Toss Bank vs ALAT by Wema.
Toss Bank (T78/100) 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. Toss Bank leads ALAT by Wema 4-0.
| A ALAT by Wema №19 · CBN 75 /100 | T Toss Bank №11 · 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 | 4.7 ★ 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 Toss Bank if…
Korea's third internet-only bank. Viva Republica subsidiary — operates inside the Toss super-app (~25M users). Full KFSC licence since 2021; KDIC cover. The mobile-app-native counterpart to Kakao Bank.
- Best for fees Toss Bank won 1 of 4
- Best for protection Toss Bank won 1 of 2
- Best for reach Tied
- Best for ux Toss Bank won 1 of 2
Toss 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 Toss Bank?
Under our v3 methodology, Toss Bank leads ALAT by Wema 4–0 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Toss Bank 78/100. Toss 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 Toss Bank cheaper?
Monthly fee — ALAT by Wema: €0; Toss Bank: €0. Card FX markup — ALAT by Wema: 3.00%; Toss Bank: Interbank. Toss 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 Toss Bank?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Toss Bank holds a Full bank licence under KDIC; deposit guarantee per depositor: €50,000,000. Toss Bank is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Toss Bank?
ALAT by Wema operates in 1 country; Toss 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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