Wema Bank has released the ALAT Xplore App, a mobile banking platform developed exclusively for Nigerian youths aged 13 to 17.

According to the bank, the App redefines how teenagers interact with money. It was launched in Lagos on Saturday, and Wema described it as a significant step forward in its efforts to boost financial inclusion and literacy among youths.

The ALAT Xplore App is available for download from both the Google Play and Apple App Stores.

The banking App includes a variety of features designed to engage and teach teenagers about money management.

The platform also has a parental control framework, allowing parents to monitor their teen's account activities.

Parents can also monitor and approve specific actions within the application. This includes providing or restricting access to funds in the teenager's account, and maintaining a balance between financial liberty and control, said Wema.

Wema Bank's managing director and CEO, Moruf Oseni stressed the importance of introducing financial literacy to young people at an early age.

He highlighted that the teen years are a critical period for developing sound financial habits that will carry over into adulthood.

"Teenagers stand at a confluence between childhood and adulthood. We must leverage this pivotal phase to equip them with the knowledge and tools they need to become financially responsible adults," said Oseni.