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Wema Bank has introduced a payment gateway specifically designed for Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The platform, known as ALATPay, provides a secure end-to-end shopping experience for customers and ensures instant settlement for merchants through their unique ALATPay link. This was recently unveiled in Lagos.
According to a statement from the bank, ALATPay offers a fully integrated system that allows business owners to showcase their products and services to customers globally on their ALATPay online store.
It also enables them to accept payments through various channels such as debit cards, credit cards, USSD, and direct bank payments, and receive settlements in local or foreign currency as needed, all through a unique link.
The 2024 Informal Economy Report by Moniepoint revealed that Nigeria is home to approximately 40 million MSMEs, with nearly 90% operating in the informal economy.
Wema Bank's Executive Director, Lagos Directorate, Oluwole Ajimisinmi, emphasized the bank's commitment to empowering businesses and providing practical solutions for their growth and expansion.
"ALATPay is a significant step forward for us in the financial services industry, as it positions Nigerian businesses to seamlessly conduct transactions worldwide.
We are not just offering a payment gateway; we are providing a comprehensive SME Toolkit, training, exposure, loan, and trading facilities all in one. This is our way of further empowering Nigerian businesses for success," he concluded.
