Wema Bank unveils payment solution for MSMEs

Wema Bank has unveiled a payment gateway for Micro, Small and Medium Enterprises in the country.

The platform named ALATPay, which offers a secure end-to-end shopping experience for customers and instant settlement for merchants, all via the merchant’s unique ALATPay link was unveiled in Lagos recently.

According to a statement from the bank on Sunday, the payment gateway offers a fully integrated system for business owners to display their products and services to customers worldwide on their ALATPay online storefront, accept payments across diverse channels, including debit cards, credit cards, USSD and direct bank payments, and get settled in local or foreign currency as applicable, all via a unique link.

The 2024 Informal Economy Report published by Moniepoint revealed that Nigeria was home to approximately 40 million MSMEs, of which almost 90 per cent were in the informal economy.

Revealing the big picture for ALATPay, Wema Bank’s Executive Director, Lagos Directorate, Oluwole Ajimisinmi, underscored the bank’s drive for empowering businesses and providing viable solutions for them to thrive and scale.

“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”, he concluded.

Highlighting the unique features of ALATPay, Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku, added, “A major value-added service that Wema Bank offers is the ability to collect payments in foreign currency. If a customer from the United States has picked items from a business’ storefront and paid with their USD Card, ALATPay allows the business to receive the payment directly in their USD Account in dollars. 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 are 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”.