Wema Bank Launches ALATPay

Wema Bank has introduced a new payment gateway called ALATPay, specifically designed for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

Unveiled recently in Lagos, ALATPay aims to provide a secure and seamless shopping experience for customers while ensuring instant settlement for merchants through a unique ALATPay link.

According to a statement released by the bank, ALATPay offers a fully integrated system allowing business owners to showcase their products and services on an online storefront. It supports payments through various channels, including debit and credit cards, unstructured supplementary service data (USSD), and direct bank payments.

Moreover, the platform provides merchants the option to settle payments in either local or foreign currencies.

The 2024 Informal Economy Report by Moniepoint highlighted that Nigeria hosts approximately 40 million MSMEs, with nearly 90 percent operating within the informal sector. This underscores the significance of solutions like ALATPay in supporting these businesses.

Executive Director of Wema Bank’s Lagos Directorate, Mr. Oluwole Ajimisinmi, underlined the bank’s commitment to empowering small businesses.

“ALATPay is the future, offering a comprehensive toolkit that includes not just payment solutions but also training, exposure, and financial facilities. This initiative aims to position Nigerian businesses for global transactions,” he stated.

Wema Bank’s Divisional Head of Payment Business, Mr. Damola Bolodeoku, noted the unique features of ALATPay, including the capability to accept payments in foreign currencies.

“For instance, if a customer in the United States (US) makes a purchase using a United States dollar (USD) card, the merchant can receive the payment directly in their USD account. This feature sets ALATPay apart from most payment gateways that only offer settlements in naira,” Mr. Bolodeoku explained.

He also highlighted the platform’s robust security measures, which include anti-fraud and anti-money laundering tools.

ALATPay aims to break boundaries and unlock new potentials for businesses, providing a holistic solution that extends beyond payment processing to foster growth and success for Nigerian enterprises on a global scale.