WemaPay is a product designed for the Bank’s customers who have periodically recurring value payments.
Payments are made via the Switch Network or Real-Time Gross Settlement (RTGS) platform.
Payments can be channelled to customers of member banks on the InterSwitch platform. Such payments include subscription charges, scheduled payments/standing orders, single debit and multiple credit transactions (i.e. salaries, contractor payments, etc.) and multiple funds transfer.
· Efficient processing/payment of salaries
· Remote payment capability by suppliers and contractors
· End-to-end Supplier Payment Management System
· Funds lodgement in beneficiaries’ accounts with confirmation via SMS and e-mail
· No additional investment in IT Infrastructure required
· Multi-bank processing capability from one location
· Electronic viewing of consolidated bank balances, reports and audit trails
· Ability to make payments to microfinance and mortgage banks
· Provision of amount-based security
· Replication of existing payment workflow
· Salaries attract N100 per transaction
· Draft (as approved by management)