EmbassyCard, a Nigerian fintech company with a presence in several states across the nation, has introduced a novel digital prepaid card to merchants and residents of Lagos.

This initiative aims to address fundamental challenges faced by the fintech industry in the country, including lengthy bank queues, chargeback fraud, the use of costly POS machines, delayed transactions, and unreliable internet connectivity.

During a media parley and stakeholders’ forum held at NECA House, Ikeja on Tuesday, July 30, 2024, the Chief Executive Officer of EmbassyCard, Sunny Ojuroye, emphasized that this initiative represents a transformative shift in the financial landscape.

Ojuroye disclosed that the organization commenced the development of the EmbassyCard payment solution in collaboration with its engineers and Providus Bank, the official partner bank, in 2019, culminating in its launch in 2024.

Addressing mobile money agents present at the event, the CEO stated, “Let us collectively create history with EmbassyCard, a groundbreaking prepaid card for payments. This presents an exceptional opportunity to earn commission by partnering with us. EmbassyCard offers additional avenues to generate supplementary income beyond your current activities. The cards are available in three variants: LITE, GREEN, and GOLD, each equipped with a photo ID for identification purposes, thereby enhancing the security of customers’ funds.”

“We have observed charge-back frauds, long queues when payment don’t go through or customers’ alert failed to arrive, issue of no network with the use of POS machines and long distance travels to lodge complaints at banks.

“We want merchants to be protected from charge-back fraud which is costing our businesses a lot of money. You can use your phone instead of a 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.”

Leye Popoola, a Co-director of EmbassyCard, emphasized that the company's digital payment solution distinguishes itself from competitors through its robust security feature, allowing users to lock or unlock their EMBASSYCARD in case of loss.

He stated, "Your card contains mobile money, which is also stored in your wallet. Consequently, your funds can exist in the cloud. Whether you possess an EmbassyCard with or without connectivity, you are able to access your money.

This product is entirely manufactured in Nigeria, specifically for Nigerians, by Nigerians, with no hidden agendas. All transactions are conducted in Naira, and unlike other competitors, the fees are also charged in Naira rather than in dollars."

Regarding the offline payment capabilities of the card, he highlighted the potential of technology, particularly artificial intelligence (AI), in overcoming network-related challenges. He explained that the card and its accompanying app are designed to work seamlessly, creating a secure payment system that safeguards merchants from chargeback fraud when customers use their EmbassyCard.

Expressing optimism about the future, the speaker conveyed confidence in capturing the entire country’s market within a short span of time and emphasized the absence of hidden charges associated with card usage.

In a recent interview, Emmanuel Udeagha, the Head of Brand Management at Wetherheads Advertising Group Limited, the organizer of the launch event, stated that the newly launched payment solution is set to transform the payment landscape in Nigeria. He explained, “This solution facilitates both online and offline transactions.

Even in remote areas lacking network connectivity, merchants can still receive payments, and customers can pay for services at restaurants, gas stations, and for utility bills. For merchants, their mobile device acts as a payment terminal.

With EmbassyCard, customers simply need to tap their phone against the back of the merchant's card to complete a transaction instantly, all while ensuring robust security features are in place.

“It includes a wallet feature that allows users to transfer funds to their bank accounts, send money to others, and make payments. The system is directly linked to a bank account, enabling immediate settlement, which means that payments are processed instantly rather than waiting until midnight or for a 24-hour period.”

In his comments, Oluwagunwa Ibirogba, Chairman of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), praised EmbassyCard for this initiative, noting the ongoing challenges in accessing cash.

He encouraged his association's members to register and become merchants to enhance their income without relying on POS machines.

“Just think, we can now carry a card that functions like cash. We are the merchants, the smallest bankers! I urge everyone to embrace this opportunity and make the most of it,” he stated.