To solve some fundamental challenges faced by the fintech industry, EmbassyCard, has introduced a new digital prepaid card to merchants and residents of Lagos.
This, according to the firm, is expected to tackle challenges such as long queues in banks, charge-back fraud, use of expensive POS machines, delayed transactions and poor internet networks.
    
At a stakeholders’ forum and launch, Chief Executive Officer of EmbassyCard, Sunny Ojuroye, said the initiative was a game changer in the financial space. He said the cards come in light, green, and gold with photo ID for easy identification purposes, thus enhancing the security of customers’ funds.
    
Ojuroye stated that the organisation started developing the EmbassyCard payment solutions with its engineers and Providus Bank, the official partner bank, in 2019 before its launch in 2024. For other benefits, he said it offers customers to earn commission and make extra income.
    
“We have observed charge-back frauds, long queues when payments don’t go through, or customers’ alerts failed to arrive, issues of no network with the use of POS machines, es, 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 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 EmbassyCard, Leye Popoola, noted that the company’s digital payment solution is embedded with a strong security feature that enables users to either lock or unlock their card in the event of any loss.