ALAT by Wema vs Bank Zero.
ALAT by Wema (A75/100) and Bank Zero (B50/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. ALAT by Wema leads Bank Zero 4-1.
| A ALAT by Wema №18 · CBN 75 /100 | B Bank Zero №60 · SARB 50 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 50 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 3.00% | 2.00% |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | Payment inst. SARB |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded ZA.CODI |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.5 ★ iOS 4.5 · And 4.4 |
| Read review → | Read review → | |
Pick ALAT by Wema if…
Nigeria's first fully-digital bank — launched 2017 as a digital arm of Wema Bank (NGX-listed, CBN-licensed since 1945). Operates under the parent's full-bank licence (so NDIC ₦5M cover applies, vs. the ₦2M microfinance ceiling that Kuda + OPay sit under). Strongest domestic savings rate ladder in NG (up to 12% on goal-locked tenures).
Pick Bank Zero if…
South Africa's first fully-digital mutual bank — SARB-licensed since 2018, operationally live since 2021. Founded by ex-FNB executives (Yatin Narsai, Michael Jordaan). Owner-operator model: no shareholders, profits flow back to depositors via lower fees and competitive sub-account interest. The fee-free counterpart to Discovery Bank's premium tier-based model.
- Best for fees Bank Zero won 1 of 4
- Best for protection ALAT by Wema won 2 of 2
- Best for reach ALAT by Wema won 1 of 3
- Best for ux Tied
ALAT by Wema vs Bank Zero — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Bank Zero?
Under our v3 methodology, ALAT by Wema leads Bank Zero 4–1 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Bank Zero 50/100. ALAT by Wema is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is ALAT by Wema or Bank Zero cheaper?
Monthly fee — ALAT by Wema: €0; Bank Zero: €0. Card FX markup — ALAT by Wema: 3.00%; Bank Zero: 2.00%. Bank Zero wins more fee rows (1 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, ALAT by Wema or Bank Zero?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Bank Zero holds a Payment inst. licence under SARB; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Bank Zero?
ALAT by Wema operates in 1 country; Bank Zero operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
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