Rakuten Bank vs ALAT by Wema.
Rakuten Bank (R77/100) and ALAT by Wema (A75/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Rakuten Bank leads ALAT by Wema 3-1.
| A ALAT by Wema №19 · CBN 75 /100 | R Rakuten Bank №13 · JFSA 77 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 77 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 3.00% | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | Full bank JFSA |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | €10,000,000 JP.DICJ |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | Yes |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.3 ★ iOS 4.4 · And 4.2 |
| 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 Rakuten Bank if…
Largest Japanese internet-only bank by customer count (~14M+) and the only TSE Prime-listed pure-play net bank (TYO: 5838, IPO 21 April 2023 — the largest Japanese IPO in five years at the time). Originally chartered as eBank in 2001; acquired by Rakuten Group (TYO: 4755) in 2009. Structural moat is the Rakuten Points + Rakuten Card + Rakuten Securities + Rakuten Mobile + Rakuten Ichiba ecosystem — points cross-pollinate across the entire surface area. Full FSA Banking Act licence; statutory DICJ member at the JPY 10,000,000 ceiling.
- Best for fees Rakuten Bank won 1 of 4
- Best for protection Rakuten Bank won 1 of 2
- Best for reach Tied
- Best for ux ALAT by Wema won 1 of 2
Rakuten Bank vs ALAT by Wema — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Rakuten Bank?
Under our v3 methodology, Rakuten Bank leads ALAT by Wema 3–1 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Rakuten Bank 77/100. Rakuten Bank 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 Rakuten Bank cheaper?
Monthly fee — ALAT by Wema: €0; Rakuten Bank: €0. Card FX markup — ALAT by Wema: 3.00%; Rakuten Bank: Interbank. Rakuten Bank 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 Rakuten Bank?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Rakuten Bank holds a Full bank licence under JFSA; deposit guarantee per depositor: €10,000,000. Rakuten Bank is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Rakuten Bank?
ALAT by Wema operates in 1 country; Rakuten Bank operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
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