Wema Bank targets SMEs, corporates with enhanced ALATPay solutions

Wema Bank Plc has introduced new features on its digital payment platform, ALATPay, designed to strengthen reconciliation processes, improve cash flow, and enhance financial control for businesses. The bank announced the addition of Static Wallets and Instant Settlement to ALATPay, describing the upgrades as tools that will simplify payments, increase efficiency, and support business growth […]

Wema Bank Plc has introduced new features on its digital payment platform, ALATPay, designed to strengthen reconciliation processes, improve cash flow, and enhance financial control for businesses.

The bank announced the addition of Static Wallets and Instant Settlement to ALATPay, describing the upgrades as tools that will simplify payments, increase efficiency, and support business growth across sectors.

Static Wallets provide businesses with dedicated account numbers that can be assigned to users, vendors, branches, or projects. According to the bank, this ensures seamless reconciliation, transparent tracking, improved customer convenience, and reduced fraud risks.

 

The Instant Settlement feature gives merchants immediate access to funds once customers make transfers, eliminating settlement delays. Wema Bank said the capability addresses a major challenge for businesses, boosting cash flow and building customer trust through real-time payment confirmations.

 

Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the upgrades reflect the bank’s commitment to innovation.

 

“At Wema Bank, our commitment is to consistently deliver innovative solutions that enable businesses and customers to thrive. ALATPay reflects this vision by simplifying how payments are collected, managed, and reconciled across industries,” Oseni said. “With the addition of Static Wallets and Instant Settlement on ALATPay, we are removing barriers that slow down business growth while reinforcing transparency, security, and efficiency.”

 

Also speaking, Divisional Head of Payments Business at Wema Bank, Mr. Damola Bolodeoku, explained that the features were designed to tackle two major pain points for businesses—reconciliation and cash flow delays.

 

“By creating dedicated account numbers that make reconciliation seamless and by ensuring that transfers are done instantly, we are giving businesses greater control over their transactions,” he said.

 

ALATPay, Wema Bank’s digital payment gateway, is built to help businesses collect, manage, and reconcile payments across multiple channels. In addition to the new features, it offers storefronts for online sales, developer-friendly APIs for integration, payment links, QR codes, and flexible options across cards, transfers, accounts, and phone numbers.

 

The bank said the enhancements further position ALATPay as a trusted partner for SMEs, corporates, fintechs, and individuals in Nigeria’s evolving digital economy.

 

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