EmbassyCard is an innovative digital cash solution consisting of a mobile app and a top-up contactless payment card. It allows users to convert their NFC-enabled smartphones into an ATM and PoS terminal on the go. EmbassyCard is designed for both personal and business use, offering services such as digital payments, contactless transactions, and cash withdrawals at EmbassyCard merchants.
For personal use, EmbassyCard provides features like personal spending insights, the ability to send money to loved ones, online shopping, and safe contactless payments. For businesses, it offers tools to accept payments, settle funds, and gain business insights, effectively turning any location into a sales point.
EmbassyCard is available to both residents and visitors in Nigeria, Africa, and can be used with or without a bank account. It offers different card options—LITE, Green, and Gold—each with varying capabilities, and allows users to manage their money digitally, make contactless payments, and secure their digital cash through the app.
The EmbassyCard's Prepaid Cards
EmbassyCard, the Nigerian fintech company that's "giving you that start you need to opening up your world", has recently launched an innovative digital prepaid card aimed at transforming payment systems in Nigeria. This card is designed to address significant challenges in the country's financial landscape, such as long bank queues, charge-back fraud, reliance on expensive POS machines, and issues related to poor internet connectivity.
Sunny Ojuroye, CEO of EmbassyCard, described the prepaid card as a "game changer" during a recent media parley and stakeholders’ forum at NECA House, Ikeja. The card, developed in collaboration with Providus Bank, was in the works since 2019 before its official launch in 2024. Ojuroye emphasized the card’s potential to transform the financial landscape, particularly for mobile money agents, who can now earn commissions and increase their income by offering EmbassyCard services.
EmbassyCard offers three distinct prepaid card options—LITE, Green, and Gold—each designed to meet different needs and security requirements. These cards are equipped with photo ID for enhanced security, ensuring customers' funds are safeguarded against fraud and unauthorized access.
The EmbassyCard prepaid card sets itself apart with its ability to function seamlessly without a network connection. Leye Popoola, a co-director of EmbassyCard, highlighted the advanced security features of the card, which allow users to lock or unlock their card in case of loss. This ensures that even in the event of a network outage, users can still access and use their digital funds. The card is fully localized, with transactions and charges conducted entirely in Naira, providing a cost-effective alternative to other international payment solutions.
Merchants using EmbassyCard no longer need to rely on bulky and expensive POS machines. Instead, they can use their smartphones as a personal cash terminal, making it easier to accept payments from customers. The card’s AI-driven technology ensures that transactions are processed securely and efficiently, protecting merchants from charge-back fraud—a common issue in the industry.
The EmbassyCard prepaid card is poised to revolutionize the payment system in Nigeria, offering both online and offline payment capabilities. Whether in a remote community without network access or in a bustling urban center, users can rely on EmbassyCard for secure and instant transactions. The card also facilitates seamless transfers to bank accounts, making it a versatile tool for both personal and business use.
Oluwagunwa Ibirogba, Chairman of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), praised EmbassyCard for addressing the ongoing challenges of accessing cash in the country. He encouraged members of the association to register as merchants, highlighting the potential to boost their income without the need for POS machines.
The Bottom Line
The introduction of EmbassyCard is seen as a significant step towards modernizing Nigeria's payment systems, promising greater security, reduced transaction delays, and improved convenience for users across the country.
The development of the EmbassyCard was a collaborative effort with Providus Bank, which has been involved since 2019. This partnership underlines the card's credibility and reliability in the Nigerian fintech space.
With EmbassyCard, users can carry their money in digital form, turning their prepaid card into a secure and convenient tool for everyday transactions. As Ojuroye and his team envision, this card is set to capture the Nigerian market, providing a hassle-free, secure, and cost-effective alternative to traditional banking and payment methods.
