According to a statement from the bank on Sunday, the payment gateway offers a fully integrated system for business owners to display their products and services to customers worldwide on their ALATPay online storefront, accept payments across diverse channels, including debit cards, credit cards, USSD and direct bank payments, and get settled in local or foreign currency as applicable, all via a unique link.

The 2024 Informal Economy Report published by Moniepoint revealed that Nigeria was home to approximately 40 million MSMEs, of which almost 90 per cent were in the informal economy.

Revealing the big picture for ALATPay, Wema Bank’s Executive Director, Lagos Directorate, Oluwole Ajimisinmi, underscored the bank’s drive for empowering businesses and providing viable solutions for them to thrive and scale.

“The bulk of the economy comprises small businesses so creating and providing solutions that will empower them to thrive, maintain optimal productivity and actively contribute to the economy, is the goal for us. ALATPay is the future, and we are proud to do yet another major one in the financial services industry, positioning Nigerian businesses to seamlessly acquire transactions worldwide.

“With ALATPay, customers are not just getting access to the payment gateway, they are getting a full SME Toolkit, trainings, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success”, he concluded.

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