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“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,” he said.

According to the firm, which has partnered with Providus Bank since 2019, its selling point is the contactless nature of the EmbassyCard with NFC-enabled devices alongside a mobile app for devices that are not NFC-enabled.

The digital card comes in Lite, Green and Gold categories with customers’ photo IDs on it, enhancing the security of customers’ funds and offering customers referral rewards, according to Ojuroye.

He said the company’s product was designed to tackle existing digital banking problems, including delayed transactions and poor internet networks.

He added, “We have observed charge-back fraud, long queues (at the bank) when payment doesn’t go through or a customer’s alert fails to arrive; the issue of no network with the use of POS machines and long-distance travel to lodge complaints at banks.”

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