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Open Wallets
Our open wallet API that empowers businesses to curate personalized customer experiences within their ecosystems while enabling their users to transfer to any other Nigerian bank.
CUSTOMER SEGMENT
B2C & B2B2C
Businesses across diverse industries use this API to streamline payment processing, elevate customer experience, and optimize financial operations.
By leveraging our APIs, businesses enhance payment flexibility, boost customer retention, increase business growth by tailoring features unique to them, and drive operational efficiency making it indispensable for sectors with high transaction volumes or complex payment structures.
Additionally, merchants will be able to issue cards within their ecosystem, with our wallet accounts which support seamless payouts to other bank accounts and receipt of funds from customers of other banks.
BUSINESS
Onboarding Requirements
Merchants/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)
Documentation of Ownership/Shareholding Structure
List Of Directors/Senior Management Team
List Of (UBO) Ultimate Beneficial Owner(S) Holding More Than 5% Shares
Notarized/Certified Means of UBO (i.e. Means Of Identification)
Customers
Full Name
Date of Birth
Address
Bank Verification Number or Nation Identification Number - (BVN/NIN)
Valid ID
KYC REQUIREMENTS
Wallet Tier Upgrades
| Wallet Type | Daily Limit | Cumulative Limit | Regulatory Requirement |
|---|---|---|---|
| Tier 1 | 50,000 | 300,000 | BVN/NIN |
| Tier 2 | 100,000 | 500,000 | BVN/NIN, Valid Government ID |
| Tier 3 | Unlimited | Unlimited | BVN/NIN Valid Government ID card Utility Bill (for address verification) |
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'Embedly®' is a trading name and registered trademark of Sterling Bank Limited. Registered office: 20 Marina Rd., Lagos Island, Lagos. Sterling Bank Limited is a licensed Bank, regulated by the Central Bank of Nigeria (CBN) and deposits held are insured by the Nigeria Deposit Insurance Corporation (NDIC). Embedly is a subsidiary of Sterling Group PLC.
The entities above are duly authorized to operate under the Embedly brand and trademarks.
The information on this website does not constitute investment advice or a recommendation or a solicitation to engage in any investment activity.
Any interaction with this website constitutes an individual and voluntary operation on the part of the person accessing it. This website and its content should not be understood as an invitation for the contracting and/or acquisition of Embedly's financial services and products.
The information on this website may only be copied with the express written permission of Embedly.
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