Precious Ekezie is the MD/CEO of Airvend Payment Services Limited, a trailblazer in Nigeria’s FinTech space. In this interview, he discusses his leadership in advancing digital payment solutions in Nigeria, the role of federated identity systems in enhancing security, and the challenges to biometric authentication in mobile payment solutions across Africa. Excerpts:

How has your leadership at Airvend contributed to advancing digital payment solutions in Nigeria?

As the pioneer licensee of the CBN’s 3-in-1 Categorised Payment Solution Services (PSS) license, I have led a dynamic and innovative team in developing a suite of products aligned with the permissible activities under our license. These include our Payment Gateway platform, Virtual Account as a Service (VaaS), Restaurant Solution-as-a-Service, and B2B/B2G APIs for value-added payment services.

We have established direct partnerships with all major telecom operators in Nigeria, and our platform hosts top electricity distribution companies and other essential billers—serving a broad spectrum of customers across the country.

I am a strong advocate for regulatory compliance and global best practices in the digital payments space. Under my leadership, we have achieved full compliance with the PCI DSS standards, earned the Visa Payment Facilitator (PayFac) certification, built strategic collaborations with world-class OEMs to deploy POS terminals that are in tune with modern technology trends and secured listing on Google Pay. We are also actively engaged with apex institutions like NIBSS, while collaborating with other financial institutions to enhance the ecosystem.

This commitment not only ensures a secure and seamless experience for our customers but also contributes meaningfully to building a trusted, compliant, and forward-looking digital payment environment in Nigeria.

How can federated identity systems enhance security in multi-platform financial services?

Federated Identity systems enhance security in multi-platform financial services by strengthening authentication and ensuring centralized security policies across various applications. Since multi-platform financial service providers require logins to access their platforms, Federated Identity systems can implement single sign-on (SSO) to reduce the risk of login-point attacks, identity theft, and similar issues, all through a trusted Identity Provider (IdP).

Security can be further enhanced by consistently enforcing policies such as multi-factor authentication (MFA), session timeouts, and password complexity across all connected platforms. Stronger authentication protocols like OAuth 2.0, SAML, and OpenID Connect can also be utilised. In the event of an account compromise or a user leaving an organisation, access can be instantly revoked across all platforms through the identity provider, preventing potential access risks. Additionally, federated identity systems aid in governance and forensic analysis, ensuring applications and platforms meet strict compliance standards.

In my opinion, it would be beneficial for our country to develop a local identity system that aligns with the standards of federated identity systems. To illustrate, the National Identity Management Commission (NIMC) already manages the identities of Nigerian citizens. If a Federated Identity & Access Management (IAM) system were introduced and integrated into NIMC’s infrastructure, supporting authentication and authorisation protocols such as SAML, OAuth, and OIDC, it could serve as the central IAM provider for financial institutions.

Here’s how it could work: When a user visits Bank XYZ, instead of undergoing the usual account registration process, they would simply click a “Login with NIMC” button. After entering their National Identification Number (NIN) and verifying through an OTP or biometric method, NIMC would authenticate the user and securely share their verified identity data with Bank XYZ. This approach would eliminate the need for managing multiple identities or credentials across different financial platforms.

Think of it as a “Login with Google”, but in this case, NIMC acts as the provider, and the bank is the platform. The security benefits of this federated system include centralised authentication, unified monitoring and auditing, and an improved user experience.

This approach not only boosts security but also lays the foundation for more integrated and user-centric digital financial services.

What barriers exist to implementing biometric authentication in mobile payment solutions across Africa?

The barriers can be classified into several layers. Cultural barriers are one key factor, including issues such as a lack of awareness and education, trust concerns, and religious or cultural beliefs that may hinder the acceptance of biometric systems.

Infrastructure limitations also play a significant role. For example, poor internet coverage in some regions makes it difficult to reliably implement biometric authentication systems, which often require access to national ID databases that are, in many cases, not available.

Technological gaps are another challenge, as many users still rely on low-end phones that lack biometric sensors, making it difficult to deploy such solutions universally.

Security barriers also need consideration. To securely store biometric data, whether in the cloud or on-device, a robust cybersecurity infrastructure is essential. Without this, the risk of data breaches or misuse remains high.

Lastly, funding barriers exist, as many fintech startups lack the capital to invest in the sophisticated biometric technology required to implement such systems effectively.

How can Nigerian fintech leaders balance technical expertise with strategic business development?

In an ecosystem like Nigeria’s, which is rapidly evolving, highly competitive, and influenced by regulatory, infrastructural, and socio-economic factors, it is crucial for fintech leaders to balance technical expertise with strategic business development. To achieve this, there are several key approaches that can prove valuable.

First, it is essential to surround yourself with a diverse team of experts across both technical, compliance, and business domains. This multidisciplinary approach ensures a well-rounded perspective and the ability to navigate the complexities of the fintech landscape.

Continuous learning and strategic foresight are also vital. Attending industry conferences and staying updated on market trends can provide insights into emerging technologies and best practices. Engaging both “tech-savvy business leaders” and “business-savvy tech leaders” fosters a collaborative environment where both technical and strategic perspectives are considered in decision-making.

Leverage data for strategic decisions, as it enables informed choices that align with market demands and regulatory expectations. Additionally, collaboration over competition in strategic business development is increasingly recognised as a smarter, more sustainable approach. In today’s interconnected markets, working together with other industry players often leads to mutual growth and innovation.

Can you discuss the significance of securing partnerships with electricity distribution companies (DISCOs) for bill payments via Airvend platforms?

Securing partnerships with electricity distribution companies (DISCOs) for bill payments via Airvend platforms is of immense significance. This relationship is mutually beneficial, with both parties gaining substantial advantages. DISCOs leverage platforms like Airvend to expand their reach and connect with a broader customer base that they may not have been able to access otherwise, thanks to the robustness of our license and agency banking network. By partnering with DISCOs, we make electricity bill payments more accessible to customers, which in turn increases revenue for both the DISCOs and our company.

We have built a robust bill payment infrastructure that currently connects customers to multiple billers, facilitating seamless transactions. Some key strategic and operational benefits of these partnerships include a competitive advantage, as direct DISCO integrations provide us with an edge over other platforms that rely on third-party aggregators. It also offers better control over service uptime, transaction success rates, and customer support.

Airvend earns better commissions or convenience fees on each transaction compared to third-party aggregators. This direct integration allows us to expand our service offerings, positioning Airvend as a one-stop shop for customers seeking a range of payment solutions.

How does the Pay-by-Link feature on Airgate simplify transactions for individuals and businesses alike?

The Pay-by-Link feature on Airgate simplifies transactions for both individuals and businesses by offering a fast, flexible, and user-friendly payment experience. Here’s how it benefits each group:
For individuals, the process is straightforward and hassle-free. There’s no need to download an app or create an account—customers simply click on the payment link to complete their transaction. The link takes them to a secure payment page where they can pay using their preferred methods, such as debit cards, digital wallets, or even bank transfers. Links can be shared via email, SMS, or social media, providing flexible access. Moreover, the system is encrypted and PCI-compliant, ensuring safe and secure transactions.

For businesses, the Pay-by-Link feature offers several operational advantages. Businesses can generate payment links instantly without the need for complex integrations or website development. This streamlines the invoicing process and speeds up payments, as customers can make payments immediately upon receiving the link.

The frictionless payment experience also helps reduce cart abandonment, which is especially useful for sales conducted outside traditional eCommerce platforms, such as over the phone or via social media. Additionally, each payment link is trackable, allowing businesses to monitor which invoices have been paid and follow up with customers as needed.

In what ways has your experience as a digital currency expert influenced product development at Airvend Payment Services Limited?

My experience as a digital currency expert has significantly influenced product development at Airvend Payment Services Limited. One of the key ways this expertise comes into play is by ensuring we stay ahead of regulatory shifts in the digital asset space. This proactive approach has enabled me to guide our team in developing compliance-ready products, ensuring that our innovations align with legal requirements and regulatory standards.

This mindset has also shaped our product development roadmap, which includes not only traditional payment infrastructure but also emerging technologies that can serve the unbanked and underbanked populations. We have focused on decentralised finance models, leveraging these innovations to expand access to financial services for those who are typically excluded from traditional banking systems.

What strategies have been most effective in driving the adoption of virtual accounts among Nigerian businesses using VAaaS solutions from Airvend?

Airvend has successfully driven the adoption of its Virtual Account-as-a-Service (VAaaS) solutions among Nigerian businesses through a range of strategic initiatives tailored to meet the specific needs of the local market. One of the key strategies has been ensuring full regulatory compliance and building trust. By linking virtual accounts to users’ Bank Verification Numbers (BVN) and National Identification Numbers (NIN), Airvend aligns with the Central Bank of Nigeria’s guidelines, which enhances trust among both businesses and customers.

Another effective strategy has been the integration of VAaaS with existing business operations. The solution is designed for seamless interoperability with Point-of-Sale (PoS) systems and is also available on our payment gateway infrastructure. This ensures that businesses can manage transactions efficiently, with features like real-time notifications and streamlined reconciliation processes.

Strategic partnerships have also played a significant role in expanding Airvend’s reach. Collaborations with financial institutions and other non-financial institutions (NFIs) have helped build a robust VAaaS infrastructure. These partnerships contribute to the scalability and reliability of Airvend’s services, fostering the growth of a supportive ecosystem for businesses.

How does your collaboration with apex institutions like NCC and SANEF enhance financial inclusion efforts through agent banking services?

With NCC’s licence to fully function as a VAS provider, Airvend through its strategic collaboration with MNO’s and other VAS has created a robust platform(Airpay) for Agents to process bill payments seamlessly and also created a large network of Agents/POS Agents across the country who are currently championing the CBN’s financial Inclusion drive.

Can you elaborate on how Airpay supports merchants in managing their transaction data efficiently

Airpay is our Terminal solution for Merchants and Agents with features such as Pay-with-transfer, Cash in/Cash out, bills payment and VAS services. For merchants, virtual accounts are created and tied to their business for easy payment confirmation by attendants and with the account also synched to a PoS terminal for instant print. Merchants are settled instantly.

How do you see regulatory policies evolving to support cross-border remittances facilitated by platforms like Airgate?

Regulatory policies for cross-border remittances, especially those facilitated by fintech platforms like Airgate, are evolving to foster greater harmonization, transparency, and consumer protection, while balancing anti-money laundering (AML) and counter-terrorism financing (CTF) concerns. Central banks across various regions are implementing tailored licensing regimes for non-bank financial institutions and remittance platforms, allowing platforms like Airgate to operate legally without the need to be traditional banks.

For instance, both Nigeria and Kenya have issued fintech-specific regulatory guidelines that support cross-border mobile money and remittances. Similarly, Singapore’s Payment Services Act consolidates licensing under a unified framework, streamlining operations for fintech platforms. As such, platforms like Airgate are likely to benefit from a more structured and supportive regulatory environment that enables seamless cross-border remittance services while ensuring compliance with financial regulations.

What advice would you give to policymakers aiming to create a more enabling environment for FinTech innovation in Nigeria?

To create a more enabling environment for FinTech innovation in Nigeria, a multifaceted strategy is required, one that balances innovation with consumer protection, financial stability, and inclusion.
My advice to Nigerian policymakers is to first establish a clear regulatory framework.

This should include tiered regulations, differentiating rules based on the size, risk, and service type of businesses to avoid over-regulating early-stage startups. Policymakers should also foster public-private collaboration and invest in subsidised digital literacy programmes.

Finally, facilitating clearer venture capital and crowdfunding regulations, along with offering legal clarity and tax incentives for investors supporting FinTech startups, will be essential for growth in this sector.