ProvidusBank unveils “AmphiCard”, first of its kind payment solution for SMEs 

ProvidusBank recently unveiled a groundbreaking product called ‘AmphiCard’ in collaboration with Mastercard.

The AmphiCard, the first of its kind in Africa, the Middle East, and Eastern Europe, offers a collection and payment system for ease of doing business targeted at small and medium-scale businesses (SMEs).

It serves as a 2-phased card for payments and collection, leveraging on Mastercard’s payment gateway service, while providing a safe alternative to POS machines for business collections.

The product launch which held on Tuesday, the 29th of November 2023 at its Lekki branch, was attended by key figures, including Mr. Walter Akpani, the MD/CEO of ProvidusBank; Kingsley Aigbokhaevbo, Deputy MD, and Deoye Ojuroye, Executive Director, Dayo Adenike, a representative from BOI; Accounts Manager for West Africa at ProvidusBank, Temitope Fafiyebi; Kari Tukur, the VP of Customer Solutions, East & West Africa, Mastercard; Elliott Sangoleye, Head of E-Business; Lanre Ogundare, Head of Card Business, Mr. Chike [Surname], a Bank of Industry representative, and other stakeholders and small business entrepreneurs who all commended the innovative new entrant to ProvidusBank.

Mr. Walter Akpani emphasized ProvidusBank’s commitment to innovation in digital payment stating,

  • “This is the first of its kind, the first in Africa, the Middle East, and Eastern Europe. Thanks to Mastercard for seeing us as a worthy partner.” 

The unique value proposition of AmphiCard lies in its safety and effectiveness as an alternative to POS machines for business collections.

It allows corporate customers to use the card for payments and collections. The card can be utilized in ATMs, POS terminals, and for web transactions.

Customers can interact with any SME using any phone that has a camera, enabling contactless tap-to-pay functionality.

Kari Tukur from Mastercard highlighted the company’s commitment to payment innovation, emphasizing partnerships with various entities.

She praised AmphiCard’s role in addressing limitations faced by small and medium-scale businesses (SMEs) and enabling contactless tap-to-pay for inclusive payment convenience.

Deoye Ojuroye emphasized the product’s advantages, stating it offers a good alternative to POS with no chargebacks.

Lanre Ogundare, Head of Card Business at Providus, outlined AmphiCard’s functionality, describing it as a work tool for merchants that integrates payment and collection seamlessly.

For instance, the card utilizes QR codes to reduce possible failures associated with traditional POS systems.

Summarizing how it works, Lanre Ogundare explained, “When the QR that is created for the SME is scanned, it will take the individual to a payment page where you can complete the transaction.

  • “When the individual comes with a card to make a payment, the merchant collects the money via the card. Also, merchants can use the same card to make payments and withdraw from an ATM. The AmphiCard, therefore, ensures that possible failures can be reduced. 
  • “The QR code aims to reduce possible failures associated with traditional POS.”

The attendees expressed enthusiasm about the simplicity and seamlessness of transactions, noting how they look forward to using AmphiCard to address limitations associated with regular payment cards, especially for SMEs.

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