Wema Bank has introduced ‘AlatPay,’ a new platform designed to offer a secure end-to-end shopping experience for customers and instant settlement for merchants. The launch event took place recently in Lagos.
A Comprehensive Payment Solution
‘AlatPay’ is a fully integrated payment system that allows business owners to showcase their products and services. Entrepreneurs can accept payments across various channels and settle transactions in local or foreign currencies, all via a unique link on their ‘AlatPay’ online store. This platform simplifies the payment process by eliminating the need for third parties, maintaining transaction security, and offering a seamless shopping experience for both merchants and customers.
The platform supports unlimited transactions with no hidden charges and provides dedicated support for users. Merchants can pull volumes of sales and receive credit for each purchase without direct customer interaction. When a link is shared, customers are directed to the business’s storefront, where they can shop, add items to their cart, checkout, and make payments using their preferred methods, including card, banking information, bank transfer, QR code, or phone number.
Empowering Small Businesses
Oluwole Ajimisinmi, Wema Bank’s Executive Director of the Lagos Directorate, emphasized the platform’s potential to empower small businesses, which make up a significant portion of the economy. “AlatPay is the future, positioning Nigerian businesses to seamlessly acquire transactions worldwide. Customers get access to a payment gateway, SME toolkit, trainings, exposure, loan, and trading facilities, all in one,” he said.
Damola Bolodeoku, the bank’s Divisional Head of Payment Business, highlighted a unique feature of ‘AlatPay’—the ability to collect payments in foreign currency. “If a customer from the United States pays with their USD card, ‘AlatPay’ allows the business to receive the payment directly in their USD account. This feature is a ‘first of its kind’ as most payment gateways only provide settlements in Naira,” Bolodeoku noted.
Bolodeoku also emphasized the platform’s security, equipped with anti-fraud and money laundering tools to prevent unauthorized access. “’AlatPay’ is a comprehensive solution to promote the growth and success of businesses in Nigeria and beyond,” he added.
Ndidiamaka Ruth, a software developer, praised ‘AlatPay’ for its smooth and simple integration. “The data structure is seamless, and the response time to the call-back URL is literally milliseconds,” she said, comparing it favorably with other payment gateways.
With ‘AlatPay,’ Wema Bank is setting a new standard for digital payments, offering Nigerian businesses an efficient, secure, and comprehensive platform to thrive locally and internationally.
