EmbassyCard, a prominent Nigerian fintech company, has unveiled a groundbreaking digital prepaid card designed to revolutionize payment systems in Lagos and potentially across the nation.
This innovative solution, launched at a media parley and stakeholders’ forum held at NECA House in Ikeja, promises to tackle fundamental challenges in Nigeria’s fintech industry, including long bank queues, charge-back fraud, reliance on expensive point-of-sale (POS) machines, delayed transactions, and poor internet connectivity.
Sunny Ojuroye, Chief Executive Officer of EmbassyCard, heralded the new card as a game-changer in the financial space.
“This is a great opportunity to earn commission with us. EmbassyCard offers additional opportunities to make extra income in addition to what you already do,” Ojuroye stated.
He highlighted that the card, developed in partnership with Providus Bank since 2019, comes in three variants: LITE, Green, and Gold, all featuring photo ID for enhanced security.
A standout feature of the EmbassyCard is its ability to facilitate transactions without the need for a network connection or POS machines.
“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 bulky and expensive POS machines,” Ojuroye added.
Leye Popoola, Co-director of EmbassyCard, revealed the card’s robust security features, which allow users to lock or unlock their cards if lost.
“You have a mobile money inside your card and you have it in your wallet. So, your money can be in the cloud. If you have EmbassyCard with or without connection, you can receive your money,” he explained.
The introduction of EmbassyCard is expected to significantly enhance the financial inclusion of merchants and residents in Lagos.
Emmanuel Udeagha, Head of Brand Management at Wetherheads Advertising Group Limited, which organized the launch event, highlighted the card’s potential to revolutionize the payment system in Nigeria.
“If you’re in a remote community without network, you can still receive payment as a merchant and make payment as a customer. Your phone serves as your terminal,” Udeagha said.
The launch was also endorsed by Oluwagunwa Ibirogba, Chairman of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).
He praised the initiative, noting the struggle to access cash in the country and encouraged his members to embrace the new technology.
“Imagine, we can now walk about with cards 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 remarked.
EmbassyCard’s initiative reflects a significant step towards solving persistent issues within Nigeria’s payment systems, promising increased security, reduced transaction delays, and enhanced convenience for merchants and consumers alike.
