ALAT by Wema vs Relay.
ALAT by Wema (A75/100) and Relay (R68/100), 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 Relay 4-2.
| A ALAT by Wema №19 · CBN 75 /100 | R Relay №43 · FDIC 68 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 68 /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 | Partner-bank FDIC |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded No DGS |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.7 ★ iOS 4.8 · 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 Relay if…
The Profit-First-aligned multi-checking neobank — 20 real checking accounts (not virtual envelopes) and 50 debit cards under one login, with granular multi-user roles. Where Mercury / Bluevine / Novo all give you one operating account plus virtual sub-pockets, Relay gives you 20 separately-FDIC-mapped checking accounts that auto-transfer between each other on percentage- or amount-based rules. That is the structural fit for Mike Michalowicz's Profit First method (Income / Profit / Owner's Pay / Tax / OpEx envelopes), and Relay has been the official Profit First banking platform since 2023. Sponsor bank is Thread Bank (TN-chartered) with a $3M sweep — Thread's May 2024 FDIC consent order was terminated December 2025 with no customer-funds incident at Relay.
- Best for fees Relay won 1 of 4
- Best for protection ALAT by Wema won 2 of 2
- Best for reach ALAT by Wema won 1 of 3
- Best for ux Relay won 1 of 2
ALAT by Wema vs Relay — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Relay?
Under our v3 methodology, ALAT by Wema leads Relay 4–2 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Relay 68/100. 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 Relay cheaper?
Monthly fee — ALAT by Wema: €0; Relay: €0. Card FX markup — ALAT by Wema: 3.00%; Relay: Interbank. Relay 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 Relay?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Relay holds a Partner-bank licence under FDIC; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Relay?
ALAT by Wema operates in 1 country; Relay 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?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.