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Wema Bank has rolled out two major innovations on its digital banking platform, ALATPay — Static Wallets and Instant Settlement. Both are designed to simplify payments, improve efficiency, and accelerate business growth in Nigeria’s digital economy.
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ALATPay: Driving Nigeria’s Digital Banking Revolution
As Nigeria’s first fully digital bank, ALAT by Wema operates without physical branches. It offers seamless banking through its mobile app and website. With these new features, the bank continues to expand its role as a trusted enabler for entrepreneurs, SMEs, corporates, and fintechs.
Static Wallets: Dedicated Accounts for Transparency and Control
The Static Wallets feature provides businesses with dedicated account numbers for users, vendors, branches, or projects. This ensures easy reconciliation, transparent transaction tracking, and stronger financial control, while reducing fraud risks and boosting customer convenience.
Instant Settlement: Faster Cash Flow and Business Confidence
With Instant Settlement on Bank Transfers, merchants now get immediate access to funds once payments are made, eliminating settlement delays. This improvement enhances cash flow, supports quicker business decisions, and builds customer trust with real-time payment confirmations.
Wema Bank’s Commitment to Innovation
Commenting on the launch, Moruf Oseni, MD/CEO of Wema Bank, emphasized that ALATPay reflects the bank’s vision to deliver secure, transparent, and future-ready payment solutions that empower businesses to scale in today’s digital economy.
“These solutions were developed with insights from our partners and customers, reinforcing our mission to simplify payments and provide tools that foster growth, efficiency, and transparency,” added Bolodeoku.
