EmbassyCard, a fintech enterprise based in Nigeria and operating across various states, has launched a new digital prepaid card for merchants and residents in Lagos.

This card allows users to receive payments without the need for a network connection or point-of-sale (POS) devices.

The initiative addresses several critical issues within the Nigerian fintech sector, including lengthy bank queues, charge-back fraud, the high cost of POS machines, transaction delays, and unreliable internet connectivity.

During a media event and stakeholders' forum at NECA House in Ikeja on Tuesday, Sunny Ojuroye, the chief executive officer of EmbassyCard, described the initiative as a transformative development in the financial landscape.

Ojuroye revealed that the EmbassyCard payment solution was developed in collaboration with the company's engineers and Providus Bank, its official banking partner, starting in 2019 and culminating in its launch in 2024.

Speaking to mobile money agents at the event, the CEO remarked, “Together, we can make history with EmbassyCard, a new prepaid payment card. This presents a significant opportunity for you to earn commissions alongside us. EmbassyCard provides additional avenues for generating income beyond your current activities.

“The cards are available in LITE, Green, and Gold variants, each featuring a photo ID for enhanced customer security. We have identified issues such as charge-back fraud, long wait times when transactions fail, and the challenges posed by unreliable POS machines and the need for extensive travel to resolve banking complaints.

“Our goal is to safeguard merchants from the financial losses associated with charge-back fraud. With our solution, you can utilize your mobile device instead of cumbersome and costly POS machines.

“We aspire for all our merchants to serve as personal cash dispensers for EmbassyCard users, eliminating the need for them to queue at banks for cash.”

Leye Popoola, co-director of EmbassyCard, emphasized that the company's digital payment solution stands out due to its robust security features, allowing users to lock or unlock their card in case of loss.

He stated, "Your card functions as a mobile wallet, enabling your funds to be stored in the cloud. Whether connected or not, you can access your money with EmbassyCard."

He further highlighted that the product is entirely developed in Nigeria for Nigerians, asserting, "There are no hidden agendas. All transactions are conducted in Naira, and fees are also charged in Naira, unlike our competitors who charge in dollars."

Regarding the card's functionality without a network, he explained, "Artificial intelligence (AI) facilitates numerous possibilities. The system is designed to ensure that connectivity issues do not hinder transactions.

The card and the accompanying app collaborate to establish a secure payment environment that safeguards merchants against chargeback fraud when customers use their EmbassyCard."

He expressed confidence in the product's potential, stating, "We envision a future where we will dominate the market across the nation, with no concealed fees associated with card usage." Emmanuel Udeagha, head of brand management at Wetherheads Advertising Group Limited, which organized the launch event, remarked that this innovative payment solution is set to transform Nigeria's payment landscape. He noted, "It supports both online and offline transactions.

Even in remote areas lacking network access, merchants can still receive payments, and customers can pay for services at restaurants, gas stations, and utility providers.

For merchants, their mobile device acts as a payment terminal. With EmbassyCard, customers simply tap their card against the merchant's phone to complete transactions instantly, all while benefiting from comprehensive security features."

The wallet is equipped with functionalities that allow users to transfer funds to their bank accounts, send money to others, and make payments. It is directly connected to a bank account, facilitating immediate transactions.

This feature ensures that payments are received instantly, without the delays associated with traditional settlement times, such as waiting until midnight or up to 24 hours for processing.

In his address, Oluwagunwa Ibirogba, the chairman of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), praised EmbassyCard for this initiative, highlighting the ongoing challenges of accessing cash in the country. He encouraged members of his association to register and become merchants, thereby enhancing their income without relying on POS machines.

"Consider the convenience of carrying cards that function like cash. We are the merchants, the smallest bankers. I urge everyone to embrace this opportunity and take action," he stated.