WEMA Bank Plc has stated that its first fully digital bank ALAT Goals launched a year ago has helped 13,267 people save over N7 billion with an average monthly savings of N1 billion.
The bank noted that with the App, over 280,000 ALAT accounts have been opened since May 2017 with more than N2.2 billion in deposits realised.
In a statement announcing the outcome of a survey on saving in Nigeria carried out by ALAT, the bank said it discovered that the greatest drawback to effective saving was not insufficient income, but that many do not know how to save, while others lacked discipline.
The statement read in part: “Understanding this, ALAT unveiled a feature called Goals, a bouquet of savings options that help instill discipline while rewarding you for reaching your savings milestones. There are three categories of savings goals. The Fixed Goal which serves those seeking a strict savings plan; Flexi Goal for those in need of a not-too-rigid plan; and Stash which caters to those seeking a rewarding short-term savings option.
Groups of friends or members of families can pull funds together and save towards a single goal using the Group Target Savings or the Rotating Group Savings popularly known as Esusu, earning a 10 per cent annual interest – three times the standard bank rate. “Since Goals on ALAT was launched a year ago, the digital bank has helped 13,267 people save over N7 billion, with an average monthly savings of N1 billion today.”