E-Financial
Three Ways Embedded Finance can Drive a Cashless Economy

By Victor Irechukwu, Head of Engineering, OnePipe.
In recent years, non-bank providers have been integrating financial services into various products and services. This enables merchants that have these embedded financial services to interact with their customers in new ways.

Victor Irechukwu, Head of Engineering, OnePipe
Recall Nigeria’s recent cashless experiment? The main problem was not because the country wanted to go cashless, rather, people were unable to pay for goods and services. Yet, embedded finance could have solved this.
There were stories for instance in the poultry industry where thousands of farmers were said to have disposed of their eggs simply because they were dependent on cash. Maybe not individually but the value chain in which they operated was cash dependent. But what if one of the many big players had introduced embedded finance in that value chain?
The European Merchant Bank notes that embedded finance has the opportunity to truly change the financial sector forever, reaching a $138 billion value by 2026. Other estimates value this market in the trillions of dollars over the next decade, and Nigeria can also tap into these potentials in driving a cashless economy.
Here are three possibilities:
Embedded payments
Embedded payments refers to the integration of payments capabilities within an app or a platform that was not primarily designed to offer financial service. What it does is that when users need to make payments within that ecosystem, they need not go outside of it before money can be exchanged.
So, imagine in the midst of all the commotion from Nigeria’s cashless experience, if more organisations providing goods or services had embedded payments, there would have been less worry for Nigerians desperate to find cash. From such platforms, payments could have served a wide range of reasons, depending on what segment of the economy they were serving.
Examples abound in western markets from Starbucks, Uber, Amazon, Google and even WhatsApp which has a payments service.
Having some of such platforms locally, would have provided reputable intermediaries trusted by people expecting to get paid. For emphasis, while the fear of fake transfers remained an obstacle for some people, receiving payment via WhatsApp (for instance), which they already trust and use daily, would have been easier to adopt.
Embedded credit
This works both ways. On one hand, it can enable businesses to extend credit to their customers, allowing them to transact without the need for cash. On the other hand, it can be particularly useful for small businesses, which are already mostly starved of credit, to get access to lending that can keep them afloat when they do not have cash to operate.
What happens when you operate in an industry where vendors are bent on collecting cash before they supply you inputs? This happens a lot, beyond the urban, cosmopolitan areas of Nigeria, where cash still reigns.
In other instances, those coming to buy from you, after you have sourced inputs and produced a thousand eggs, usually only bring cash. However, since their retail side customers did not have access to cash during the cashless period, it means they also didn’t have money to buy from you. As simple as this may sound, it led to the collapse of many businesses.
A solution to both sides of this chaos could have been embedded credit. If enterprises had adopted one platform or the other, which allowed them to embed credit products into their business platforms, they could have been able to allow their consumers to apply for, acquire and repay loans within the platform. They could also have secured credit for their business, maybe in the form of inputs to keep their businesses afloat during the cashless period.
The best part is that they need not invest in custom made technology. These could in fact, be done at, say, cooperative or association levels, and not borne by individuals.
Embedded banking
Imagine paying your Uber driver after a trip, but doing so from your wallet in the Uber App. The driver gets this money but does not need to move it to their ‘regular bank account’. Why? Because the ride-hailing app has a feature for a savings account. This would mean whatever transactions they needed to do from a bank account could now take place from that same Uber app where they picked a customer, got paid and can in turn pay for anything they need.
The payments and credit feature earlier discussed, as well as everything else you can think of in a bank setting, can take place from this facility. This may sound foreign, but an ecosystem like this is possible in Nigeria. It in fact, depicts what could be a perfectly cashless environment. It could even go as far as issuing debit cards, which are linked to that account for them to pay for whatever they somehow can’t do from the app.
Embedded finance can deliver a win-win situation to both businesses that embrace them as well as their customers. The ease of access and low cost to entry is likely to make it viable across social demographics in a place like Nigeria.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
- Telecom3 days ago
MTN Nigeria Debuts Game-Changing CPaaS Platform at NextNow Forum
- E-Financial2 days ago
Court Affirms NIBSS Authority to Manage BVN
- News3 days ago
AMCON Confirms ₦100Bn Sale of Ibadan DisCo Amid Legal Disputes
- Telecom2 days ago
MTN, 9mobile Commence Ground-breaking National Infrastructure Partnership
- E-Business3 days ago
Domain of Deception as Attackers Deploy Spyware Under Guise of Legal Threats
- E-Financial3 days ago
NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance
- E-Financial3 days ago
GTCO to Become First Nigerian Bank to List on London Stock Exchange
- Broadcasting3 days ago
IFC, AfDB Collaborate with EbonyLife Media to Explore Supporting the African Film Industry to Drive Job Creation