Payments firm enza group has partnered with Nigeria’s Wema Bank to boost the bank’s e-commerce capabilities, the company has announced.
The partnership is seen is a further step in the digital transformation journey of Wema Bank, which has been operating Nigeria’s largest digital banking system, ALAT By Wema since 2019. The deal expands the native digital payment capabilities of Wema merchants by providing access to a wider range of payment options such as payment cards and e-wallets.
The group, which was established to service the needs of banks, fintechs, and MNOs across Africa also said it will focus on improving the quality of service to merchants by enhancing payments security, increasing service reliability, and significantly reducing operating costs.
A key driver behind the launch of enza group was the need to address rapidly growing market demand and accelerate the displacement of cash. According to management consulting firm McKinsey only five to seven per cent of all payment transactions in Africa are digital reflecting the heavy reliance on cash that still exists across the continent.
Although the uptake of digital payments in Africa has been relatively slow compared to the rest of the world, McKinsey anticipates that this could rapidly change, predicting the electronic payments market in Africa to grow by up to 150 per cent by 2025.
Divisional Head, Payment Business, Wema Bank, Damola Bolodeoku, said: “As an establishment that takes pride in its role as a digital frontrunner within the banking sector, we are enthralled to synergize with enza Group to introduce a revolutionary ecommerce payment gateway solution. Through this synergy, we ardently anticipate amplifying our ecommerce payment capacities and delivering heightened value to our customers through all avenues.”