Wema Bank, the pioneering force behind Alat, Africa’s fully digital bank, has introduced AlatPay, a cutting-edge instant digital payment platform tailored to empower businesses of all scales to transition into the digital realm. This innovative payment solution was officially launched on Wednesday, July 17, 2024, at the Four Points by Sheraton hotel in Lagos, and is set to revolutionize how Nigerian merchants and business owners handle transactions on a global scale.
AlatPay emerges as a direct extension of the bank’s digital application, Alat, underscoring Wema Bank’s ongoing dedication to fostering innovation and enhancing the operational efficiency of businesses. The platform is engineered to offer a suite of features that cater to the modern merchant’s needs, including robust security measures, instantaneous payment processing, and customizable online storefronts.
With AlatPay, businesses are presented with the flexibility to select their preferred methods of payment, whether through card transactions or bank transfers. They are required to input their account information to set up the receipt of payments.
Once the bank verifies the provided information, businesses gain access to AlatPay’s APIs, enabling them to start accepting payments. Additionally, they have the opportunity to design and personalize their own storefronts within the AlatPay portal, providing a tailored and branded shopping experience for their customers.
Tunde Mabawonku, the Executive Director of Retail and Digital Business at Wema Bank, has recognized the dynamic shift occurring within the payment industry, highlighting a forward-looking vision where the “future of cards is cardless.” This statement reflects the bank’s anticipation of a move towards more seamless and integrated digital payment systems, a vision that AlatPay is set to embody and advance.
Tunde Mabawonku, the Executive Director of Retail and Digital Business at Wema Bank, elaborated on the future of payment systems, predicting that physical cards will evolve into tap-and-go cardless tokens in the coming years. He expressed pride in Wema Bank’s significant role in shaping this future, particularly through the introduction of AlatPay.
Mabawonku emphasized that AlatPay is strategically designed to empower Nigerian merchants and small businesses to engage in transactions on a global scale. This development is particularly crucial as Wema Bank has recognized the challenges small businesses have historically faced in transaction acquisition. Small businesses often had to rely on less efficient methods such as bank transfers or cash payments due to difficulties in processing transactions. AlatPay is set to address and resolve these issues, providing a streamlined and accessible payment platform.
Furthermore, the use of AlatPay brings an added layer of security for merchants and small business owners. The platform eliminates the need for them to share personal financial information with customers, thus enhancing privacy and reducing the risk of financial data exposure.
The significance of overcoming online payment challenges is underscored by a recent report from Stripe, which indicated that over 70% of businesses encounter difficulties with online payments. These challenges often result in operational delays and missed opportunities. AlatPay’s entry into the market is poised to mitigate these issues, offering a robust solution that simplifies the payment process and opens up new avenues for business growth and customer engagement.
As the landscape of financial transactions undergoes a global transformation, with seamless payment solutions becoming increasingly critical for the sustainability of businesses, Wema Bank envisions AlatPay as a pivotal tool that will enable small businesses to thrive and compete on a level playing field.
Recognizing the swift pace of change in the financial sector, Wema Bank positions itself as a forward-thinking institution that has maintained its competitive edge through continuous innovation. With a history spanning 79 years, the bank has consistently introduced groundbreaking products that respond to the evolving needs of the market.
AlatPay, alongside Alat, represents Wema Bank’s commitment to providing platforms that enhance the efficiency and ease of payment processes and transaction acquisition for businesses. These platforms are not just about keeping pace with current trends; they are about setting the stage for the future of digital transactions, ensuring that businesses of all sizes have access to the tools they need to succeed in an increasingly digital economy.
In his concluding remarks, Mabawonku highlighted the bank’s longstanding tradition of innovation, emphasizing that the introduction of Alat and AlatPay is a continuation of Wema Bank’s strategy to deliver solutions that streamline payments and acquisitions, thereby fostering better business practices and growth.
