ALAT by Wema vs Discover Bank.
ALAT by Wema (A75/100) and Discover Bank (D60/100), 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 Discover Bank 4-2.
| A ALAT by Wema №19 · CBN 75 /100 | D Discover Bank №51 · OCC 60 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 60 /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 | Payment inst. OCC |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded US.FDIC |
| 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 | 4.8 ★ iOS 4.8 · And 4.7 |
| 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 Discover Bank if…
OCC-chartered direct bank, integrated with the Discover Card network. Famous for zero foreign-transaction fees + 1% cashback debit. Fully FDIC-insured. The card-network-integrated alternative to Ally for travellers + cashback-driven readers.
- Best for fees Discover Bank 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 Discover Bank won 1 of 2
ALAT by Wema vs Discover Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Discover Bank?
Under our v3 methodology, ALAT by Wema leads Discover Bank 4–2 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Discover Bank 60/100. 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 Discover Bank cheaper?
Monthly fee — ALAT by Wema: €0; Discover Bank: €0. Card FX markup — ALAT by Wema: 3.00%; Discover Bank: Interbank. Discover 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 Discover Bank?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Discover Bank holds a Payment inst. licence under OCC; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Discover Bank?
ALAT by Wema operates in 1 country; Discover 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?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.