Onome Amuge
Wema Bank has moved to consolidate its position in Nigeria’s digital payments space with the introduction of Static Wallets and Instant Settlement capabilities on ALATPay, its proprietary payment gateway. The upgrade, which the bank says is aimed at removing operational bottlenecks for businesses, underscores intensifying competition among traditional banks and fintechs for a bigger share of the country’s electronic transactions market.
Nigeria’s digital payments sector, valued at more than $300 billion annually by industry estimates, has become a key battleground as banks seek to protect revenue streams against agile fintech challengers. With consumer adoption of digital channels accelerating, institutions are under pressure to deliver faster, safer, and more transparent solutions for individuals, SMEs, and corporates.
Moruf Oseni, managing director and chief executive officer of Wema Bank, said the new features reflect the bank’s strategy of “fusing innovation with security and transparency” to meet customer expectations. “ALATPay embodies our vision of simplifying payment collection, management and reconciliation across industries. By introducing Static Wallets and Instant Settlement, we are dismantling obstacles that have slowed business growth and reinforcing confidence in digital transactions,” Oseni said.
For businesses in Nigeria, one of the most persistent challenges has been payment reconciliation and settlement delays. Funds often take days to reflect, creating cash flow constraints and slowing operational decisions. The new ALATPay features are designed to address this pain point directly.
According to Damola Bolodeoku, divisional head of Wema Bank’s Payments Business, the Static Wallets innovation allows companies to assign dedicated account numbers to users, vendors, or even specific projects. This, he explained, improves transaction transparency, eases reconciliation, and reduces fraud risks. “Through dedicated account numbers and instantaneous transfers, we are empowering businesses with better financial control,” Bolodeoku said, adding that the features were developed in collaboration with partners and customers who identified these operational gaps.
The Instant Settlement capability ensures merchants gain immediate access to funds once customer payments are made. This is expected to improve liquidity management, give businesses more agility in responding to market conditions, and strengthen customer confidence through real-time payment confirmations.
