ALAT by Wema vs Memo Bank.
ALAT by Wema (A75/100) and Memo Bank (M56/100), 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 Memo Bank 5-2.
| A ALAT by Wema №19 · CBN 75 /100 | M Memo Bank №59 · ACPR 56 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 56 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €449 /mo |
| FX markup Debit card abroad | 3.00% | 0.50% |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | E-money inst. ACPR |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded EU.DGS.FR |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | 4.6 ★ 0k reviews |
| 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 Memo Bank if…
The French mid-market SME bank that fills the structural gap between Qonto (freelancer-and-SME-led, ACPR credit institution) and chartered legacy banks (BNP Paribas Business, Société Générale Business). Full ACPR credit-institution licence with DGS protection. Mid-market SME tier (€1M-100M revenue) is the target audience; API-first treasury + Pennylane integration is the SMB-tech moat.
- Best for fees Tied
- Best for protection ALAT by Wema won 2 of 2
- Best for reach ALAT by Wema won 1 of 3
- Best for ux Memo Bank won 1 of 2
ALAT by Wema vs Memo Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Memo Bank?
Under our v3 methodology, ALAT by Wema leads Memo Bank 5–2 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Memo Bank 56/100. 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 Memo Bank cheaper?
Monthly fee — ALAT by Wema: €0; Memo Bank: €449. Card FX markup — ALAT by Wema: 3.00%; Memo Bank: 0.50%. Tied across fee rows. See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, ALAT by Wema or Memo Bank?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Memo Bank holds a E-money inst. licence under ACPR; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Memo Bank?
ALAT by Wema operates in 1 country; Memo 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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