The Managing Director and Chief Executive Officer of Airvend Payment Services Ltd (formerly Callphone Ltd), Precious Ekezie, in this interview with HENRY FALAIYE, speaks on the impact of fintechs on payments in Nigeria, and the role of regulation in driving innovation and protecting consumers
How can decentralised finance protocols help speed up cross-border settlements?
Decentralised Finance (DeFi) protocols have the potential to radically transform cross-border settlements by cutting out intermediaries, enabling near-instant transaction finality, and enhancing transparency. Unlike traditional systems that rely on layers of correspondent banks, clearing houses and suffer from time-zone delays, DeFi leverages blockchain and smart contracts to settle transactions in minutes or even seconds. Its open, permissionless, and interoperable nature eliminates the need for middlemen like brokerages or banks, significantly accelerating capital movement. For me, this means faster capital turnover, improved liquidity, and lower counterparty risk—key ingredients for a more efficient, inclusive global financial system. However, scaling DeFi responsibly requires a strong focus on regulatory compliance, seamless integration with legacy infrastructure, and building user trust. If these elements align, DeFi can serve as a catalyst for a truly borderless, efficient, and equitable financial ecosystem.
How does BVN and NIN integration help ensure secure transactions on your platform?
BVN and NIN are Nigeria’s key identity numbers, and following the CBN’s December 2023 directive, all Tier 2 and 3 individual accounts and wallets must be linked to both BVN and NIN, while Tier 1 accounts can use either. At Airvend, integrating BVN and NIN into our identity verification process is crucial for ensuring platform integrity, trust, and security. By tying user accounts to these verified, government-issued credentials, we significantly reduce the risks of fraud, identity theft, and unauthorised access. This integration not only helps us comply with critical regulatory mandates such as KYC and AML but also enhances the customer experience, enabling smoother, faster, and more secure transactions once verification is completed. Ultimately, robust identity verification is more than a compliance checkbox; it’s a strategic enabler that allows us to scale our operations securely and responsibly, while building a safer digital financial ecosystem for all users.
Tell us about dynamic virtual accounts and how this is revolutionising payment processes for businesses in Nigeria
Dynamic virtual accounts are revolutionising payment reconciliation for Nigerian businesses. Instead of using a single bank account for all customer payments, where manual tracking and matching are often required, businesses can now assign unique virtual account numbers to each customer or transaction. This system ensures that when a payment is made, it is automatically linked to the correct customer and transaction in real time. Dynamic virtual accounts are simplifying and transforming payment reconciliation. Previously, businesses had to manually match payments to the right customers or transactions, a process that was time-consuming, error-prone, and difficult to scale. Now, with dynamic virtual accounts, payment reconciliation happens automatically. Each customer or transaction gets a unique virtual account number, so when a payment is made, the system instantly identifies who paid and for what purpose. There’s no guesswork or digging through transaction histories or bank statements. This innovation is particularly valuable in Nigeria, where high transaction volumes and fragmented payment channels create operational challenges. Dynamic virtual accounts help businesses move from reactive accounting to real-time clarity, enhancing efficiency and fostering greater trust in the payment system, a significant advantage for both businesses and their customers.
How do regulatory sandboxes drive innovation while ensuring consumer protection?
Regulatory sandboxes play a vital role in strengthening Nigeria’s financial ecosystem by enabling innovation within clearly defined regulatory boundaries. These controlled environments allow fintechs and startups to develop and test groundbreaking products, services, and business models under the close watch of regulators, balancing innovation with consumer protection. A prime example is the Financial Services Innovators Industry Innovation Sandbox, launched in December 2019, which provides developers with access to APIs from NIBSS and participating banks. This platform allows innovators to test solutions in a live but controlled setting before seeking full regulatory approval, significantly lowering market entry barriers and speeding up product development cycles. The essence of regulatory sandboxes lies in their ability to support both licensed and unlicensed entities in experimenting safely. They offer temporary regulatory relief while mandating safeguards like limited user exposure, clear disclosures, and continuous monitoring. This structured flexibility accelerates time-to-market and fosters meaningful experimentation without compromising user trust or system integrity. By bridging the gap between innovation and regulation, sandboxes ensure emerging technologies are both viable and safe, making them instrumental in driving a secure, agile, and future-ready financial sector in Nigeria.
How is Airvend impacting the fintech space in Nigeria and globally?
My vision is to establish Airvend as a trusted enabler of inclusive, seamless, and scalable digital financial solutions across both emerging and developed markets. Globally, I aim to drive continuous innovation in real-time payment infrastructure, embedded finance, and open API ecosystems, delivering frictionless value to businesses and users. Rather than simply following trends, we will build adaptive technology platforms that solve local financial challenges with a global impact. This vision also includes strategic international expansion, forming alliances with global FinTechs, banks, and telecoms to co-create scalable solutions. I am committed to fostering a high-performance, innovation-driven, and fulfilled workforce while leveraging data-driven insights to develop tailored, intuitive financial products that elevate the user experience and support sustainable growth.
In what ways are you driving financial inclusion for the unbanked with the *174# USSD service?
The *174# USSD service has significantly improved access to financial services for the unbanked by eliminating the need for smartphones or internet access. With only a basic phone, users can easily check balances, pay bills, and perform other financial tasks anytime, anywhere. This service bridges the digital divide, particularly benefiting rural and underserved communities. We are building a solid infrastructure to support this initiative, and the official launch is approaching, bringing essential financial tools to even more people.
What challenges come with integrating national identity databases and fintech systems?
Key challenges include data privacy risks, as personal information is exposed to private entities, and interoperability issues due to outdated government tech versus agile fintech platforms. Regulatory compliance can be complex, especially across borders. Additionally, any breach or misuse threatens public trust, jeopardizing both government credibility and fintech adoption.
How have ISO certifications boosted consumer trust in your firm’s payment solutions?
Obtaining multiple ISO certifications is crucial in our industry, not just for regulatory compliance but also to build consumer trust. At Airvend, certifications like ISO/IEC 27001 (information security), ISO 9001 (quality management), and ISO 22301 (business continuity) demonstrate our commitment to internationally recognised standards. These certifications assure customers that their data and transactions are secure and reliable. They also require strong internal processes to identify, assess, and mitigate risks, enhancing consumer confidence. In a competitive fintech market, our ISO certifications set Airvend apart from less-compliant competitors, showcasing our professionalism and regulatory readiness.
How has the business progressed since becoming Nigeria’s first licensed Payment Solution Service Provider?
Earlier, our annual transaction volume was under N100m. Today, we process over N8bn monthly, highlighting our growth and scalability. Our partnerships have grown from three banks to over 10, alongside several financial institutions using our APIs. Key achievements include certification as a Visa Payment Facilitator, listing on Google Pay, and integration with MasterCard Payment Gateway. We are PCI DSS and NDPR/NDPC compliant, with a renewed operating license from the Nigerian Communications Commission. Our strong collaborations with NIBSS, regulatory bodies, and major mobile operators continue to drive our growth.
How have partnerships with NEXGO and SZZT enhanced PoS terminal services through PTSP licensing?
Our strategic partnerships with global OEMs like NEXGO and SZZT have greatly enhanced our PoS terminal services under the PTSP (Payment Terminal Service Provider) licensing framework. These collaborations have enabled us to deploy high-quality, EMV-compliant, and secure POS devices that not only meet global standards but are also specifically optimised for the Nigerian market, ensuring they cater to local needs and challenges. Through direct OEM relationships, we gain access to the latest terminal technologies, faster firmware customisation, and efficient technical support. This reduces device downtime, improves service delivery, and accelerates deployment timelines. Moreover, these partnerships allow us to integrate innovative features such as biometrics, contactless payments, and remote terminal management, delivering cost-effective solutions to merchants and financial institutions while improving overall service efficiency. Beyond just meeting current needs, these partnerships help us stay ahead of future trends, enhancing the user experience and reinforcing our credibility with regulators and partners as a reliable and scalable PTSP. A key milestone in this journey is our collaboration with NEXGO, which led to the creation of a Restaurant-as-a-Service solution tailored for hotels and restaurants. Powered by advanced contactless PoS terminals, this solution streamlines in-venue ordering, payment, and reconciliation, significantly improving customer experience and operational efficiency. Building on this success, we are now developing an embedded PoS solution for self-service environments such as fuel stations and airports, advancing FinTech experiences in Nigeria and beyond.
What challenges have you faced while scaling cross-border payment solutions, and how have they been addressed?
Cross-border payments form a key component of our mid-term strategic roadmap. While we do not yet possess the regulatory licence to operate directly in this space, we are proactively pursuing multiple viable entry pathways. These include forging strategic partnerships with licensed operators and advancing efforts to obtain the necessary regulatory approvals for permissible activities. Our approach is centered on ensuring full compliance, operational preparedness, and alignment with market requirements. As we position ourselves for future participation in the cross-border payments ecosystem, we remain committed to laying a strong, regulation-aligned foundation that enables sustainable and scalable growth. Our focus is on balancing innovation with compliance, ensuring we are well-equipped to deliver value and resilience when we formally enter the cross-border segment.
How does your AI-focused MBA influence decision-making at Airvend Payment Services Limited?
My MBA specialisation in Artificial Intelligence has profoundly shaped strategic and operational decision-making at Airvend. It has empowered me to apply data-driven insights and intelligent automation to address complex challenges in the financial services sector. For instance, we have leveraged predictive analytics to optimize customer engagement, developed algorithmic models to guide agent network expansion, and integrated AI in fraud detection efforts. Additionally, my expertise has enabled us to bridge the gap between business strategy and emerging technologies, driving smarter investments in scalable digital infrastructure, process automation, and personalized financial solutions. This approach ensures that innovation at Airvend is not just cutting-edge but also aligned with clear, measurable business goals. Ultimately, it strengthens our competitive advantage by embedding purposeful innovation that delivers tangible results and supports our long-term growth.
What future innovations can Airvend introduce as it expands across Africa?
Our vision is to drive seamless, inclusive digital transactions for all, and this ambition continues to expand. As we extend our reach into new African countries and global markets, we are focused on providing essential digital financial services to regions where access remains limited. International remittances and cross-border payments are central to our business strategy. However, our expansion goes beyond geographic reach—we are forming strategic partnerships with Financial Institutions and Other Financial Institutions across Africa and beyond. These collaborations enable us to scale rapidly, tailor solutions to local needs, and foster deeper financial inclusion on a continental scale. A critical element of this expansion is the enhancement of our USSD infrastructure, which is vital for connecting underserved populations without smartphones or reliable internet. We are investing heavily to ensure our USSD platform is robust, scalable, and enterprise-ready. Our goal is to meet the basic needs of end users while also enabling large-scale solutions for enterprises and B2B clients who require offline access. One key project is the launch of a cross-border USSD remittance solution. In Nigeria, we are working closely with all banks to co-create solutions that simplify banking and improve accessibility for everyday users. From agent banking to smarter onboarding tools, we are committed to leading the transformation in digital banking. Moving forward, we will continue building products that combine technological innovation with empathy for the communities we serve.
