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Closed Wallets
Our closed-loop wallet system that empowers businesses to curate personalized customer experiences within their ecosystem
CUSTOMER SEGMENT
BUSINESSES
With tools for user onboarding, financial management, and real-time data insights. It drives acquisition, enhances liquidity management, fosters customer relationship helping businesses thrive in a competitive market and accelerates their growth.
Our closed wallet platform supports seamless collections via Bank transfers, Quick Response (QR) Code, and POS solutions, and allows businesses to issue customized value cards with cashback rewards.
Closed wallets are mainly used by organisations and businesses to collect payments within their own system. The organisation controls and manages these accounts, taking responsibility for how funds are used within their platform.
Scope and Features
Usage Scope
Used only within your product ecosystem. Customers can use the wallet to pay for services, products, or transfers within your platform but cannot use it for transactions outside your ecosystem. This account is limited to payments within your platform only.
KYC Requirement
Some KYC verification required. Customers do not necessarily need to provide extensive identity documents to create this wallet. It can be quickly set up on their behalf with basic or no verification. Fast account setup with little or no ID verification.
Funding Inflows
Can receive funds from external banks. Customers can top up their closed wallet by sending money from their bank or other financial institutions into this account. You can add money to this account from your bank.”
No Payment Outflows
Money and funds cannot be sent to other banks or financial institutions by your customers. Customers can only use the money in their closed wallet within your platform. They cannot withdraw to their bank or transfer to other financial services. You can send money outside your platform, but customers can’t.
Creation Process
Created easily without full verification. You can create these wallets automatically or with very minimal user input, allowing customers to start using them quickly without lengthy onboarding. This account can be created quickly on customer’s behalf.
Use Case
Gift cards, loyalty wallets, or in-app wallets. Ideal for use cases like rewards wallets, loyalty programs, ride credits, or gift cards that are meant to be spent only within your ecosystem. Best for rewards, gift cards, or internal spending wallets.
BUSINESS
Onboarding Requirements
Businesses
Certificate of Incorporation - (CAC)
Bank Verification Number and National Identification Number -(BVN/NIN)
Business Tax Identification Number (TIN)
Memorandum and Articles of Association (MEMART)
Proof of Address (Utility Bill)
Customers
Full Name
Email Address
Gender
Phone Number
Card PAN(optional, this is dependent on the use-case)
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