Wema Bank has launched a banking app, ALAT Xplore App, to empower teenagers with financial resources and the opportunities to give them a head-start towards financial responsibility.
A statement from the bank indicated that the app targeted at teens aged 13-17 was unveiled at the official launch event in Lagos.
The statement said the ALAT Xplore App is breaking new ground as the first-ever licensed Nigerian banking app for teenagers.
“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 to customise the App’s interface based on their preferences.
“The ALAT Xplore App also allows teenagers access to a debit card for their use, offering a range of three unique, intriguing, and innovative ALAT Xplore Debit card design options to select from based on their preference.
“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 to 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.
“The parent/guardian opens, funds, and manages the ALAT Xplore Account for their Teen via the ALAT App. While the teenager can download the ALAT Xplore App on the App Store and Playstore, the parent is required to approve for the teen to complete the onboarding process on the App.
Once the parent/guardian approves, the teenager can log in and use the ALAT Xplore App any time,” read part of the statement.
Wema Bank’s MD/CEO, Moruf Oseni, emphasised the importance of inculcating financial literacy from early childhood and teenage years.
He said, “Teenagers stand at a confluence between childhood and adulthood, and while 0-8 are regarded as the formative years, teenage years can steer the course of adulthood, and it is important that we leverage this pivotal phase to steer teens in the right direction.
“We 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 App has been curated intentionally to give teens a head-start in their journey to financial independence, helping them understand the intricacies of finance management and how best to navigate the terrain, ensuring that by adulthood, they are equipped to thrive. The goal is to build more financially responsible adults from the point of being teens.”
