Wema Bank has launched a payment gateway for Micro, Small and Medium Enterprises in Nigeria.
The platform named ALATPay, which provides customers with a secure end-to-end shopping experience and immediate settlement for merchants, all via the merchant’s unique ALATPay link was introduced in Lagos recently.
In a statement released on Sunday, the bank stated that the payment gateway provides business owners with a fully integrated system that allows them to accept payments through a variety of channels, such as direct bank payments, credit cards, debit cards, and USSD, and to display their goods and services to customers worldwide on their ALATPay online storefront. All of this can be done via a single link, and payments can be settled in local or foreign currency depending on the situation, according to The Punch.
According to Moniepoint’s 2024 Informal Sector Report, there are about 40 million MSMEs in Nigeria, and about 90% of them are involved in the informal sector.
Commenting, Wema Bank’s executive director for the Lagos directorate, Oluwole Ajimisinmi, emphasized the bank’s commitment to empowering companies and offering workable solutions that will enable them to grow and succeed.
“The bulk of the economy comprises small businesses so creating and providing solutions that will empower them to thrive, maintain optimal productivity and actively contribute to the economy, is the goal for us. ALATPay is the future, and we are proud to do yet another major one in the financial services industry, positioning Nigerian businesses to seamlessly acquire transactions worldwide.
“With ALATPay, customers are not just getting access to the payment gateway, they are getting a full SME Toolkit, training, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success”, he concluded.
Emphasizing the distinctive qualities of ALATPay, Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku, added, “Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku, added, “A major value-added service that Wema Bank offers is the ability to collect payments in foreign currency. If a customer from the United States has picked items from a business’ storefront and paid with their USD Card, ALATPay allows the business to receive the payment directly in their USD Account in dollars. This is arguably a ‘first of its kind’ offering as most payment gateways only provide settlements in naira. Once your business is on ALATPay, you are able to start selling seamlessly, securely and internationally.
“The integration process on ALATPay is quite seamless and to maintain maximum security for both merchants and customers, we have fortified the platform with anti-fraud and money laundering tools to ensure that no bad players can access the platform. There is untapped potential in breaking boundaries for businesses and we are happy to pioneer this solution. ALATPay is not just a payment gateway, it is a comprehensive solution to promoting the growth and success of businesses in Nigeria and beyond.”
