By Aduragbemi Omiyale
A banking app, ALAT Xplore, has been designed for teenagers between 13 and 17 years by Wema Bank Plc, but will be officially launched on Saturday, October 26, 2024.
The platform, which is Nigeria’s first licensed banking application, will empower young individuals to take control of their finances while acquiring vital money management skills.
Business Post gathered that the app account can be opened by a parent or guardian on the ALAT app, the beneficiary then downloads the ALAT Xplore app, fills in the required information and sends a link to the parent/guardian requesting permission to use it.
Thereafter, the parent/guardian grants the permission via the ALAT app and once approved, the teenager can log in at any time, request an ALAT Xplore Debit Card, set up Savings Goals and explore all the unique features on the app, on their phone.
Wema Bank said in a statement that to ensure financial security for teenagers, the ALAT Xplore app works hand in hand with the ALAT App, allowing parents to guide their children in making informed financial decisions.
Teens can easily request money from their parents or guardians with a few clicks on the app, while parents grant the requests and can track their teens’ expenses on the ALAT Xplore app, via the ALAT app. This not only promotes healthy conversations regarding budgeting and financial goals but also ensures that teenagers can explore financial opportunities with maximum security.
With a user-friendly interface and interactive features, the ALAT Xplore app provides teenagers with a unique opportunity to learn about banking, saving, and spending in a safe and controlled environment, as they journey towards the realities of adulthood.
The platform encourages teens to explore intelligently, providing seamless navigation across its various functionalities and offering teens the chance to customise the App based on their preferences and request one of three unique debit card designs.
The ALAT Xplore Cards are issued in the teenager’s name, fostering a sense of ownership, pride and independence that simultaneously instils a sense of responsibility in them as they learn to manage their spending.
One of the standout functionalities of the ALAT Xplore app is the goal-setting feature. Teens can set savings goals on the app—whether it’s saving for a new gadget, planning a fun outing, or even making a charitable donation. They can track their progress, seamlessly on the app, making the saving process exciting and rewarding for them.