Wema Bank has unveiled a new payment gateway, ALATPay, aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
The platform offers a secure end-to-end shopping experience for customers and instant settlement for merchants via a unique ALATPay link.
ALATPay provides a fully integrated system where business owners can display their products and services on an online storefront, accept payments through various channels including debit cards, credit cards, USSD, and direct bank payments, and receive settlements in local or foreign currency.
According to the 2024 Informal Economy Report by Moniepoint, Nigeria hosts approximately 40 million MSMEs, with almost 90 percent operating in the informal economy.
Oluwole Ajimisinmi, Wema Bank’s Executive Director, Lagos Directorate, emphasized the bank’s commitment to empowering businesses with viable solutions for growth and productivity. “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 our goal. ALATPay is the future, positioning Nigerian businesses to seamlessly acquire transactions worldwide,” Ajimisinmi stated.
In addition to the payment gateway, ALATPay offers a comprehensive SME toolkit, including training, exposure, loan, and trading facilities, aimed at further empowering Nigerian businesses for success.
Damola Bolodeoku, Wema Bank’s Divisional Head of Payment Business, highlighted the unique features of ALATPay, including the ability to collect payments in foreign currency. “If a customer from the United States picks items from a business’s storefront and pays with their USD Card, ALATPay allows the business to receive the payment directly in their USD Account in dollars. This is a ‘first of its kind’ offering as most payment gateways only provide settlements in naira,” Bolodeoku explained.
Bolodeoku also noted the seamless integration process and the platform’s fortified security with anti-fraud and money laundering tools to ensure maximum security for both merchants and customers. “ALATPay is not just a payment gateway, it is a comprehensive solution to promoting the growth and success of businesses in Nigeria and beyond,” he added.
Wema Bank’s launch of ALATPay represents a significant step in providing MSMEs with the tools they need to succeed in the global market.
