So you’re thinking of opening a business bank account in Nigeria and wondering if Alat for Business Account is the right choice for your small or medium enterprise. You’ve come to the right place. We’ll give you the lowdown on everything you need to know about Alat for Business so you can decide if it’s the best business bank account option for your company.
Alat for Business is Wema Bank’s digital business account designed specifically for SMEs like yours. It offers the convenience of an online account opening process, affordable fees, access to loans and a suite of tools to help manage your business finances. If you’re looking to scale your business in 2023 but want to avoid the hassle of a traditional business bank, Alat for Business checks all the boxes.
Over the next few minutes, we’ll walk you through the key features, benefits, eligibility criteria, fees and charges of the Alat for Business Account so you have all the information you need to choose the best bank account for your small business. Let’s dive in!
What Is Alat for Business?
Alat for Business is FirstBank’s digital banking platform created specifically for small and medium enterprises (SMEs) in Nigeria. It offers business owners an easy way to open a business account, access loans, pay bills, and manage cash flow from your mobile device.
With Alat for Business, you can:
- Open a business account in minutes. No paperwork or branch visit required. Just download the Alat for Business app, enter some details about your business and you’re set.
- Access short-term loans and overdrafts. Once your account is open, you can apply for loans and overdraft facilities of up to 5 million Naira to help with working capital and business expansion. Repayment terms are flexible from 3 to 12 months.
- Make and receive payments easily. You can pay employees, vendors and suppliers directly from your Alat for Business account. You can also invoice customers and receive payments via transfers, debit/credit cards or QR codes.
- Gain insights into your cash flow. Alat for Business provides real-time reports and analytics on your account balance, income, expenses, loans, and transactions so you have full visibility over your business’s financial health.
- Get support when you need it. Reach out to FirstBank’s customer service agents for any questions about your Alat for Business account via live chat, email, phone call or by visiting your nearest FirstBank branch.
With affordable fees and round-the-clock access, Alat for Business has everything you need to simplify your business banking. Why not sign up today and experience the freedom of digital banking? Your business will thank you for it!
Benefits of the Alat for Business Account
When you sign up for the Alat for Business account, you’ll gain access to several benefits tailored to meet the needs of small business owners like yourself.
With the Alat for Business account, you have access to your funds anytime, anywhere via the Alat app, USSD or online banking. No more waiting in long queues during banking hours or missing important payments due to public holidays. You’re in full control of your business account day or night.
Add employees or business partners as account users with customized access levels. Grant or restrict permissions to view balances, make payments, withdraw funds and more. Stay on top of account activity with alerts for all transactions, logins and changes made by other users.
Alat for Business has a simple, transparent fee structure with no hidden charges. Make unlimited free transfers between Alat accounts. Pay below-market rates for deposits, withdrawals and interbank transfers. Even international payments come with competitive FX rates and low flat fees.
Insights & Reports
Gain valuable insights into your business’ cash flow, spending patterns and growth with Alat’s analytics and reporting tools. Track income, expenses, profits and more to make data-driven decisions that will boost your bottom line. Export reports to share with your accountant or use for tax filing.
An Alat for Business account provides the modern financial tools and affordable services your small business needs to save time, cut costs and thrive. Open your account today to experience the benefits of Nigeria’s leading digital bank for SMEs.
Features of Alat for Business Accounts
Alat for Business offers several useful features for small businesses. As an SME owner, here are some of the benefits you can enjoy:
Alat for Business allows you to effortlessly manage all your business accounts in one place. You can view balances, download statements, pay bills and more. This consolidated view makes it easy to stay on top of your accounts.
Multiple User Access
You can add multiple team members to your Alat for Business account so relevant staff have access to the information they need. Set customized access levels for different users to control what they can see and do. This flexibility ensures security and accountability.
Payments & Transfers
Make and receive payments, pay employees’ salaries, pay bills and transfer funds between your own accounts and to third parties. Alat for Business supports Naira and USD accounts so you can manage both local and foreign currency transactions with ease.
Generate financial reports like income statements, cash flow statements, balance sheets and transaction reports. These reports provide insights into your business’s financial health and performance over time. You can also export reports to share with your accountant.
Alat for Business offers local customer support to help you with any questions about using the platform or address issues. Support is available via phone, email and social media. The support team aims to respond within 24 hours.
Overall, Alat for Business provides an affordable, user-friendly platform for SMEs to efficiently manage their finances in one place. The features have been designed to save business owners time while maintaining transparency and control over their accounts. Opening an account is free and only takes a few minutes to get started.
How to Open an Alat for Business Account
To open an Alat for Business account, here are the steps you’ll need to take:
Gather Your Documents
To get started, you’ll need to provide some information to verify your business. Have handy your business registration documents, tax identification number, business address, and the details of business owners or directors.
Register Your Business
Head to alat.ng and click “Open an Account.” Select “Alat for Business” and enter your business details like legal name, registration number, address, and owners’ information. Alat will review your application and documentation to verify your business.
Fund Your Account
Once verified, you can fund your Alat for Business account through wire transfers, direct deposits, or over-the-counter deposits at any Access Bank branch. Your account will be active as soon as it’s funded, so you can start making payments, transfers, and accessing your account information right away.
As an account admin, you can invite other users like employees or accountants to access the account. Set customized access levels for each user to control what they can see and do. Users will get their own login details to access reports, make payments, view balances, and more based on the access you provide.
Manage Your Account
The Alat for Business web and mobile apps make it easy to manage your account on the go. You can view balances and statements, pay bills and employees, transfer funds, download reports, and handle other everyday tasks. Alat for Business also integrates with accounting software like QuickBooks to simplify your bookkeeping and reconciliation.
Opening an Alat for Business account is the first step to unlocking the benefits of an all-digital business bank account. Once your account is set up and funded, Alat provides an innovative platform to help Nigerian SMEs improve cash flow, gain financial insights, and boost productivity.
FAQs About Alat for Business
Alat for Business is still relatively new, so you probably have some questions about how it works. Here are some of the most frequently asked questions about Alat for Business.
What are the fees for Alat for Business?
Alat for Business is free to sign up for. However, there are transaction fees for receiving and sending payments. Fees range from 1-2% per transaction. There are no monthly or annual fees to use the Alat for Business platform.
How long does it take for payments to process?
Most payments process within 1 to 2 business days. However, larger transactions or those occurring over the weekend may take 3 to 5 business days to fully process. Alat aims to process payments as quickly as possible, but some delays may occur. You’ll receive notifications from Alat as payments are processing and when funds have been deposited into your account.
Can I accept cash payments?
No, Alat for Business does not accept cash payments. It is an online payment platform, so all transactions are electronic – either via bank transfers, credit/debit cards or mobile money. If you need to accept cash, you’ll need to do so separately from Alat for Business.
Is Alat for Business secure?
Yes, Alat for Business uses industry-standard security protocols to keep your information and transactions secure. This includes data encryption, fraud detection, and secure data storage. However, there is always a small risk of data breaches or cyber threats when conducting online transactions. Alat works to minimize risks and stay up-to-date with the latest security standards. But for maximum security, you should also enable two-factor authentication on your account and be cautious of phishing emails or messages.
How do I get paid from Alat for Business?
Funds from payments made to your Alat for Business account are deposited directly into your linked business bank account. You provide your account details when setting up your Alat for Business profile. Payments are deposited 1 to 2 business days after the transaction is processed by Alat. You must have a business bank account in Nigeria to receive payments from Alat for Business.
So there you have it, everything you need to know about the alat for business account to make the most of it in 2023. Now that you understand the key features, benefits, and how to get started, you’re ready to take your small business to the next level. This innovative digital banking solution was created with Nigerian SMEs like yours in mind. With low fees, high limits, and a suite of tools to simplify your finances, alat for business gives you more freedom and control to focus on what really matters – growing your business. What are you waiting for? Open your alat for business account today and see how much easier running your small business can be. The future of finance is here, it’s time to embrace it!