Nigeria: Wema Bank launches payment solution for MSMEs

Wema Bank has introduced a new payment gateway designed specifically for Micro, Small, and Medium Enterprises (MSMEs) across the nation.

Recently launched in Lagos, the ALATPay platform provides a secure, comprehensive shopping experience for customers and instant settlement for merchants, utilizing a unique ALATPay link for each merchant.

As stated by the bank, the ALATPay payment gateway provides a seamless system for business owners to showcase their products and services globally through an online storefront. It supports payments from various channels such as debit cards, credit cards, USSD, and direct bank transfers, with settlements in both local and foreign currencies via a unique link.

According to the 2024 Informal Economy Report by Moniepoint, Nigeria hosts around 40 million MSMEs, with nearly 90 percent operating within 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”.