Monzo vs ALAT by Wema.
Monzo (M78/100) 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. Monzo leads ALAT by Wema 4-3.
| A ALAT by Wema №19 · CBN 75 /100 | M Monzo №08 · Central Bank of Ireland 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 | — | €200 /mo |
| Protection | ||
| Banking licence Tier | Full bank CBN | Full bank Central Bank of Ireland |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | €100,000 EU.DGS.IE |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 2 countries |
| 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 | — |
| 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 Monzo if…
Pick if you bank in the UK or Ireland and value the best budgeting tools in the category.
- Best for fees Monzo won 2 of 4
- Best for protection ALAT by Wema won 1 of 2
- Best for reach Tied
- Best for ux ALAT by Wema won 1 of 2
Monzo 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 Monzo?
Under our v3 methodology, Monzo leads ALAT by Wema 4–3 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Monzo 78/100. Monzo 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 Monzo cheaper?
Monthly fee — ALAT by Wema: €0; Monzo: €0. Card FX markup — ALAT by Wema: 3.00%; Monzo: Interbank. Monzo wins more fee rows (2 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 Monzo?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Monzo holds a Full bank licence under Central Bank of Ireland; deposit guarantee per depositor: €100,000. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Monzo?
ALAT by Wema operates in 1 country; Monzo operates in 2 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?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.