Lagos, Nigeria – Wema Bank has unveiled a new payment gateway designed specifically for Micro, Small, and Medium Enterprises (MSMEs) in the country. The platform, named ALATPay, offers a secure, end-to-end shopping experience for customers and instant settlement for merchants, all via a unique ALATPay link.
The announcement was made recently in Lagos. According to a statement from the bank on Sunday, ALATPay provides a fully integrated system for business owners to showcase their products and services to a global audience. The platform allows them to accept payments across diverse channels, including debit cards, credit cards, USSD, and direct bank payments. Merchants can 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 is home to approximately 40 million MSMEs, with nearly 90 percent operating within the informal economy.
Highlighting the significance of ALATPay, Wema Bank’s Executive Director of the Lagos Directorate, Oluwole Ajimisinmi, emphasized the bank’s commitment to empowering businesses and providing viable solutions for their growth and scalability.
“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 introduce yet another major innovation in the financial services industry, positioning Nigerian businesses to seamlessly acquire transactions worldwide,” Ajimisinmi stated.
“With ALATPay, customers are not just getting access to the payment gateway; they are receiving a full SME Toolkit, including training, exposure, loan, and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success,” he concluded.
Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku, also highlighted the unique features of ALATPay. “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 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 is arguably a ‘first of its kind’ offering as most payment gateways only provide settlements in naira. Once your business is on ALATPay, you can start selling seamlessly, securely, and internationally,” Bolodeoku explained.
“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,” he added.
