Wema Bank has unveiled a payment gateway for Micro, Small and Medium Enterprises in the country.

The platform named ALATPay, which offers a secure end-to-end shopping experience for customers and instant settlement for merchants, all via the merchant’s unique ALATPay link was unveiled in Lagos recently.

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.