Precious Ekezie is the MD/CEO of Airvend Payment Services Limited, a leading FinTech company offering innovative payment solution services in Nigeria. A digital transformation expert and tech entrepreneur. With a strong background in project management, digital currency, and workplace collaboration, he is passionate about leveraging technology to create value for customers, staff, and stakeholders. In this interview, he speaks on his journey in the FinTech space and the future of digital payments in Nigeria.

How should fintech firms approach evolving anti-money laundering regulations in digital payment ecosystems?

Fintech companies, particularly those within the digital payment ecosystem, face a complex and rapidly evolving regulatory environment, which often presents a challenge to business operations. To effectively navigate the evolving complexities of anti-money laundering (AML) regulations, fintech firms should adopt several key strategies.

To begin with, embracing third-party RegTech is crucial. By leveraging regulatory technology, fintech firms can ensure real-time monitoring, transaction analysis, and automated reporting, all of which help maintain compliance and mitigate risks. RegTech tools are able to flag suspicious behaviour more effectively than traditional rule-based systems, allowing companies to focus on business operations while staying compliant.

In addition, fintech firms should implement risk-based customer due diligence, allowing for more tailored and effective assessments of potential risks associated with customers. A tiered KYC (Know Your Customer) process should also be adopted to ensure appropriate levels of scrutiny based on the risk profile of the customer.

Another important strategy is to actively monitor regulatory changes to stay updated with new rules and requirements. Establishing audit trails and reporting mechanisms is essential for transparency and accountability. Compliance should also be embedded into the company’s culture, ensuring that every team member understands its importance and adheres to best practices.

Finally, fintech firms should ensure they align with global standards to maintain a strong position within the international regulatory framework, fostering trust with regulators, partners, and customers alike.

Emerging technologies such as AI and blockchain are significantly reshaping the entire tech ecosystem, and their impact is particularly profound in the African fintech space. These technologies are redefining leadership roles by creating a demand for new skills, adaptive strategies, and a future-focused mindset among African tech leaders.

Leaders now face the challenge of bridging the gap between deep technology and human-centred financial inclusion, ensuring that innovation serves the broader population. There is also a growing need for leaders to be data-literate, as data becomes central to decision-making and strategy development in fintech.

Moreover, fintech leaders must now be capable of building teams that can seamlessly integrate machine learning into business models, leveraging AI to drive operational efficiencies and enhance service delivery. Another key shift is the need for leaders to reshape customer engagement strategies, where automation is becoming a core tool to deliver personalised experiences at scale, meeting the evolving demands of today’s digital consumers.

What emerging payment technologies show the most promise for addressing financial inclusion gaps in West Africa?

In my view, two major payment technologies show the most promise for addressing financial inclusion gaps in West Africa.

Firstly, Contactless Payments and Agency Banking have been particularly impactful in the Nigerian payment space. Agent banking, with the widespread adoption of POS agents across the country, has become a significant tool in bridging financial inclusion gaps. The rapid adoption of contactless payment methods, such as QR codes and pay-with-transfer, within this network is an encouraging development, making financial services more accessible to underserved populations.

Secondly, Mobile Money Platforms are playing a crucial role in bridging the financial inclusion gap across West Africa. Operators such as M-Pesa, MTN MoMo, and Orange Money have deployed solutions that reach deep into regions where traditional financial services have been limited or unavailable. Other innovative models, such as Buy Now, Pay Later and Virtual Account as a Service, also contribute to the evolving landscape.

I believe that a combination of these technologies, supported by efficient interoperable systems, will create a powerful and inclusive payment infrastructure for the region, driving greater financial inclusion across West Africa.

How does Airvend’s 3-in-1 Categorised Payment Solution Services (PSS) license differentiate it from other FinTech companies in Nigeria?

Airvend distinguishes itself within Nigeria’s fintech landscape as the first company to receive the Central Bank of Nigeria’s (CBN) 3-in-1 Categorised Payment Solution Services (PSS) licence. This unique authorisation allows Airvend to operate simultaneously as a Payment Solutions Service Provider (PSSP), Payment Terminal Service Provider (PTSP), and Super Agent—an advantage that sets it apart from other fintech companies in the country.

Unlike many players in the sector that operate under a single licence, Airvend’s integrated licence enables it to deliver a wide array of services across the payment value chain. As a PSSP, it facilitates seamless payment processing through gateways and portals, develops payment solutions and applications, aggregates merchant services, and manages collections. As a PTSP, it deploys and services POS terminals, owns POS infrastructure, provides Payment Terminal Application Development (PTAD), and offers merchant and agent training and support. As a Super Agent, Airvend plays a vital role in deepening financial inclusion by facilitating agent banking services across Nigeria.

Leveraging this comprehensive regulatory approval, Airvend has developed innovative products tailored to diverse market segments. These include a secure payment processing gateway known as Airgate, terminal solutions under the brand Airpay for merchants, agents, and super agents, and a platform—Airvend—that delivers both B2C and B2B services for bill payments and value-added services.

This expansive operational capability allows Airvend to reach and serve both urban and rural communities, ensuring a more integrated and seamless experience for users while driving financial inclusion. Furthermore, holding the combined PSS licence underscores Airvend’s commitment to regulatory compliance, earning trust from consumers and partners alike.

Permit me to say here that Airvend’s pioneering acquisition of the CBN’s 3-in-1 PSS licence sets us apart from other fintech companies in Nigeria by enabling us to offer a comprehensive, integrated suite of payment services, fostering innovation, and promoting financial inclusion across the country.

What inspired the development of Airgate, and how does it address challenges faced by online vendors in Nigeria?

Airgate, developed by Airvend Payment Services Ltd, is our innovative payment gateway infrastructure designed to enable seamless online payments and collections. Despite the presence of numerous payment gateway providers in Nigeria, research reveals a significant gap in the industry’s ability to meet the growing demand for reliable and efficient payment solutions. Bridging this gap was the key inspiration behind the creation of Airgate, a solution that not only addresses existing challenges but also positions itself as a strategic enabler for digital commerce in Nigeria.

Online vendors in Nigeria face several challenges, including delayed settlements, unreliable transaction processing, poor customer support, limited issue resolution, and a lack of customisation options. Airgate addresses these pain points in several ways. First, it offers dedicated local customer support that understands the unique challenges of the Nigerian market, ensuring that vendors have the assistance they need when issues arise. Additionally, Airgate’s flexible APIs and customisable features allow for white labelling, enabling Nigerian businesses to tailor the solution to their specific needs.

The platform is built on modern architecture, ensuring high uptime and consistent transaction success rates, which enhances reliability. Airgate also provides clear transaction reporting and seamless reconciliation, reducing disputes and fostering trust. Finally, the system offers faster payment processing and real-time transaction reporting, making the payment experience faster and more efficient for both vendors and customers.

Airvend strategically leverages its partnerships with banks and mobile network operators (MNOs) to drive financial inclusion by focusing on key areas that address the needs of underserved and unbanked populations.

One such area is agency banking. Airvend operates a network of agents who provide banking and mobile money services to the unbanked and under-banked in remote and underserved regions. Through partnerships with banks, Airvend empowers these agents to offer essential services such as cash-in and cash-out, bill payments, and fund transfers, thereby extending financial services to communities with limited access.

In addition, Airvend integrates with mobile network operators, whose communication infrastructure supports its real-time transactions. This partnership ensures that Airvend’s agents can also offer services like airtime top-ups and data bundle purchases, further enhancing accessibility for users on mobile networks.

Through strategic alliances with banks, Airvend also offers virtual accounts as a service, providing both static and dynamic virtual account services. This allows for pay-with-transfer options across payment platforms like POS, mobile, and web, facilitating a multi-tenancy infrastructure for API consumption by businesses and developers.

Moreover, Airvend aggregates services from various providers and telecom companies on a single platform, simplifying bill payments (for services like electricity and cable TV) and reducing the need for cash transactions. This digital service aggregation not only enhances convenience but also encourages broader access to digital financial behaviours, fostering a culture of digital financial inclusion.

What role does compliance with global standards like PCI-DSS and NDPR play in Airvend’s operations?

Compliance with global standards such as PCI-DSS and NDPR is crucial to Airvend’s operations, particularly because of its role as a fintech company handling sensitive user data and payment transactions. These standards help ensure that Airvend operates securely, ethically, and in line with global best practices.

PCI-DSS plays an essential role in safeguarding payment data and maintaining trust within the ecosystem. It ensures that Airvend implements robust encryption and security protocols to protect customer payment information, which is crucial for maintaining transaction integrity. By adhering to PCI-DSS, Airvend demonstrates a commitment to global best practices, enhancing its reputation and building trust with partners, users, banks, card networks, and regulators. Compliance with PCI-DSS also reduces the risk of financial loss or penalties associated with data breaches or non-compliance.

On the other hand, NDPR (Nigeria Data Protection Regulation) ensures that Airvend handles user privacy responsibly. It requires that personal data is collected, processed, and stored transparently and lawfully. NDPR also mandates obtaining user consent for data processing, promoting ethical data use. Additionally, the regulation supports users’ rights to access, correct, or delete their data, which further builds customer confidence. Compliance with NDPR is essential in helping Airvend avoid potential fines or legal issues from Nigeria’s National Information Technology Development Agency (NITDA).

In practice, adherence to these global standards influences the design of Airvend’s IT systems, customer onboarding processes, data storage, and transaction workflows. It ensures that the company implements regular training programs for employees to stay updated on security and privacy practices. Compliance also affects how Airvend evaluates third-party service providers, ensuring they meet the required security and privacy standards.

Can you discuss the impact of Airvend’s virtual account-as-a-service (VaaS) on B2B operations in Nigeria?

Airvend’s Virtual Account-as-a-Service (VAaaS) is having a profound impact on B2B operations in Nigeria by streamlining financial processes, enhancing regulatory compliance, and promoting greater financial inclusion.

One of the key benefits of Airvend’s VAaaS is its ability to provide businesses with a platform and infrastructure to collect funds seamlessly from customers. By offering businesses the ability to assign unique virtual accounts to clients or transactions, Airvend facilitates instant settlements and real-time transaction notifications. This automation reduces the need for manual reconciliation, minimises errors, and ensures a smoother cash flow management process.

Moreover, with over 26% of the Nigerian population being unbanked, Airvend’s VAaaS addresses a critical gap in financial accessibility. By replicating traditional banking functionalities in a more flexible and scalable manner, VAaaS provides an accessible financial solution, particularly for businesses that need to reach underserved markets. This contributes to promoting financial inclusion by offering a banking-like experience to those without access to traditional banking services.

Overall, Airvend’s VAaaS is helping Nigerian businesses enhance operational efficiency, improve financial transparency, and bridge the gap for unbanked individuals, thereby driving broader financial inclusion in the country.

How does Airpay support merchants and super agents in expanding their services across Nigeria?

Airpay, Airvend’s in-house payment solution application, plays a crucial role in supporting merchants and super agents across Nigeria by offering a reliable, easy-to-use digital payment platform designed to expand their services.

For merchants, Airpay offers a comprehensive payment platform through its PTSP licence, enabling them to accept a diverse range of payment methods, including card payments, pay-with-transfer, and QR codes. This flexibility allows merchants to reach more customers, boost sales, and cater to varying payment preferences. Additionally, Airpay helps merchants manage their sales and record-keeping, with automated receipts printed upon successful transactions, whether paid by card or transfer. This feature allows merchants to efficiently monitor and optimize their operations. Furthermore, Airpay ensures prompt settlements by depositing transaction funds directly into the merchant’s preferred bank account, facilitating smooth cash flow management.

For super agents, Airpay, as a licensed Payment Terminal Service Provider (PTSP) and Super Agent, plays a vital role in driving financial inclusion by expanding agent networks into rural and underserved areas. This allows Airpay to bring essential financial services closer to the unbanked and underbanked populations, aligning with the Central Bank of Nigeria’s financial inclusion objectives. Moreover, through strategic partnerships with Mobile Network Operators (MNOs) and other Value Added Services (VAS) providers, Airpay supports agents in processing bill payments and offering additional value-added services.

In essence, Airpay empowers both merchants and super agents by enhancing payment capabilities, improving operational efficiency, and supporting financial inclusion across Nigeria.

What are the strategic benefits of launching innovative solutions like Airgate in Abuja instead of other states in Nigeria?

The decision to launch Airgate in Abuja instead of Lagos was a strategic one, driven by several key factors. Firstly, our company is officially headquartered in Abuja, and while our Lagos and other regional offices actively contribute to our offerings, Abuja remains a central hub for our operations.

Despite Abuja’s wealth, there are still underserved areas within the city, and innovative payment solutions like Airgate are crucial for bridging the gaps in access to financial services. By launching in Abuja, Airgate can address these financial inclusion challenges, aligning with the Central Bank of Nigeria’s financial inclusivity goals.

Also, choosing Abuja as the launch location provides Airgate with a unique brand story and a distinct point of differentiation, which will be valuable as we expand both nationally and internationally.

How does Airvend plan to integrate blockchain or artificial intelligence into its future payment solutions?

Airvend is deeply committed to innovation and adopts emerging technologies in a strategic and practical manner. In the rapidly evolving FinTech landscape, which has revolutionised financial services and shifted financial interactions from traditional banking to advanced technologies like AI, big data, blockchain, virtual accounts, and edge computing, Airvend recognises the need to stay at the forefront.

While blockchain has been globally accepted, its adoption in the digital economy is still in its early stages, and Airvend is closely monitoring the surrounding policies within the space. The unique characteristics of blockchain, such as its immutability and decentralisation, are particularly interesting, and the company is exploring its potential for secure, transparent, and inclusive financial innovations.

Regarding artificial intelligence, Airvend is focusing on its integration in three key areas: predictive analytics, where machine learning models help to better understand customer behaviour and needs, allowing for smarter, more personalised services; intelligent customer support, with AI-driven chatbots and virtual assistants handling queries in real-time, improving response times and satisfaction while allowing human agents to focus on more complex issues; and advanced fraud detection and risk management, using AI algorithms to detect anomalies in transaction patterns and proactively flag suspicious activities, which strengthens security and builds greater trust with customers.

In what ways has Airvend contributed to simplifying cross-border payments for Nigerian businesses?

Currently, Airvend does not play in that field as our licence does not permit cross-border payments. But nothing is cast-on-stone here, we are a payment solutions company, so we are looking at an IMTO license as one of our strategic plans, but we are open to healthy collaborations that meet the permissible activities of our regulators. So definitely we will play in this space soon.

What opportunities do you see for Nigerian FinTech companies like Airvend to expand into global markets?

Airvend’s licences, including PSSP, PTSP, and Super Agent, provide the company with the capability to dominate payments, merchant acquiring, and financial access not only in Nigeria but across emerging markets globally.

The key to expansion lies in targeting regions with similar payment gaps, such as Africa, Asia, and LATAM, and leveraging strategic partnerships to scale quickly. FinTech companies like Airvend can offer payment gateways, POS terminals, and transaction switching internationally, deploying POS systems and payment gateways to SMEs across other African countries and globally through strategic partnerships.

In addition, there is the potential to offer multi-currency merchant onboarding for SMEs selling internationally, integrating payment collection across regions. Airvend is also focused on implementing a robust cross-border and diaspora remittance infrastructure as part of its super-app project.

Moreover, opportunities exist in the interoperability of payment platforms and the sharing of information between FinTech companies, which would create a more secure digital payment space and help mitigate fraud and digital payment-related cybercrimes.