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Wema Bank, a leading Nigerian financial institution, has unveiled AlatPay, an instant digital payment solution designed to help small and medium-sized enterprises (SMEs) digitize their operations. The launch event was held at the prestigious Four Points by Sheraton in Lagos.
Tunde Mabawonku, Executive Director of Retail and Digital Business, highlighted that “the future of cards is cardless.” He elaborated on the shifting payment landscape, predicting that traditional cards will soon be replaced by cardless tokens that allow customers to tap and go. Mabawonku emphasized that this evolution represents the future of payments, with Wema Bank at the forefront through AlatPay, enabling merchants to process payments effortlessly.
“AlatPay is positioning Nigerian merchants and small businesses to acquire transactions globally. Over the past few years, we’ve noticed that small businesses struggle with transaction acquisition. They often resort to asking for money transfers or cash payments. With AlatPay, businesses can follow simple steps to acquire transactions from anywhere in the world,” Mabawonku stated.
He added that merchants no longer need to expose their personal financial details, as AlatPay provides a secure payment engine for easy transactions. The primary goal is to empower businesses to operate more efficiently.
In today’s dynamic business environment, efficient and secure payment channels are crucial. A report by Stripe noted that over 70 percent of businesses face challenges with online payments, leading to delays and missed opportunities. As global financial transactions evolve, seamless payment solutions become essential for business sustainability, potentially boosting efficiency by up to 40 percent.
To help small businesses navigate these challenges in the evolving global marketplace, Wema Bank has introduced AlatPay, an extension of its digital app, Alat. This initiative demonstrates the bank’s commitment to innovation and empowering businesses for optimal efficiency.
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