1.0. The Challenge of Manual Bank Transfer Reconciliations
In Nigeria, bank transfers account for over 60% of online transaction volume. However, traditional static bank transfers force business owners to manually match customer payment screenshots against bank SMS alerts, causing shipping delays and frustrated shoppers.
2.0. The Virtual Account Solution
With FimPay automated virtual accounts, every customer is provisioned a dedicated NUBAN account. When an interbank transfer is completed via NIP, our server fires a signed webhook within 300ms, crediting the merchant ledger and marking the order as paid instantly.
3.0. Statutory EMTL Compliance
FimPay automatically manages the âĻ50 Electronic Money Transfer Levy (EMTL) deduction into statutory tax custody, keeping your enterprise fully compliant with FIRS guidelines without tedious manual math.