Interrogating Wema Bank’s Cash Lifeline, ALATPAY For MSMEs

By Cami Ezenwa

When Wema Bank launched its ALATPAY for MSMEs recently, it came as probably the best gift for a most vulnerable segment of the economy –the Micro, Small & Medium Enterprises sector.

Very in line with its tag of, “Nigeria’s most innovative…”, nothing less should have been expected.

The micro enterprise sector styled the engine of growth of any economy suffers from lack of financial resources, and ALATPAY for MSMEs could well be the expected funding elixir.

At the launch last July 2024, the bank’s Executive Director, Lagos Directorate Oluwole Ajimisinmi, was upbeat, about Wema Bank’s drive for empowering businesses through providing viable solutions.

Moruf Oseni, MD/CEO Wema Bank Plc,

“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”,

Divisional Head of Payment Business, Damola Bolodeoku picked it up from there informing that “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.

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“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’re able to start selling seamlessly, securely and internationally”.

What else needs be said, except that The Eagle Business Intelligence Desk would follow up, as to know to what extent, Wema Bank has delivered on its promise with ALATPayfor MSMEs.

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