Frequently Asked Questions
Frequently Asked Questions

  • - What is ALAT ?

    ALAT is Nigeria’s first fully functional digital bank. With ALAT, you can do all your banking transactions without being physically present at a bank

  • - How do I open an ALAT account without going to a bank ?

    You can open an ALAT account easily from your phone. Install ALAT from the Apple App Store or the Google Play Store, open the app and sign up with your Bank Verification Number and a valid phone number.

  • - Must I provide my BVN to open an ALAT account ?

    Central Bank regulations require you to have a BVN to own a fully functional account. We need your BVN to automatically retrieve your personal information so you won’t need to fill a lengthy form when signing up.

  • - How is ALAT different from a banking app ?

    ALAT is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. In comparison, a banking app-only offers some banking services (typically airtime purchases, bill payments and transfers). With a banking app, you usually still need to go to a physical bank to get a debit card and activate it, submit documents and often, get some kinds of customer support.

  • - Where can I use my virtual card ?

    You can pay with your virtual card on all websites and apps that accept dollar cards. You cannot use your virtual card on ATMs, POS terminals and websites that require 3D Secure authentication.

  • - What does the Goals feature do ?

    The Goals feature helps you set and meet a savings target based on a saving schedule you set. Schedules can be daily, weekly or monthly.

  • - How do I change my ALAT password ?

    To change your password, click Settings then click Change My Password.

  • - What will happen if I do not pay off my loan on time ?

    If you do not pay off your loan on the due date, you will be charged a late fee and our lending partners may initiate a process to recover the loan. If you skip repayment entirely, you may be blacklisted and it could be very hard for you to get a loan in the future.

  • - Can I pay off my loan before the repayment date ?

    Absolutely. You can pay off your loan on the ALAT app on or before the repayment date.

  • - Can I use any bank card to pay off my loan ?

    Yes, you can use any Nigerian bank card for repayment.

  • - Can I request a loan with an ALAT Lite account ?

    No, you cannot. To request a loan, you must upgrade your account by uploading a photo of your government-issued identity card (international passport, driver’s license, national ID card or voter card) and a photo of a utility bill (not older than three months) with an address matching the contact address on your ALAT profile.

  • - How much interest will I pay on a loan ?

    The interest rate on a loan is determined by our lending partners and is stated clearly when you are offered the loan.

  • - Am I eligible for a loan ?

    To determine if you’re eligible to borrow money, our lending partners will run a quick credit check when you make a loan request.

  • - What is ALAT ?

    ALAT is Nigeria’s first fully functional digital bank. With ALAT, you can do all your banking transactions without being physically present at a bank

    - How do I open an ALAT account without going to a bank ?

    You can open an ALAT account easily from your phone. Install ALAT from the Apple App Store or the Google Play Store, open the app and sign up with your Bank Verification Number and a valid phone number.

    - Must I provide my BVN to open an ALAT account ?

    Central Bank regulations require you to have a BVN to own a fully functional account. We need your BVN to automatically retrieve your personal information so you won’t need to fill a lengthy form when signing up.

    - How is ALAT different from a banking app ?

    ALAT is built from scratch to be entirely digital, making all banking services available to you anywhere you can access the internet. In comparison, a banking app-only offers some banking services (typically airtime purchases, bill payments and transfers). With a banking app, you usually still need to go to a physical bank to get a debit card and activate it, submit documents and often, get some kinds of customer support.

    - Where can I use my virtual card ?

    You can pay with your virtual card on all websites and apps that accept dollar cards. You cannot use your virtual card on ATMs, POS terminals and websites that require 3D Secure authentication.

    - What does the Goals feature do ?

    The Goals feature helps you set and meet a savings target based on a saving schedule you set. Schedules can be daily, weekly or monthly.

    - How do I change my ALAT password ?

    To change your password, click Settings then click Change My Password.

    - What will happen if I do not pay off my loan on time ?

    If you do not pay off your loan on the due date, you will be charged a late fee and our lending partners may initiate a process to recover the loan. If you skip repayment entirely, you may be blacklisted and it could be very hard for you to get a loan in the future.

    - Can I pay off my loan before the repayment date ?

    Absolutely. You can pay off your loan on the ALAT app on or before the repayment date.

    - Can I use any bank card to pay off my loan ?

    Yes, you can use any Nigerian bank card for repayment.

    - Can I request a loan with an ALAT Lite account ?

    No, you cannot. To request a loan, you must upgrade your account by uploading a photo of your government-issued identity card (international passport, driver’s license, national ID card or voter card) and a photo of a utility bill (not older than three months) with an address matching the contact address on your ALAT profile.

    - How much interest will I pay on a loan ?

    The interest rate on a loan is determined by our lending partners and is stated clearly when you are offered the loan.

    - Am I eligible for a loan ?

    To determine if you’re eligible to borrow money, our lending partners will run a quick credit check when you make a loan request.