E-Financial
Wema Bank Launches ALATPay, Payment Gateway for MSMES
Wema Bank has launched ALATPay, a payment gateway platform designed to provide a secure end-to-end shopping experience for customers and instant settlement for merchants.
The platform offers a fully integrated system for business owners to display products and services, accept payments across diverse channels, and receive settlements in local or foreign currency.
ALATPay eliminates the need for a third party, simplifying the payment process while maintaining transaction security. The platform offers instant settlement on transactions, unlimited transactions with no hidden charges, and dedicated support for users.
The launch event highlighted ALATPay’s unique features, including online storefronts for each business, a unique link for each business, and the ability to collect payments in foreign currency.
Speaking, Wema Bank’s Executive Director, Lagos Directorate, Oluwole Ajimisinmi underscored the Bank’s drive for empowering businesses and providing viable solutions for them to thrive and scale.
“The bulk of the economy comprises small businesses so creating and providing solutions that will empower them to thrive, maintain optimal productivity and actively contribute to the economy, is the goal for us.
“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 worldwide. With ALATPay, customers are not just getting access to the payment gateway, they are getting a full SME Toolkit, trainings, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success.”
Damola Bolodeoku, Wema Bank’s Divisional Head of Payment Business, added that a major value-added service that Wema Bank offers is the ability to collect payments in foreign currency, adding that if a customer from the United States 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.
“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.
The integration process on ALATPay is quite seamless and to maintain maximum security for both merchants and customers, we have fortified the platform with anti-fraud and money laundering tools to ensure that no bad players can access the platform.
“There is untapped potential in breaking boundaries for businesses and we are happy to pioneer this solution. ALATPay is not just a payment gateway, it is a comprehensive solution to promoting the growth and success of businesses in Nigeria and beyond.”
On her part, Software Developer, Ndidiamaka Ruth, said, “From the Developer’s perspective and as someone that has consumed a lot of APIs especially in the FinTech industry, ALATPay is very smooth and simple. The data structure is seamless, the time frame between when you process the payment and when you get a response to your call-back URL is literally milliseconds, I have tested it with other payment gateways.”
Femi Adeko, CEO Belazeel Solutions UK and BeatQ Technologies Nigeria, urged businesses to leverage ALATPay for seamless payment collection noting that the initiative has been instrumental in the establishment of his business in Nigeria.
E-Financial
CAC Moves Against Unregistered POS Operators as Deadline Expires
The Corporate Affairs Commission (CAC) has begun moves to enforce its directive that Point of Sale (POS) operators should register with the commission.
The registration directive gave POS operators July 7, 2024 to September 5, 2024.
In a statement released by the Commission, the CAC said that it is now working closely with law enforcement agencies and other relevant stakeholders to develop and implement a robust enforcement and sanction framework.
This framework, according to the CAC, will not only target the shutdown of non-compliant businesses but could also involve more severe legal actions against defaulters.
The Commission expressed concern over the low level of compliance by POS operators, despite the large number of such businesses operating across the country.
They also commended those operators who adhered to the directive, noting their responsible approach to formalizing their operations.
“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences,”
However, the Commission criticized what it termed “recalcitrant operators,” many of whom have either refused or failed to comply with the registration requirement.
The CAC suggested that some of these operators might be engaging in “unwholesome activities” or have other undisclosed reasons for resisting formalization.
As the CAC moves towards enforcement, it urges all unregistered POS operators to take immediate steps to formalize their businesses or face the consequences of their inaction.
Recall that in May 2024 the CAC announced that PoS agents have been given a deadline of July 7, 2024, to register their business.
Hussaini Magaji, Registrar-General of the CAC, who announced this said this was the agreement with the PoS operators after a meeting in Abuja.
According to him, the registrations also align with the legal requirements and the directives of the Central Bank of Nigeria.
He added that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking.
Magaji said the registration is aimed at safeguarding the businesses of fintechs and customers, strengthen the economy and tackle the surge in fraud in Nigeria’s financial industry.
The Commission also announced an extension of the mandatory registration for Fintech Operators to September 5, 2024.
It said the 60-day extension is to give sufficient time to operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.
“The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales Operators that the initial deadline of 7th July 2024 given for the registration of sole Agents, Super Agents, and Agents has been extended for sixty days beginning from 7th July 2024 to the 5th September 2024,” CAC said in the notice.
“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to register and continue with their businesses.”
E-Financial
CBN Sells FX to BDCs @N1 580/$ to Boost Liquidity
Central Bank of Nigeria (CBN) has approved the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar.
In a circular signed by W.J Kanya, the acting director of the trade and exchange department, on Friday, September 6, the CBN stated that each BDC operator is eligible to purchase $20,000 in foreign exchange (FX).
The directive further stipulated that all BDCs are permitted to sell FX to eligible end-users at a margin of no more than 1 percent above the purchase rate set by the CBN.
The CBN also instructed interested and eligible BDCs to make their naira payments to the CBN deposit account numbers assigned to them.
It read; “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market. To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$.
“This is to meet the demand for invisible transactions. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches – (Abuja, Awka, Kano and Lagos) for collection of the US$20,000.00.”
E-Financial
SEC Introduces eFiling System to Reduce Listing Time
Securities and Exchange Commission (SEC), has said that it has introduced various initiatives to reduce time to market with the aim of improving the efficiency and attractiveness of the Nigerian capital market, promote economic growth and development.
Dr. Emomotimi Agama, director general, SEC, who stated this, said these initiatives include streamlined registration processes, introduction of an electronic filing system and enhanced regulatory frameworks among others.
Agama emphasized that shorter time to market can benefit capital market development in several ways like increased liquidity which will lead to faster listing allowing companies to access capital more quickly, increased liquidity in the market and enable companies to allocate resources more efficiently, thereby driving economic growth.
He stated: “Shorter time to market will also improve investor confidence because when the listing processes are efficient, it can enhance investor trust and confidence in the market. A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth’’.
Explaining further, he said, “The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to reduce delays caused by manual processes. This involved the use of electronic platforms for document submissions and approvals, which not only speeds up the process but also improves transparency.
“We have undertaken regulatory reforms aimed at simplifying and streamlining the approval processes. These reforms include updating rules and regulations to reflect current market realities and adopting international best practices that enhance efficiency. For instance, the Commission introduced checklist review for registration of fixed income securities, thereby shortening the review and approval timelines. The Commission launched and conducted a targeted bi-annual training for Issuing Houses to enhance time to market and fast-track review of applications”.
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