Wema Bank has rolled out two new features on its digital payment platform, ALATPay — Static Wallets and Instant Settlement — in a move aimed at simplifying transactions, strengthening transparency, and easing cash flow challenges faced by businesses.
The Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said the innovation reflects the lender’s strategy of deploying secure and efficient financial solutions to support business growth across industries.
According to him, the upgraded platform will not only reduce the bottlenecks around payment collection and reconciliation but also empower businesses with greater financial control.
“ALATPay embodies our vision of simplifying payments and strengthening trust through transparent, secure and efficient solutions. With Static Wallets and Instant Settlement, we are addressing the very challenges that slow down business growth in Nigeria,” Oseni said.
The Divisional Head of Payments Business at Wema Bank, Damola Bolodeoku, explained that the new features were designed to tackle critical pain points such as reconciliation complexities and cash flow delays.
He noted that Static Wallets would provide dedicated account numbers for users, vendors, branches, or projects, making reconciliation faster and more transparent while reducing fraud risks.
“By creating unique account numbers, businesses can reconcile seamlessly and manage transactions with ease. Instant Settlement, on the other hand, guarantees immediate access to funds once customers pay, solving the problem of delayed settlements that many merchants complain about,” Bolodeoku said.
Wema Bank added that the innovation will improve cash flow management, enhance operational agility, and boost customer confidence with real-time payment confirmations.
With these additions, ALATPay is now positioned to serve individuals, SMEs, corporate organisations, and fintech firms seeking faster and safer ways to manage their transactions in Nigeria’s growing digital economy.
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
