A financial technology company, “Embassy Card”, said it has revolutionized the digital payment system as it now goes without network connection on its platforms.
Embassy Card, a Nigerian fintech company with presence in several states of the country said the new digital prepaid card is currently on sale by merchants. “This is aimed at solving some fundamental challenges faced by the public, such as long queues in banks, charge-back fraud, cut-throat POS charges, delayed transactions and poor Internet network.
In his address during a media parley and stakeholders’ forum held recently, Chief Executive Officer of Embassy Card, Sunny Ojuroye described the initiative as a “game changer in the financial space.” Ojuroye stated that the organisation started developing Embassy Card payment solution with its engineers in partnership with Providus Bank, the official partner bank in 2019 before its launch in 2024.
Addressing mobile money agents present at the event, the CEO said “let us make history together with Embassy Card, a new prepaid card for payment. This is a great opportunity to earn commissions with us.” He said Embassy Card offers additional opportunities to make extra income, in addition to other income streams. “The cards come in lite, green and gold colours with photo ID for identification purposes, thus enhancing security of customers’ funds.”
“We have observed charge-back frauds, long queues when payments don’t go through or customers’ bank alerts failed to arrive, as well as issues 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.”
A Co-director of Embassy Card, Leye Popoola noted that the company’s digital payment solution is different from others with a strong security feature which enables users to either lock or unlock their cards in the event of any loss. “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 Embassy Card with or without connection, you can receive your money. It is 100 per cent made in Nigeria for Nigerians by Nigerians.
“There is no ulterior motive behind it. Every transaction is in Naira. In addition, charges are in naira, rather than in dollars that is charged by other competitors” Speaking on how the card works without network connection, that is offline, he said “with technology, many things are possible, especially with the use of AI. It is configured in such a way that network will not be the problem. The card and App work together to create a very secure payment system which protects merchants from charge back fraud when the Customer pays with their Embassy Card.
“We have seen the future in the present. We are confident that within a short while from now, we will capture the whole country. There won’t be hidden charges on the use of the card.” Head of Brand management in Wetherheads Advertising Group Limited, Mr. Emmanuel Udeagha who were the organizers of the launch, said the newly introduced payment solution will “revolutionalize the payment system.
It will ensure payment takes place both online and offline. If you’re in a remote community without a network, you can still receive payment as a merchant and make payment as a customer to pay for services at restaurants, petrol stations, utility bills and so on. As a merchant, your phone serves as your terminal. With Embassy Card, the customer will only need to tap the phone of the merchant at the back of his card and receive payment instantly. It has all the security features.
“It has the wallet. You can use it to transfer money to your bank account and transfer to other people and make payments. It is linked to a bank account which allows instant settlement which means your payment gets to you instantly, it doesn’t wait till 12 midnight or 24 hours before settlement.”
In his remarks, Chairman of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr. Oluwagunwa Ibirogba commended EmbassyCard for the initiative, saying it is now a struggle to get cash. He urged members of the association to get registered and become merchants so as to increase their income without the use of POS machines. “Imagine, we can now walk about with a card in form of cash. We are the merchants, the smallest bankers. I am encouraging all of us to work and run with it”, he said.
