ALAT by Wema vs Finom.
ALAT by Wema (A75/100) and Finom (F64/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. A close tie.
| A ALAT by Wema №19 · CBN 75 /100 | F Finom №45 · DNB 64 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 64 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 3.00% | 0.70% |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | E-money inst. DNB |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded EU.DGS.NL |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 7 countries |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | 4.5 ★ 8k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.5 ★ iOS 4.6 · 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 Finom if…
The EU SMB-focused EMI platform that solves the multi-country invoicing-plus-accounting-integration problem better than Qonto, Wise Business, and Revolut Business — local IBAN issuance across NL/DE/FR/IT/ES/PL plus native DATEV / Lexoffice (Germany) and Pennylane (France) integrations is the workflow win for SMBs operating across multiple EU markets. The freelancer-plus-SMB onboarding is structurally paved across entity types (sole trader, GmbH, SARL, BV, SAS, Sp. z o.o., S.R.L.), making Finom the structural fit for German freelancers and EU operators who need country-specific local IBANs without running multiple bank relationships.
- Best for fees Finom won 1 of 4
- Best for protection ALAT by Wema won 2 of 2
- Best for reach Tied
- Best for ux Finom won 2 of 2
ALAT by Wema vs Finom — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Finom?
ALAT by Wema and Finom are tied 4–4 across 12 dimensions under our v3 methodology. Composite scores: ALAT by Wema 75/100 vs Finom 64/100. The right pick depends on which dimension you weight most heavily.
Is ALAT by Wema or Finom cheaper?
Monthly fee — ALAT by Wema: €0; Finom: €0. Card FX markup — ALAT by Wema: 3.00%; Finom: 0.70%. Finom 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 Finom?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Finom holds a E-money inst. licence under DNB; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Finom?
ALAT by Wema operates in 1 country; Finom operates in 7 countries. 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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