ALAT by Wema vs Discovery Bank.
ALAT by Wema (A75/100) and Discovery Bank (D45/100), 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 Discovery Bank 4-2.
| A ALAT by Wema №18 · CBN 75 /100 | D Discovery Bank №67 · SARB 45 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 75 /100 | 45 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €95 /mo |
| FX markup Debit card abroad | 3.00% | 1.50% |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank CBN | Payment inst. SARB |
| Deposit guarantee Per depositor | €5,000,000 NG.NDIC | Safeguarded ZA.CODI |
| 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 | 4.5 ★ iOS 4.6 · And 4.4 |
| 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 Discovery Bank if…
Premium ZA digital-first bank backed by JSE-listed Discovery Group. SARB full-bank licence since 2019. Vitality Money behavioural-banking model — your rates and rewards rise with healthy financial behaviour, integrated with Discovery Health/Life. CODI cover. The only ZA digital bank with a serious premium-tier offering (Black tier with metal card, lounges, Vitality Travel).
- Best for fees Tied
- Best for protection ALAT by Wema won 2 of 2
- Best for reach Tied
- Best for ux Discovery Bank won 1 of 2
ALAT by Wema vs Discovery Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ALAT by Wema better than Discovery Bank?
Under our v3 methodology, ALAT by Wema leads Discovery Bank 4–2 across 12 dimensions. Composite scores: ALAT by Wema 75/100 vs Discovery Bank 45/100. 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 Discovery Bank cheaper?
Monthly fee — ALAT by Wema: €0; Discovery Bank: €95. Card FX markup — ALAT by Wema: 3.00%; Discovery Bank: 1.50%. Tied across fee rows. See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, ALAT by Wema or Discovery Bank?
ALAT by Wema holds a Full bank licence under CBN; deposit guarantee per depositor: €5,000,000. Discovery Bank holds a Payment inst. licence under SARB; deposit guarantee per depositor: Safeguarded. ALAT by Wema is the stronger pick on regulatory protection.
Where can I use ALAT by Wema and Discovery Bank?
ALAT by Wema operates in 1 country; Discovery 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.
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