Oluchi Chibuzor writes on Wema Bank’s ALAT Xplore App, Nigeria’s first licensed banking App tailored specifically to teenagers ages 13 to 17 As the world rapidly evolves into a digital and interconnected marketplace, financial literacy among young people has become critical. Early exposure to financial concepts like saving, budgeting, and responsible spending is increasingly recognized as essential for personal and professional success. Studies by the Programme for International Student Assessment (PISA) reveal that one in four students across OECD countries lacks basic financial knowledge, a gap that significantly impacts lifelong financial health.
Without early education, many young people struggle with debt and poor financial habits into adulthood, underscoring the need for financial independence as a cornerstone of confidence and long-term success. In Nigeria, where the population exceeds 230 million and includes one of the world’s largest youth demographics, financial literacy is a pressing priority. Over 61 per cent of Nigerians are under the age of 24, with a median age of 18.
1 years, creating a youth-driven economy ready to engage in financial and technological advancement. Teaching financial responsibility from an early age is not a luxury but a national imperative. In this context, Wema Bank has introduced a groundbreaking solution tailored specifically to teenagers: the ALAT Xplore App, Nigeria’s first licensed banking App exclusively for ages 13 to 17.
ALA.