Wema Bank empowers informal economy through ALATPay
By Esther Agbo
Wema Bank has introduced ALATPay, a groundbreaking payment gateway aimed at transforming the landscape for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Launched recently in Lagos, ALATPay is designed to offer MSMEs a secure end-to-end shopping experience and instant settlement capabilities via a unique merchant link.
In a statement, Wema Bank highlighted ALATPay’s fully integrated system, which allows business owners to showcase their products and services globally through an online storefront.
The platform supports multiple payment channels, including debit and credit cards, USSD, and direct bank payments.
Adding that it provides settlements in both local and foreign currencies, making it a versatile tool for Nigerian businesses.
The 2024 Informal Economy Report by Moniepoint emphasises the significance of this initiative, revealing that Nigeria hosts approximately 40 million MSMEs, with nearly 90 percent operating within the informal economy. This highlights the critical role that platforms like ALATPay can play in empowering these enterprises.
Wema Bank’s Executive Director for the Lagos Directorate, Oluwole Ajimisinmi, emphasised the bank’s commitment to empowering small businesses.
He said, “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.”
Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku, highlighted a unique feature of ALATPay which includes 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,” Bolodeoku explained.
Bolodeoku further elaborated on the platform’s security measures, stating, “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.”
With ALATPay, Wema Bank aims to tap into the vast potential of Nigeria’s informal economy, providing MSMEs with the tools and support they need to scale their operations and contribute more significantly to the national economy.
