ALAT by Wema vs Mercury.
ALAT by Wema (A75/100) and Mercury (M70/100), 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 | M Mercury №32 · FDIC 70 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 71 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 3.00% | 1.00% |
| 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 | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | Yes |
| UX | ||
| Trustpilot Customer score | — | 4.4 ★ 1k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.6 ★ iOS 4.7 · 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 Mercury if…
Pick if you run a US LLC or C-Corp and want $5M sweep FDIC coverage. Personal accounts not supported.
- Best for fees Mercury won 1 of 4
- Best for protection ALAT by Wema won 2 of 2
- Best for reach Tied
- Best for ux Mercury won 2 of 2
ALAT by Wema vs Mercury — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Mercury?
ALAT by Wema and Mercury are tied 3–3 across 12 dimensions under our v3 methodology. Composite scores: ALAT by Wema 75/100 vs Mercury 70/100. The right pick depends on which dimension you weight most heavily.
Is ALAT by Wema or Mercury cheaper?
Monthly fee — ALAT by Wema: €0; Mercury: €0. Card FX markup — ALAT by Wema: 3.00%; Mercury: 1.00%. Mercury 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 Mercury?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Mercury holds a Partner-bank licence under FDIC; deposit guarantee per depositor: $250,000. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Mercury?
ALAT by Wema operates in 1 country; Mercury 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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