Wema Bank Boosts Financial Literacy Among Teenagers With ALAT Xplore App

Wema Bank Plc, has launched ALAT Xplore App, a mobile banking app designed strategically to empower teenagers ages 13-17 with financial resources and opportunities to give them a head-start towards financial responsibility.

The App was unveiled on October 26, 2024 in Lagos. Currently available on the PlayStore or App Store, ALAT Xplore App boasts a unique range of engaging, educative and innovative features that make finance management more interesting for teenagers and help them weave financial literacy into their daily lives.
The App offers a seamless onboarding experience, savings goals for Teens to save towards specific targets of their choice at any frequency and earn interest, airtime and data purchases, widgets that allow teens customise the App’s interface based on their preferences.

Built with a unique parental-control framework, the ALAT Xplore App works in connection with the ALAT App, offering a unique experience that allows teenagers manage their finances via the ALAT Xplore App, with parents able to supervise and control the teenagers’ access to onboard on the app, as well as their use of funds.

Speaking, MD/CEO of Wema Bank, Moruf Oseni, emphasised the importance of inculcating financial literacy from early childhood and teenage years, towards producing more financially responsible adults.

“Teenagers stand at a confluence between childhood and adulthood, teenage years have the capacity to steer the course of adulthood, and it is important that we leverage this pivotal phase to steer teens in the right direction.

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“We had created the ALAT Xplore Account to help parents and guardians build a solid financial foundation for their teens, and the results have been impressive so far. However, we identified an equally important need for these teens to become involved in this journey to financial success, hence the launch of the ALAT Xplore App. The goal is to build more financially responsible adults from the point of being teens,” he explained.

Oseni said, “we are excited to launch teenagers across Nigeria into a world of financial possibilities through the ALAT Xplore App, and we invite parents, guardians and teenagers across Nigeria to join us on this thrilling journey.”

He stated that “the ALAT Xplore App is a game changer in the Nigerian banking industry and as we did when we pioneered ALAT, we are ushering in a new era of financial inclusion for Nigerians, this time, for teenagers.”

The ALAT Xplore App is the Nigeria’s first licensed banking app for teenagers. The App is accessible from any part of the world, allowing teenagers within and outside Nigeria to onboard on the app provided their parents have opened ALAT Xplore accounts for them on ALAT. The intriguing card designs also present a new opportunity for teenagers to own and operate their own debit cards issued in their own name, as they explore on their journey to adulthood.