Wema Bank takes MSME payment solutions to new level with ALATPay

Business a.m.

Wema Bank has launched ALATPay, a payment gateway platform that aims to transform the customer and merchant experience. The platform is designed to offer a comprehensive solution for businesses, allowing them to display their products and services, accept payments across multiple channels, and receive settlements in local or foreign currency, all in a secure and seamless manner.

The commercial banking company’s innovative ALATPay platform offers businesses a powerful tool to enhance their payment processes, without the need for third-party intermediaries. By harnessing the platform’s cutting-edge technology, businesses can experience a secure, efficient, and cost-effective payment process, with instantaneous settlements, unlimited transactions without additional charges, and access to dedicated support teams.

The launch event, held  recently, highlighted ALATPay’s unique features, including online storefronts for each business, a unique link for each business, and the ability to collect payments in foreign currency.

Speaking at the event, Oluwole Ajimisinmi,Wema Bank’s executive director, Lagos directorate,

highlighted the Bank’s commitment to empowering businesses and providing innovative solutions that enable them to flourish.

“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, trainings, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success,” Oluwole stated.

Damola Bolodeoku, Wema Bank’s divisional head of payment business, outlined the bank’s cutting-edge solution for global businesses seeking to expand their reach. Bolodeoku highlighted a key feature of ALATPay – the ability for businesses to collect payments directly in foreign currencies. This feature allows businesses to accept payments from international customers in their preferred currency, enabling them to broaden their clientele and streamline their operations.

The Wema Bank divisional head stated further: “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’re 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.”