Daud Olatunji
Wema Bank has unveiled a groundbreaking payment solution, ALATPay, designed to support Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
In a statement released by the bank on Sunday, the back said the platform, launched recently in Lagos, offers a comprehensive and secure end-to-end shopping experience for customers, alongside instant settlement for merchants.
The bank added that the new payment gateway aims to provide a fully integrated system for business owners.
It stated that with ALATPay, merchants can display their products and services globally on an online storefront, accept payments through various channels—including debit cards, credit cards, USSD, and direct bank payments—and receive settlements in either local or foreign currencies.
This functionality is facilitated via a unique ALATPay link.
The 2024 Informal Economy Report by Moniepoint highlights the significant presence of MSMEs in Nigeria, with approximately 40 million such businesses operating, nearly 90% of which are part of the informal economy.
Oluwole Ajimisinmi, Wema Bank’s Executive Director for the Lagos Directorate, emphasized the bank’s commitment to empowering small businesses.
He noted, “The bulk of the economy comprises small businesses, so creating and providing solutions that empower them to thrive, maintain optimal productivity, and actively contribute to the economy is our goal.
ALATPay is the future, and we are proud to make this major advancement in the financial services industry, positioning Nigerian businesses to acquire transactions worldwide seamlessly.”
Ajimisinmi further highlighted that ALATPay is more than just a payment gateway; it offers a full SME Toolkit, including training, exposure, loans, and trading facilities, all aimed at boosting the success of Nigerian businesses.
Damola Bolodeoku, Wema Bank’s Divisional Head of Payment Business, elaborated on the unique features of ALATPay.
He pointed out that the platform allows businesses to receive payments in foreign currency, a rare feature among payment gateways, which typically settle in naira.
“If a customer from the United States picks items from a business’ storefront and pays with their USD Card, ALATPay allows the business to receive the payment directly in their USD Account in dollars.
This feature sets ALATPay apart as it enables seamless, secure, and international transactions,” Bolodeoku said.
Bolodeoku also assured that the platform has robust anti-fraud and money laundering tools to protect both merchants and customers.
“The integration process on ALATPay is quite seamless, and we have fortified the platform to ensure maximum security.
“There is untapped potential in breaking boundaries for businesses, and we are happy to pioneer this solution,” he added.
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
