ALAT by Wema vs Novo.
ALAT by Wema (A75/100) and Novo (N72/100), 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 Novo 4-3.
| A ALAT by Wema №19 · CBN 75 /100 | N Novo №28 · FDIC 72 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 72 /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 | $250,000 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 | — | 3.0 ★ 1k reviews |
| App store iOS + Android avg | 4.5 ★ iOS 4.4 · And 4.5 | 4.7 ★ iOS 4.8 · 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 Novo if…
The integration-first US business neobank. Boost is the structural feature: Stripe and Square payouts arrive 1-2 business days earlier than at any competitor, which materially shifts cash-flow timing for e-commerce sellers and agencies invoicing on net-30. The third-party app marketplace (~11+ named integrations including Wise for cross-border) is deeper than Bluevine, Mercury, or Found, and Middlesex Federal Savings has been the continuous sponsor bank since launch — uncommon stability in BaaS. Trade-off: $250K single-bank FDIC ceiling (no sweep), no yield product, and weaker multi-user permissions than Relay.
- Best for fees Novo 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 Novo won 2 of 2
ALAT by Wema vs Novo — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Novo?
Under our v3 methodology, ALAT by Wema leads Novo 4–3 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Novo 72/100. 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 Novo cheaper?
Monthly fee — ALAT by Wema: €0; Novo: €0. Card FX markup — ALAT by Wema: 3.00%; Novo: Interbank. Novo 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 Novo?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Novo 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 Novo?
ALAT by Wema operates in 1 country; Novo 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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