Kakao Bank vs ALAT by Wema.
Kakao Bank (K78/100) 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. Kakao Bank leads ALAT by Wema 4-0.
| A ALAT by Wema №19 · CBN 75 /100 | K Kakao Bank №10 · KDIC 78 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 78 /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 KDIC |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | €50,000,000 KR.KDIC |
| 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 | 4.5 ★ 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 Kakao Bank if…
Largest Korean digital bank by user count (~24M). Public on KOSPI since 2021. Deep integration with KakaoTalk messenger — distribution moat. Mini Stock fractional investing is a strong consumer-investing entry point.
- Best for fees Kakao Bank won 1 of 4
- Best for protection Kakao Bank won 1 of 2
- Best for reach Tied
- Best for ux Kakao Bank won 1 of 2
Kakao 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 Kakao Bank?
Under our v3 methodology, Kakao Bank leads ALAT by Wema 4–0 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Kakao Bank 78/100. Kakao 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 Kakao Bank cheaper?
Monthly fee — ALAT by Wema: €0; Kakao Bank: €0. Card FX markup — ALAT by Wema: 3.00%; Kakao Bank: Interbank. Kakao 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 Kakao Bank?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Kakao Bank holds a Full bank licence under KDIC; deposit guarantee per depositor: €50,000,000. Kakao Bank is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Kakao Bank?
ALAT by Wema operates in 1 country; Kakao 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.
Want a 3- or 4-way comparison?
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