Discover, enjoy ALAT by Wema Bank, Oseni tells banking public

Certainly, the story of Digital Banking evolution and innovation in Nigeria cannot start without mentioning the profound contributions of ALAT by Wema Bank.
Beyond being a formidable part of the beginning of digital banking experience in Nigeria, ALAT by Wema Bank has remained a force to reckon with in the current progress and expansion in the digital banking space in Nigeria and beyond.

Interestingly, ALAT by Wema Bank is not leaving the future digital banking services to chance; it is intentionally going ahead to secure the future of Digital Banking against all threats, especially against fraudsters and their activities.

In this interview, the Chief Executive Officer (CEO) of ALAT by Wema Bank, Moruf Oseni, says the superlative digital banking, being offered by Wema Bank and being experienced by its teeming customers is but a tip of the greater experience awaiting them in the near future, stressing that the organisation is powered by continuous and dynamic innovations.
Below, the interview:

How has the introduction of ALAT by Wema Bank shaped the future of digital banking in Nigeria?

Since its launch in 2017, ALAT by Wema Bank has transcended the conventional standards of digital banking into becoming an ecosystem of dynamic solutions tailored to a diverse range of needs for our unique customer demographics.
What we are doing with ALAT is building the platform into a one-stop platform, where various aspects of human life intersect and financial services seamlessly interact with lifestyle, providing a holistic experience for our customers.

Digital is the future, and to ensure sustainability for the banking industry, we must adapt to evolving times and embrace digital, not just as a platform for extending our services but also as an opportunity to seamlessly interweave financial services into the everyday lives of the people we provide these services for.

What we are doing with ALAT is shaping the future of banking in Nigeria, in a way that allows our customers to access various needs at one touch point.

Why should an individual have to book flights on one platform, pay with another platform, book a spa session on one platform and need to make payment on another, get insurance probably physically, have to still open that banking app to pay or risk carrying cash, when all of these goals can be achieved in one app, in one sitting, right on the phone?

Today, you can do all these and a whole lot more without leaving the ALAT app. It represents all aspects of your lifestyle, seamlessly coalesced into one reliable platform and brought conveniently to your fingertips.
As the world inadvertently skews digital, I can say with confidence that ALAT is the future of not just digital banking, but more so, financial services in Nigeria.

ALAT recently launched ALATPay, which has garnered significant attention. Can you explain how this innovation enhances customers’ experience and meets the evolving needs of Nigerian consumers?

A huge gap exists in access to market and this gap is hinged on both the ability of businesses to reach potential buyers and for potential buyers to find businesses they can trust enough to patronise without compromising their financial security. This is the gap that we are filling with ALATPay.

ALATPay is a comprehensive digital solution and payment gateway designed intentionally to facilitate seamless and secure end-to-end financial transactions for businesses across the globe, as well as connect consumers with trustworthy businesses worldwide.

As a payment gateway, ALATPay is steps ahead in the game. Payment gateways are there to enable payments for your businesses, which ALATPay does seamlessly, but we take it steps further, empowering businesses from the point of gaining visibility for their business to the endpoint of making sales.

ALATPay provides an online storefront, where businesses can display products and services to anyone in any part of the world, via their unique ALATPay link. On this one link, customers looking for businesses to patronise can browse through the stock available, add desired items to their cart, opt for pickup or delivery, and make payments across a diverse range of payment channels without having to worry about the business’ credibility—and it’s all happening via that one link. Essentially, I tap on one link and I’m able to shop and complete my transaction at a go, from anywhere I am in the world.

For the business owners, ALATPay, beyond bridging prevalent gaps, offers instant payment confirmation, record-breaking settlement in naira or dollar, depending on the currency the customer has paid in, and unlimited transactions with 100 per cent transparent charges.

As a trusted financial services institution, we double as both payment gateway and bank, eliminating the need for a third party and simplifying the payment process to ensure the merchants can get instant settlement without compromising on transaction security. For customers, we provide a hitch-free, convenient and secure end-to-end shopping experience from businesses across the world.

With this fully integrated system, business transactions become breezy for both the customer patronising the business and the merchant running the business.

I’d say: “Imagine how much reach a business can get when all they have to do is share their unique ALATPay link to as many people as possible and just watch the credit alerts come in.” With ALATPay, it’s beyond imagination, this is the reality for business owners on ALATPay.

Through ALATPay, we are positively transforming customers’ experience for both the Nigerian businesses in search of wider reach and a seamless payment framework for their businesses, and the consumers, who can now patronise businesses from any part of the world, without having to convert currency or question the safety of their funds.

With fraud on the rise, a prevalent gap exists in the digital and online shopping landscape; this is the gap that ALATPay is filling. With our robust and secure platform designed to thoroughly vet businesses, each merchant brought on board can achieve triple the sales with five per cent the effort and each customer can freely interact with these businesses and patronise without fear for their financial security.

ALATPay stands as the future for businesses worldwide as well as the everyday individual making online purchases from both online brands and those with physical locations.

How has ALAT adapted its operations to ensure compliance with recent regulatory changes affecting the banking industry, while still offering seamless digital banking services?
I’ll start by saying even before ALAT, Wema Bank has consistently maintained integrity in our delivery of financial services and now with ALAT, you can trust that our integrity as a bank is not only maintained with utmost firmness but even reinforced. As the Bank that continues to empower FinTechs, we internally hold ourselves to twice the standards prevalent in the industry and for us, regulatory compliance is non-negotiable. A lot of change is happening in the banking industry and while it may seem challenging to many, we key into the bigger picture, which is to strengthen the Nigerian financial services industry, and we remain committed to complying with all regulatory provision as we work hand in hand to build a sustainable future for this industry and for the benefit of the millions we serve.

How is ALAT by Wema Bank contributing to sustainability and social responsibility efforts within the financial sector?

ALAT by Wema succinctly embodies sustainability and social responsibility by not only significantly reducing our carbon footprints as a bank, but also promoting sustainable practices for the customer, who use ALAT.

As I mentioned earlier, Digital is the future, and with ALAT, our goal is to build the platform into a one-stop source where customers can interact with various points of their need and meet these needs all on their phones. The impact of this is a positive decline in footfall across our branches and a reduction in the individual carbon footprints of our customers by optimising their lifestyles and delivering their needs to them without the need for paper transactions, physical trips and the carbon that results from that.

Through ALAT and an intentional focus on promoting more sustainable practices, Wema Bank is committed to building a sustainable future for all. We are fast becoming not just pioneers of sustainability but also advocates for sustainable practices in the financial sector and across Nigeria.

A few months ago, our ratings got upgraded to BBB+ with an Environmental, Social and Governance (ESG) Score of 2, and shortly after that, we received three awards at The Digital Banker Global Sustainable Finance Awards 2024. These attest to our commitment to Sustainability, and we reiterate this commitment by continuing to raise the standards in sustainability and social responsibility across the financial services industry.

What are your plans for addressing the challenges of cybersecurity and data privacy in digital banking as ALAT continues to grow, especially with the rising incidents of cyberthreats in the industry?

We do not only ensure that our system is optimally reinforced to protect the data and financial security of our customers, but we also maintain strict adherence to regulatory standards in every regard, especially in terms of cybersecurity and data privacy. A significant part of this involves constant system checks to ensure our platforms remain fortified and free of threats.

It is common knowledge that we power hundreds of FinTechs across Nigeria and with such a vast network. These check and security measures help us to root out unscrupulous and corrupt Fintechs.

Earlier this year, we blacklisted seven FinTechs and disconnected them from our platforms. We will do the same for others,if we find them culpable at any point.

To further deter suspicious activities through unethical use of our platforms, we are prepared to involve the authorities in ensuring culprits face the law—and our efforts in curbing security threats extend even beyond these actions.

Combating cybersecurity and data privacy threats is a challenge that cannot be overcome on one end. In as much as our system is fortified, data leaks can occur from a partner’s or customer’s end. Fraudsters are highly innovative in their quest for people to defraud. To fight against this, we launched an anti-fraud campaign anchored on two principles—Action and Education. The Action arm of this campaign saw to the disengagement of fraudulent Fintechs from our platforms and for the Education arm, our goal is to keep the public up-to-date on evolving fraudulent tactics, how to identify them, how to combat them, escalate them, and ultimately avoid falling victim to fraud.

This campaign remains a top priority for us as we work towards building a secure and sustainable future for all, and we’ve committed to maintaining it as a lifelong campaign for us. We believe that with our reinforced security systems and customers fully educated and equipped to protect their data and finances on their end, we can collectively combat the issue of fraud even as the digital evolution continues to deepen. This is the way forward for the financial services industry.

QUOTES

What we are doing with ALAT is building the platform into a one-stop platform, where various aspects of human life intersect and financial services seamlessly interact with lifestyle, providing a holistic experience for our customers.

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ALATPay is a comprehensive digital solution and payment gateway designed intentionally to facilitate seamless and secure end-to-end financial transactions for businesses across the globe, as well as connect consumers with trustworthy businesses worldwide.

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Through ALATPay, we are positively transforming customers’ experience for both the Nigerian businesses in search of wider reach and a seamless payment framework for their businesses, and the consumers, who can now patronise businesses from any part of the world,

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We do not only ensure that our system is optimally reinforced to protect the data and financial security of our customers, but we also maintain strict adherence to regulatory standards in every regard, especially in terms of cybersecurity and data privacy.