Wema Bank has launched two innovative features—Static Wallets and Instant Settlement, on its ALATPay platform. These additions are designed to streamline payment processes, boost operational efficiency, and accelerate business growth, reaffirming the bank’s commitment to delivering secure, transparent, and forward-thinking financial solutions for enterprises of every scale.
Static Wallets empower businesses by providing dedicated account numbers that can be allocated to specific users, branches, vendors, or projects. This functionality simplifies financial reconciliation, ensures transparent fund tracking, and enhances customer convenience, all while reducing exposure to fraud and strengthening internal financial oversight.
Complementing this, the Instant Settlement feature for bank transfers ensures that merchants receive funds immediately upon customer payment. By eliminating traditional settlement delays which is a persistent challenge for many businesses, this upgrade significantly improves cash flow, supports quicker decision-making, and increases customer trust through real-time transaction confirmation.
Mr. Moruf Oseni, Managing Director of Wema Bank, emphasized the strategic importance of these innovations, stating, “At Wema Bank, our commitment is to consistently deliver innovative solutions that enable businesses and customers to thrive. 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.”
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Echoing this sentiment, Mr. Damola Bolodeoku, Divisional Head of Payments Business, noted that the new features were developed in direct response to critical business needs.
“These solutions were carefully developed with input from our partners and customers, leveraging Wema Bank’s expertise in payments to build tools that are practical, secure, and future-focused,” he explained.
ALATPay serves as Wema Bank’s comprehensive digital payment gateway, enabling businesses to collect and manage payments through various channels, including online storefronts, payment links, QR codes, and APIs.
With these latest upgrades, Wema Bank further solidifies ALATPay’s role as a vital financial tool for entrepreneurs, SMEs, corporates, and fintechs, helping them operate with greater confidence and agility in Nigeria’s rapidly evolving digital economy.
