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Nnamdi Azodo is a product owner at ALAT by Wema bank, Africa’s first mobile-only bank.

ALAT is a fully digital bank in Nigeria, designed to help customers save more. A savings account can totally be opened in 5 minutes with a debit card delivered.

To open an ALAT account, you need your BVN, a phone number, email address and a few documents.

Nnamdi joined Wema Bank as a youth corps member during his mandatory 1 year National Youth Service Corps (NYSC) period.

After his service, he stayed on in the bank for a couple of years before being drafted into the initial 13-man team that gave birth to ALAT.

ALAT was launched on May 2nd 2017, and as at November this year they have almost 400 thousand accounts.

Episode 60 - #60, How ALAT team built a new bank from the old. Why innovation requires bold leadership. Nnamdi Azodo, Product Owner at ALAT

In this episode you’ll learn:

  • The history behind Wema bank becoming a regional bank and later expanding operations to become a national bank.
  • How ALAT was ideated within the bank itself.
  • The difficulties tied to incubating a bank within a bank
  • Why did Wema bank decide to build ALAT?
  • What were the different options they tried before settling for ALAT?
  • Nnamdi thinks “innovation can be scary”. Why does he seem to think so?
  • ALAT chose to go after a small segment of the market. Find out why
  • The Nigerian banking industry is subject to numerous regulations. How were they able to scale through?
  • The challenges of innovating inside a corporate
  • The importance of simplicity in building a new product.
  • What are the differences in the culture of ALAT and that of Wema bank?
  • The cost of acquiring users and their acquisition process.
  • How they were able to modify the Paypal referral model to grow ALAT effectively
  • What are their plans to innovate for startups in the near future?
  • How to build on the infrastructure of a national bank.
  • The results, challenges and solutions of their Facebook onboarding trial
  • And more
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Building The Future Podcast Season 3 is sponsored by Flutterwave

Flutterwave drives growth for banks and businesses across Africa through digital payment technology. You can learn more about their activities here.