Varo Money vs ALAT by Wema.
Varo Money (V82/100) 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. Varo Money leads ALAT by Wema 4-2.
| A ALAT by Wema №19 · CBN 75 /100 | V Varo Money №04 · OCC 82 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 82 /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 OCC |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | 4.2 ★ 8k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.6 ★ iOS 4.7 · And 4.5 |
| 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 Varo Money if…
First US neobank to receive an OCC national bank charter (July 2020). Direct FDIC member — your money sits at Varo Bank, N.A., not a sponsor. Headline 5.00% APY savings rate on the first $5K with direct deposit — among the highest in the US neobank market.
- Best for fees Varo Money won 1 of 4
- Best for protection ALAT by Wema won 1 of 2
- Best for reach ALAT by Wema won 1 of 3
- Best for ux Varo Money won 2 of 2
Varo Money 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 Varo Money?
Under our v3 methodology, Varo Money leads ALAT by Wema 4–2 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Varo Money 82/100. Varo Money 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 Varo Money cheaper?
Monthly fee — ALAT by Wema: €0; Varo Money: €0. Card FX markup — ALAT by Wema: 3.00%; Varo Money: Interbank. Varo Money 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 Varo Money?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Varo Money holds a Full bank licence under OCC; deposit guarantee per depositor: $250,000. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Varo Money?
ALAT by Wema operates in 1 country; Varo Money 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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