The traditional use of financial services is as old as human civilization itself. Historically, we relied on traditional financial systems, such as coins or banknotes, for transactions and access to services. However, the financial landscape has undergone a dramatic transformation. What would have seemed like a mirage just a few decades ago is now a reality: payment apps, mobile wallets, and virtual accounts have replaced traditional cash-dependent systems, reshaping the way we interact with money.

FinTech has revolutionized virtually all aspects of financial services, establishing a new paradigm for accessing payments across various sectors such as travel and hospitality, education, agriculture, and medical services to mention a few. This transformation has shifted financial interactions from traditional banking halls to advanced technologies, including artificial intelligence (AI), big data, blockchain, virtual accounts, and edge computing, making financial services more accessible, efficient, and inclusive.

Growth of Digital Payments

The adoption of digital payment solutions continues to rise in Nigeria, driven by these technological innovations. According to the H1 2024 NIBSS report, total money transfers and PoS transactions reached ₦89.5 trillion, reflecting robust growth. This is particularly significant given that over 26% of the population remains unbanked, underscoring the increasing reach and impact of digital financial solutions in bridging the gap.

This growth has been driven primarily by the adoption of mobile wallets, payment apps, and virtual accounts. The report underscores that the adoption of digital payment solutions transcends mere convenience; it is a powerful enabler of financial inclusion. By ensuring access to financial tools, digital solutions empower individuals across diverse locations and socio-economic   backgrounds   to   actively   participate   in   the   global economy.

Airvend has fully embraced these transformative technological advancements and realities, positioning itself as a key player in the FinTech   revolution.   Among   its   disruptive   and   cutting-edge   financial solutions are:

• Virtual Account-as-a-Service (VaaS): A solution that enables businesses to offer seamless and customizable virtual account services, simplifying financial operations and enhancing customer experiences.
• Restaurant Solution-as-a-Service (RSaaS): A specialized service designed to empower the hospitality industry by integrating technology that streamlines operations, boosts efficiency, and improves customer satisfaction.

Through these innovative services, Airvend is driving financial inclusion while enabling businesses to thrive in an increasingly digital and connected economy. By leveraging its robust infrastructure, Airvend continues to simplify processes, enhance operational efficiency, and deliver value to individuals and organizations alike.

Virtual Account as a Service (VaaS)

VaaS is specifically mapped to revolutionize B2B operations, Airvend’s VaaS offers businesses the ability to create and manage virtual accounts with ease, providing a flexible and scalable solution to suit today’s digital pace and economy. These virtual accounts function like traditional bank accounts but are far more agile, enabling seamless financial operations without the constraints associated with traditional bank accounts. In alignment with the CBN Circular dated December 1, 2023, Airvend ensures full compliance with regulatory standards by securely linking all virtual accounts to users’ Bank Verification Number (BVN) and National Identification Number (NIN).

Airvend enables businesses integrated with the VaaS solution to offer virtual accounts to their customers, registered in their name for specific purposes, such as payments, reconciliations, or subscriptions. This eliminates the traditional bottlenecks associated with managing

payments, as each transaction is automatically tied to a virtual account, ensuring instant settlement, transaction notification and reporting.

The financial technology sector in Nigeria is rapidly growing. The market is expected to expand by 30% annually, and mobile payment adoption is set to increase by 40% by 2025. With millions of Nigerians already using mobile payment services, the need for digital financial solutions is growing. To date, over 5M users have processed transactions through the Airvend platform, showcasing the broad adoption and trust in the service.

Restaurant Solution-as-a-Service

The Nigerian restaurant industry is evolving, with technology playing a major role in its growth. With so many new players entering the market and a growing need for convenience, restaurant owners require reliable, easy-to-use  solutions  to  stay  competitive.  At  the  same  time,  customers demand faster services and a more personalized experience. Airvend’s RSaaS, called Yammys, is positioned to address some of the most pressing challenges faced by restaurants today, including unattended queues, inefficiencies in order processing, and untimely payment solutions.

Yammys was developed through a strategic partnership between Airvend  and  Nexgo,  combining  expertise  in  fintech  and  point-of-sale technology to deliver a powerful solution for Nigerian restaurant operators. Airvend, known for its commitment to quality services, views this partnership as a step forward in transforming restaurant operations and improving how payments are collected from customers.

Yammys provides everything needed to streamline restaurant management—from handling orders and payments to managing inventory and fostering customer loyalty. One of its standout features is its QR code functionality, which allows customers to scan, browse the menu, and place their orders seamlessly. Once an order is placed, staff are instantly notified, and the customer can check out and make payment as soon as the food and drinks ordered are served. This eliminates the manual process associated with order taking, reducing delays and enhancing efficiency. Yammys helps restaurants improve turnaround times and boost customer satisfaction.

With multiple payment options, including POS card payments, mobile transfers, and other digital methods, Yammys makes transactions quick and easy. This flexibility empowers restaurant owners to provide a variety of secure payment solutions, enhancing convenience for both customers and staff.

Airvend RSaaS meets this demand by equipping restaurant owners with the tools they need to cater to modern (tech savvy, GenZ etc) diners. By combining innovation with user-friendly features, Yammys stands out as a transformative solution for the restaurant industry in Nigeria.

Airvend’s     Virtual     Account-as-a-Service     (VaaS)     and     Restaurant Solution-as-a-Service   (RSaaS)   can   be   integrated  with  Merchant  PoS systems, enabling businesses to directly connect their PoS terminals to any bank of choice in Nigeria that supports Virtual Account endpoints allowing businesses to seamlessly receive payments and manage transactions through virtual accounts.

With Airvend, businesses can eliminate the complexity of traditional banking   systems,   ensuring   faster   settlements,   real-time   transaction notifications, and easy tracking. This integration enhances the payment process, offering both businesses and customers a smoother, more secure experience.

Other unique offerings include: Payment Gateway/Aggregator Platform (Airgate): A comprehensive platform with advanced features such as: Pay-by-Link:  Enabling  secure,  easy  payments  via  shared  payment  links, Dynamic Virtual Accounts, and Card Payment Options: Allowing businesses to accept payments from multiple card schemes.

Airvend is licensed by the Central Bank of Nigeria (CBN) and holds key certifications including PCIDSS: Ensuring compliance with global data security standards, NDPR/NDPC: Adhering to Nigerian data protection regulations. Visa PayFac (Payment Facilitator) and GooglePay for secure card payment facilitation and enhancing payment flexibility.

Our Strategic Partnerships include strong collaborations with the Nigeria Inter-Bank  Settlement  System  (NIBSS),  partnerships with banks and other reputable financial institutions to enable seamless financial operations.

This further highlights and strengthens Airvend’s position as a trusted provider of innovative, secure, and compliant payment and financial solutions in Nigeria.

Airvend is open to wholesome collaborations in the form of B2B partnerships, leveraging our expertise to create mutually beneficial relationships that deliver value to all stakeholders. Through our robust API solutions, we provide seamless integration opportunities for billers and other businesses seeking to offer value-added payment services. These APIs are designed to enable efficient and secure transaction processing, simplify business operations, and enhance customer satisfaction.

At Airvend, we have strategically aligned our offerings with the transformative trends reshaping the payments landscape, ensuring we remain at the forefront of innovation. While paying keen attention to the endlessly morphing consumer needs, we are paving the way for Airvend’s robust  Super  App  of multi-functional platforms that combine payments, financial   management,   and   value-added   services   into   a   single ecosystem.