Home » PayTech » Wema Bank Inaugurates Digital Market Place to Offer Seamless Payment

Wema Bank Inaugurates Digital Market Place to Offer Seamless Payment


Wema Bank Plc has launched a new online platform to provide seamless payment services to customers and merchants.

The platform named, ‘Outlet By ALAT’, is primarily designed to connect shoppers with a range of digital services including payments, event and movie ticket purchases, flight bookings, bet wallet funding, airtime vending, and utility bills.

According to a statement from the Bank’s management, the platform is also a one-stop digital channel for listed merchants to receive payments for goods and services from both Wema Bank and non-Wema Bank account holders.

“Outlet By ALAT is an innovation designed to enable Nigerians who do not have an ALAT or Wema Bank account to enjoy some of the digital benefits the bank offers its customers.

With Outlet By ALAT, customers can save time and improve productivity by cutting off long queues at the bank, electricity office, visa application offices, cinema foyers, among others.

“Currently, the platform is hosting the Big Brother Naija game, powered by Bet9ja. The prediction game offers fans of the reality TV show a chance to win exciting gifts when they show support for their favourite housemates.

Shoppers and merchants can tap into the new innovation by registering on the website outlet.alat.ng to complete their transactions.

Wema Bank, who recently unveiled award-winning singer, Teni the Entertainer, as its brand ambassador, is constantly innovating to better serve customers and the banking public,” the Bank noted.

Wema Bank Plc has released its audited financial results for the full year ended 31 December 2018, which showed that the bank’s profit tax grew by 59 per cent to N4.8 billion, up from N3.01 billion the previous year.

YOU MAY ALSO READ:NITDA Investigates Banks, Fintechs, Telcos over Data Privacy Breaches

The results also showed that the Wema Bank Group recorded gross earnings of N71.53 billion, which was a 9.6 per cent increase over the 2017 figure.

Its profit after tax also climbed to N3.33 billion in the year under review, up from N2.26 billion in 2017.

The growth resulted from a 8.59 per cent increase in interest income and a 13.95 per cent increase in non-interest income.

The bank also recommended to its shareholders a dividend payout for the first time in 14 years as it has proposed a dividend of three kobo per share in line with the board approved dividend policy.

In the year under review, the bank continued to improve on its deposit mobilisation while at the same time working down its cost of funds.

“ALAT (Nigeria’s first fully digital Bank) launched in May 2017 has improved the bank’s retail liabilities and customer base as the bank now onboards over 1,000 new customers daily on the digital platform and continues to grow its partnership profiles.

“The digital bank continued to receive several accolades in 2018, including the World Finance Awards for Most innovative Bank Africa and the Asian Banker Awards for Best Digital Bank Africa,” a statement explained.

Commenting on the results, the Managing Director/CEO, Ademola Adebise said: “Our vision is to get ALAT to become the premier digital platform in Nigeria. This will be driven by our expertise in the Digital space and our retail partnerships.”



The MD, Systemspecs, John Tani Obaro, on Why Nigerians need to use indigenous software.