Wema Bank Introduces Static Wallets, Instant Settlement Features on ALATPay
Wema Bank has rolled out two new features on its digital payment gateway, ALATPay, Static Wallets and Instant Settlement designed to simplify payments, enhance efficiency, and accelerate business growth.
In a statement, the bank said the enhancements reaffirm its commitment to providing secure, transparent, and innovative financial tools for businesses of all sizes.
Speaking on the development, Wema Bank’s Managing Director/CEO, Mr. Moruf Oseni, said ALATPay was built to empower entrepreneurs, SMEs, corporates, and fintechs with seamless payment solutions.
“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. This is not just about payments; it is about giving businesses the confidence to scale in a fast-changing digital economy,” Oseni stated.
Explaining further, Mr. Damola Bolodeoku, the Divisional Head of Payments Business at Wema Bank, said the new features directly address two critical business challenges, reconciliation and cash flow delays.
“By creating dedicated account numbers that make reconciliation seamless and ensuring transfers are done instantly, we are giving businesses greater control over their transactions. These solutions were carefully developed with input from our partners and customers, leveraging Wema Bank’s expertise in payments,” Bolodeoku said.
The Static Wallet feature allows businesses to generate dedicated account numbers for users, branches, vendors, or projects, enabling transparent tracking, simplified reconciliation, and improved customer convenience while reducing fraud risks.
On the other hand, Instant Settlement ensures merchants receive funds immediately after customers make payments, eliminating settlement delays, boosting cash flow, and strengthening customer confidence with real-time confirmations.
With these upgrades, ALATPay now offers a more comprehensive suite of solutions, including storefronts for online sales, developer-friendly APIs, payment links, QR codes, and flexible payment options across cards, transfers, accounts, and phone numbers.
According to the bank, the platform’s self-onboarding process makes it easy for businesses to start accepting payments instantly, positioning ALATPay as a trusted partner for individuals, SMEs, corporates, and fintechs in Nigeria’s growing digital marketplace.