Nigeria-based Wema Bank has announced a partnership with Enza aiming to leverage the latter’s payments solution to enhance its ecommerce payment capabilities. The goal of this partnership is to improve service quality for merchants, strengthen payment security, ensure reliable transactions, as well as reduce operational costs through optimised transaction processes.

Wema Bank intends to utilise Enza’s payment orchestration to further enhance its existing ecommerce payment services. Enza’s payment orchestration service offers various advantages for Wema Bank’s customers, including an array of payment processing features. Merchants will have the ability to accept a wider range of payment options, with various payment cards and e-wallets.

These streamlined and efficient payment processes are expected to ensure fast and hassle-free transactions, thereby aiming to improve the overall customer experience for both payers and recipients. More about Wema Bank and Enza Group A commercial financial institution, Wema Bank, provides its customers and clients with various services and solutions, focusing on areas such as personal services, business tools, and SMEs. The banking solutions include trade services, banking accounts, wema cards, corporate banking tools, as well as electronic banking products.

In May 2023, Wema Bank launched SME Business School 5.0, a programme designed for the development of small businesses in Nigeria. The programme would focus on equipping SME owners with the necessary skills and knowledge for the growth and expansion of their businesses. It would be a free programme for all Nigerian SMEs that would be admitted in the period and would feature lectures and training courses that will touch upon various aspects of business management and entrepreneurship.

Based in Egypt, Enza is a payments platform focusing on the needs of banks, fintechs, and MNOs across Africa. Enza provides native digital payments capabilities to service institutions that want to enable their customers to accept or make electronic payments. The platform is a token-based, cloud-native, API-first system that is provided with an open development environment aiming to expedite integration and improve technical flexibility. The group’s mission stands on the readiness to find solutions to many payment challenges that remain unsolved across Africa.

Their focus is on creating a seamless digital fabric between the payments’ channels, schemes, integrations, and more so that their clients are able to access any service they require. Ecommerce growth in Africa In the last few years, ecommerce has seen an increasing growth in Africa. With the development of mobile technology and increased internet access across the continent, Africans have started using ecommerce to fulfil many of their shopping needs. According to the International Trades Administration, Africa is projected to have more than half a billion ecommerce users by 2025, with many online marketplaces and B2B platforms emerging across the continent. The increased adoption of digital financial services, especially mobile payments, is helping to enhance ecommerce growth.

With many African consumers needing access to banking services, mobile payment solutions have emerged as a popular alternative to online transactions. This payment solution has also made it easier for African businesses to reach new customers and expand their operations. .