- ‘13,000 People Saved N7bn Through ALAT’
ALAT, a digital bank, said it had helped 13,267 people save over N7bn, with an average monthly savings of N1bn since it was launched a year ago.
A statement on Tuesday said beyond the savings and investment options, Goals on ALAT, powered by Wema Bank offered complementary features that help improve and sustain saving habits.
“You can set a monthly spend limit from the app while the card control function allows you to switch off your debit cards directly from your mobile phone, helping you curb impulse spending,” it stated.
ALAT, a branchless bank with apps available on Google Play, the Apple App Store and www.online.alat.ng, offers even more unique features such as opening a fully functional account in minutes, instant loans and loans on goals, a virtual dollar card and up to 10 per cent annual interest on savings.
Over 280,000 ALAT accounts had been opened since May 2017, accounting for more than N2.2bn in deposits, it stated.
According to the statement, most times, the hardest thing about saving money is starting out; settling for a plan, or plans that encourage discipline and are financially rewarding often proves difficult.
It noted that it could be difficult to figure out simple ways to save money and how to use savings to pursue financial goals.
The statement said a recent survey on savings carried out by ALAT showed that the greatest drawback to effective savings was not insufficient income but that many did not know how to save while others lacked discipline.
It stated, “There are several ways to learn how to save but one of the best ways is to set a goal; thinking of what you might want to save for—anything from a down payment for a house to a vacation—and then figuring out how long it might take you to save for it.
“You might even toss with how you could possibly source additional funds to complement your saved income for your targeted goal. 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.”
