Precious Ekezie is the Managing Director and Chief Executive Officer of Airvend Payment Services Limited, a leading Nigerian FinTech company known for delivering innovative digital payment solutions. A digital transformation expert and tech entrepreneur, Ekezie possesses a strong background in project management, digital currencies, and workplace collaboration. He is deeply passionate about leveraging technology to create value for customers, staff, and stakeholders. In this exclusive interview, he shares his insights into the FinTech industry, the evolving regulatory landscape, and the innovations shaping the future of digital payments in Nigeria.
How should FinTech firms approach evolving anti-money laundering regulations in digital payment ecosystems?
FinTech companies, especially those operating within the digital payments ecosystem, face a complex and rapidly evolving regulatory environment. This often presents challenges to business operations. To effectively navigate the changing landscape of anti-money laundering (AML) regulations, FinTech firms should adopt several strategic approaches.
First, embracing third-party RegTech solutions is essential. Regulatory technology enables real-time monitoring, transaction analysis, and automated reporting—helping maintain compliance while reducing operational risks. RegTech systems can detect suspicious behaviour more efficiently than traditional rule-based systems, allowing companies to focus on core business functions without compromising compliance.
In addition, firms should implement risk-based customer due diligence, which enables more targeted and effective assessments of potential risks tied to each customer. A tiered KYC (Know Your Customer) process should also be adopted to apply the appropriate level of scrutiny based on customer risk profiles.
Active monitoring of regulatory updates is critical, as is establishing strong audit trails and transparent reporting mechanisms. Furthermore, compliance must be embedded into company culture—every team member should understand its importance and uphold best practices.
Finally, aligning with global compliance standards not only fosters trust among regulators, partners, and customers but also positions FinTech firms for seamless operation in both local and international markets.
How are emerging technologies like AI and blockchain reshaping leadership and innovation in African FinTech?
Emerging technologies such as artificial intelligence (AI) and blockchain are transforming the global tech ecosystem, and their impact is particularly profound in the African FinTech space. These technologies are redefining leadership roles and creating a demand for new skill sets, adaptable strategies, and future-focused thinking among African tech leaders.
Leaders must now bridge the gap between cutting-edge technology and human-centered financial inclusion, ensuring that innovation is accessible to all demographics. Data literacy has also become indispensable, as data-driven decision-making is now central to FinTech strategy.
There is a growing need for leaders to build teams capable of integrating machine learning into business models, using AI to drive operational efficiency and improve service delivery. Additionally, customer engagement strategies must evolve—automation is increasingly used to deliver personalised experiences at scale, reflecting the expectations of today’s digital consumer.
What emerging payment technologies show the most promise for addressing financial inclusion gaps in West Africa?
In my view, two major payment technologies stand out for their potential to bridge financial inclusion gaps across West Africa:
- Contactless Payments and Agency Banking: These have had a significant impact in Nigeria. The widespread adoption of POS agents across the country has extended the reach of financial services, particularly in rural and underserved areas. The increasing use of QR codes and pay-with-transfer options in agent networks is a positive development, making financial access more convenient and inclusive.
- Mobile Money Platforms: Operators like M-Pesa, MTN MoMo, and Orange Money are instrumental in reaching areas where traditional banks are absent. Other innovative models—such as Buy Now, Pay Later and Virtual Account-as-a-Service (VAaaS)—are further enriching the payment landscape.
Combining these technologies with interoperable systems will create an inclusive payment infrastructure capable of delivering services to even the most remote populations.
How does Airvend’s 3-in-1 Categorised Payment Solution Services (PSS) license differentiate it from other FinTech companies in Nigeria?
Airvend stands out as the first FinTech company in Nigeria to receive the Central Bank of Nigeria’s (CBN) 3-in-1 Categorised Payment Solution Services (PSS) license. This unique regulatory authorisation allows us to operate simultaneously as a Payment Solution Service Provider (PSSP), Payment Terminal Service Provider (PTSP), and Super Agent—a major differentiator from competitors who often hold just one licence.
This integrated licence empowers Airvend to offer a comprehensive suite of services:
- As a PSSP: We facilitate payment processing through gateways and portals, develop payment applications, aggregate merchant services, and manage collections.
- As a PTSP: We deploy and maintain POS terminals, provide terminal application development, and offer support and training for merchants and agents.
- As a Super Agent: We deliver essential financial services via agent networks, contributing directly to financial inclusion efforts.
Leveraging this licence, we’ve built a robust portfolio, including:
- Airgate (our secure payment gateway),
- Airpay (our terminal and merchant solution), and
- Airvend (our flagship platform for B2C and B2B value-added services).
This breadth enables us to serve both rural and urban markets with a seamless experience while maintaining strict compliance and earning trust across stakeholders.
What inspired the development of Airgate, and how does it address the needs of online vendors in Nigeria?
The creation of Airgate stemmed from a critical gap in the Nigerian market: a lack of reliable, efficient, and customisable payment gateways. Despite numerous providers, many online vendors still face issues such as delayed settlements, unreliable transaction processing, inadequate customer support, and poor dispute resolution.
Airgate directly addresses these challenges by offering:
- Local, responsive customer support tailored to Nigerian businesses,
- Flexible APIs and white-label options for custom branding and integration,
- Modern architecture that ensures high uptime and reliable transaction success rates,
- Real-time transaction reporting and seamless reconciliation for financial transparency.
By building a payment infrastructure that reflects the realities of Nigeria’s digital economy, Airgate empowers vendors and accelerates digital commerce adoption.
How is Airvend using partnerships with banks and mobile network operators to expand financial inclusion?
Airvend has built strong strategic alliances with both banks and mobile network operators (MNOs) to broaden access to financial services.
- Through agency banking, our network of agents delivers essential services like cash-in/out, bill payments, and fund transfers, particularly in remote and underserved communities.
- Integration with MNOs enables real-time service delivery, including airtime top-ups and data purchases, enhancing mobile access to financial products.
- Virtual account offerings, including static and dynamic accounts, facilitate convenient pay-with-transfer options and support businesses with multi-tenant API infrastructure.
- Our service aggregation model consolidates bill payments (electricity, cable TV, etc.) from various providers into one platform, reducing the need for cash and promoting digital financial habits.
These partnerships enable us to meet the needs of the unbanked and underbanked, aligning with broader national goals for 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 fundamental to Airvend’s operations.
- PCI-DSS ensures that we protect sensitive payment data through strong encryption, secure systems, and risk-reduction protocols. This commitment builds trust among customers, banks, and regulators, while safeguarding against financial losses from breaches.
- NDPR (Nigeria Data Protection Regulation) ensures we handle personal data lawfully and transparently. This includes obtaining user consent, granting data access rights, and protecting privacy through ethical data practices.
These standards influence our system architecture, onboarding processes, data governance policies, and third-party assessments—creating a secure, compliant operating environment.
Can you discuss the impact of Airvend’s Virtual Account-as-a-Service (VAaaS) on B2B operations in Nigeria?
Airvend’s VAaaS platform is transforming B2B financial operations by enabling seamless fund collection, instant settlements, and real-time transaction alerts. Businesses can assign unique virtual accounts to clients or transactions, simplifying reconciliation and improving cash flow.
This solution is especially vital in a market where over 26% of the population remains unbanked. VAaaS replicates banking functionality in a flexible, accessible format, allowing businesses to serve clients without requiring traditional banking access.
Ultimately, VAaaS enhances operational efficiency, promotes transparency, and supports inclusive financial growth.
How does Airpay support merchants and super agents in expanding their services across Nigeria?
Airpay, our proprietary terminal solution, empowers merchants and super agents through its versatility and user-friendly design.
- Merchants benefit from the ability to accept various payment types—cards, QR, and transfers—while enjoying real-time settlements and automated receipts for streamlined record-keeping.
- Super agents leverage Airpay to expand services to rural areas, offering financial products in line with the CBN’s financial inclusion objectives. Partnerships with MNOs and VAS providers also allow agents to offer bill payments and other value-added services.
By supporting both sales and operations, Airpay enhances merchant productivity while extending financial access nationwide.
Why did Airvend choose Abuja for launching Airgate instead of Lagos?
Launching Airgate in Abuja was a deliberate strategic move. While Lagos remains Nigeria’s commercial hub, Airvend’s headquarters is in Abuja, and we wanted to highlight our roots while bringing innovation to an underrepresented yet economically significant region.
Abuja has its share of underserved areas, and launching from the capital allows us to address financial gaps while aligning with the CBN’s financial inclusion agenda. This approach also gives Airgate a unique brand identity as it scales nationwide and beyond.
How does Airvend plan to integrate blockchain and AI into future payment solutions?
Airvend is actively exploring the integration of blockchain and AI into its payment ecosystem.
- Blockchain: Though still emerging in Nigeria, blockchain’s immutability and transparency offer powerful potential for secure, decentralised financial solutions. We are monitoring regulatory developments and assessing use cases in remittances and digital identity.
- AI: We’re currently implementing AI across three key areas:
- Predictive analytics for customer insights,
- Intelligent customer support via AI-driven chatbots, and
- Fraud detection, using algorithms to flag suspicious transactions.
These technologies are not only enhancing efficiency but also helping us build a smarter, more responsive financial infrastructure.
Has Airvend simplified cross-border payments for Nigerian businesses?
Currently, Airvend does not facilitate cross-border payments, as our licence does not yet cover that segment. However, we are exploring the acquisition of an IMTO (International Money Transfer Operator) licence and are open to strategic collaborations that align with regulatory guidelines. Cross-border functionality is certainly on our roadmap.
What opportunities exist for Nigerian FinTech companies like Airvend to expand globally?
Airvend’s trio of licences—PSSP, PTSP, and Super Agent—equips us to scale into emerging markets in Africa, Asia, and Latin America. By targeting regions with similar financial gaps and forming global partnerships, we can export our solutions—including gateways, POS infrastructure, and transaction switching.
We are also exploring multi-currency merchant onboarding and cross-border remittance infrastructure as part of our super-app development. The goal is to enable diaspora remittances, cross-border trade, and pan-African payment interoperability—driving financial inclusion and innovation beyond Nigeria.
