services for the international market, as well as offshore banking, and much more are being contemplated to be integrated for the purposes of making banking transactions and services more efficient and secured for businesses.
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