ALAT by Wema vs Mercado Pago Empresas.
ALAT by Wema (A75/100) and Mercado Pago Empresas (M69/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Mercado Pago Empresas leads ALAT by Wema 5-3.
| A ALAT by Wema №19 · CBN 75 /100 | M Mercado Pago Empresas №38 · BACEN 69 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 69 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 3.00% | 2.50% |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | Partner-bank BACEN |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | €250,000 BR.FGC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 7 countries |
| Crypto Coins available | No | 3 coins |
| Stocks & ETFs Self-directed | Yes | Yes |
| UX | ||
| Trustpilot Customer score | — | 3.5 ★ 30k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.7 ★ iOS 4.7 · And 4.6 |
| 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 Mercado Pago Empresas if…
The LATAM SMB-and-merchant payments platform with the deepest marketplace integration in the region — integrated with MercadoLibre / Mercado Livre, the largest e-commerce marketplace in Latin America. Multi-country coverage (BR, AR, MX, CO, CL, UY, PE) plus the marketplace network effect makes Mercado Pago Empresas the structural default for any LATAM-operating SMB that touches the MercadoLibre ecosystem. Free business account + card-acceptance terminals (Point) + online payment gateway + working-capital loans (Mercado Crédito) underwritten on platform sales data — the structural answer for any SMB selling on Mercado Livre / Mercado Libre marketplaces and the default e-commerce checkout across BR / AR / MX / CO / CL. Payment-institution model (not a bank), so customer funds are NOT FGC / national-DGS protected. Parent MercadoLibre (NASDAQ: MELI) is the dominant e-commerce + fintech platform across LATAM.
- Best for fees Mercado Pago Empresas won 1 of 4
- Best for protection ALAT by Wema won 2 of 2
- Best for reach Mercado Pago Empresas won 2 of 3
- Best for ux Mercado Pago Empresas won 2 of 2
ALAT by Wema vs Mercado Pago Empresas — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Mercado Pago Empresas?
Under our v3 methodology, Mercado Pago Empresas leads ALAT by Wema 5–3 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Mercado Pago Empresas 69/100. Mercado Pago Empresas 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 Mercado Pago Empresas cheaper?
Monthly fee — ALAT by Wema: €0; Mercado Pago Empresas: €0. Card FX markup — ALAT by Wema: 3.00%; Mercado Pago Empresas: 2.50%. Mercado Pago Empresas 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 Mercado Pago Empresas?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Mercado Pago Empresas holds a Partner-bank licence under BACEN; deposit guarantee per depositor: €250,000. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Mercado Pago Empresas?
ALAT by Wema operates in 1 country; Mercado Pago Empresas 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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