In a move to address the challenges faced by Nigeria’s financial technology (fintech) industry, EmbassyCard, a Nigerian fintech company, has introduced a new digital prepaid card that allows for seamless transactions without the need for an internet connection or POS machines.
The EmbassyCard solution aims to solve persistent issues such as long queues at banks, chargeback fraud, the high cost of POS machines, delayed transactions, and poor internet connectivity – all of which have plagued the fintech space in the country.
Sunny Ojuroye, the CEO of EmbassyCard, explained that the company started developing the payment solution in 2019 in partnership with Providus Bank, the official partner bank. The initiative was officially launched in 2024 and is poised to revolutionize the digital payment landscape in Nigeria.
“EmbassyCard is a game-changer in the financial space,” Ojuroye said during a media parley and stakeholders’ forum held in Lagos. “We have observed the challenges faced by merchants and customers, such as chargeback fraud, long queues, and the inconvenience of using POS machines, and we wanted to provide a solution that addresses these pain points.”
The EmbassyCard digital prepaid card comes in three variants – LITE, GREEN, and GOLD – each with a photo ID for enhanced security and identification. The cards can be used for payments even in areas with poor or no internet connectivity, as the technology is designed to work offline.
“With technology, many things are possible. The card and the app work together to create a secure payment system that protects merchants from chargeback fraud,” explained Leye Popoola, a co-director of EmbassyCard.
Popoola further highlighted the unique features of the card, stating that users can lock or unlock their EmbassyCard in the event of loss or theft, and all transactions are processed in Nigerian Naira, unlike some competitors who charge in U.S. dollars.
One of the key advantages of the EmbassyCard solution is its ability to transform merchants’ smartphones into personal cash machines for customers, eliminating the need for bulky and expensive POS machines.
“We want all our merchants to become personal cash machines for our EmbassyCard customers so they don’t have to queue at the banks to get cash,” Ojuroye said.
The EmbassyCard initiative has received a warm welcome from the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), with the chairman, Oluwagunwa Ibirogba, commending the company for the innovative solution.
“Imagine, we can now walk about with a card in the form of cash. We are the merchants, the smallest bankers! I am encouraging all of us to work and run with it,” Ibirogba said, urging his members to register as EmbassyCard merchants to increase their earning potential.
With its offline payment capabilities, enhanced security features, and the potential to empower merchants, the EmbassyCard digital prepaid card is poised to revolutionize the digital payment landscape in Nigeria and provide a much-needed solution to the challenges faced by the fintech industry.
