Wema Bank Highlights Importance of Financial Literacy for Teenagers, Launches ALAT Xplore App

The Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, has stressed the importance of inculcating financial literacy from an early age, particularly during teenage years, to produce more financially responsible adults.

This emphasis comes as the bank launched the ALAT Xplore App, Nigeria’s first licensed banking app designed specifically for teenagers aged 13-17.

Oseni noted that the ALAT Xplore App is designed to give teens a head-start in financial independence, helping them understand finance management and navigate its intricacies.

According to him, the App boasts an array of engaging, educative, and innovative features that make finance management more interesting for teenagers, adding that the features include a seamless onboarding experience, savings goals, interest earnings, airtime and data purchases, and customisable interface.

Additionally, he explained that the app allows teenagers to access debit cards with three unique design options, stressing that it is built with a parental-control framework, and works in conjunction with the ALAT App, enabling parents to supervise and control their teenager’s access and fund management.

He said: “Teenagers stand at a critical juncture between childhood and adulthood, and it is crucial that we leverage this pivotal phase to steer them in the right direction.

“This pioneering initiative is set to revolutionise the Nigerian banking industry, promoting financial inclusion and empowering teenagers for a productive and successful future.

“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.

“We are excited to launch teenagers across Nigeria into a world of financial possibilities through the ALAT Xplore App, and we invite parents, guardians and teenagers across Nigeria to join us on this thrilling journey. As always, we have been thoughtful in curating this App to serve the needs of teenagers with some parental control as an added measure to guide these teenagers. The big picture for us is to empower teens towards financially responsible adulthood by introducing them to the practicalities of finance management in the most simplified, relatable and realistic way. 

“I encourage every teen to download the ALAT Xplore App and onboard, every parent or guardian to open an ALAT Xplore Account for their teenager on the ALAT App, and every Nigerian to take pride in spotlighting, promoting and adopting this pioneering innovative solution that is set to rejig the industry and empower teens for a productive and successful future. The ALAT Xplore App is a game changer in the Nigerian banking industry and as we did when we pioneered ALAT, we are ushering in a new era of financial inclusion for Nigerians, this time, for teenagers.”