2 Best APIs for Embedded Finance in Nigeria

Bloc is a Nigerian Banking-as-a-Service (BaaS) API platform that lets developers embed financial services directly into their products. Its banking infrastructure is provided through Bloc Microfinance Bank (Bloc MFB, CBN Licence No. FPR/LAD/CON/MFB/010/066, RC No. 7187722), a proprietary bank subsidiary rather than a third-party partnership — virtual account numbers issued through Bloc are native Bloc MFB account numbers, NDIC-insured up to ₦5 million. As of this review, Bloc's original developer-facing API portal (blochq.io) shows a "Launching Soon" placeholder rather than live product content, while Bloc MFB's direct banking site (blocmfb.com) is fully live, offering business accounts, supply chain financing, payroll disbursement, and payment collection directly to Nigerian businesses. This suggests the company's public-facing focus has shifted toward direct business/personal banking under the Bloc MFB brand; the standalone "embed Bloc's rails via API" product that this catalog entry originally described may be in transition, being rebuilt, or accessible only through direct sales contact rather than public self-serve signup. Developers interested in Bloc's API infrastructure should confirm current availability directly with the company before building on it. What the API previously offered (per Bloc's own documentation): four core products — Virtual Accounts (issuing NDIC-insured account numbers programmatically), Transfers (NIP transfers to any Nigerian bank), Bills Payment (airtime, data, electricity, cable TV, with a developer commission model), and Collections. Two virtual account types were supported: Fixed Accounts (persistent balance, can initiate transfers) and Collection Accounts (receive-only, for payment tracking). Authentication used a Secret Key from the Bloc Dashboard passed in request headers. Bloc MFB's current live business banking product (accessible directly, not via API) covers: NUBAN business accounts working across all Nigerian banks, vendor/supplier payments via NIP, bulk payroll disbursement, real-time transaction alerts, downloadable statements, multi-user role-based access, and supply chain financing (invoice financing, purchase order financing, supplier payment financing, working capital facilities). Security includes TLS 1.3 encryption, PIN authentication with device binding, and real-time fraud monitoring.

Woven Finance is a Nigerian Banking-as-a-Service (BaaS) infrastructure company that enables fintechs, microfinance banks, cooperatives, and digital platforms to embed banking products into their applications through a developer-first API. Woven partners with CBN-licensed Nigerian microfinance banks to provide its underlying banking infrastructure — meaning the virtual accounts and financial products that businesses build on Woven are backed by actual licensed banking institutions, not just payment licenses. The Woven Finance developer API is documented at woven.finance/developer and provides access to virtual accounts, payouts, card payments, bank transfer collections, and direct debit mandates. Authentication uses an API Key or Bearer Token obtained through the Woven Finance developer account. SDKs and plugins are available for popular development environments, with the Woven support team providing direct assistance during integration. The flagship Woven product is multi-bank virtual accounts. Unlike single-bank virtual accounts offered by most Nigerian gateways (which are typically backed by one specific bank), Woven Finance enables customers to be assigned virtual account numbers from multiple Nigerian microfinance banks simultaneously. This multi-bank approach significantly improves payment collection resilience — if one bank's system is experiencing downtime or NIP (Nigerian Inter-Bank Payment) routing issues, customers can use another bank's virtual account number. For wallet-based fintech apps, this means higher collection success rates and fewer failed deposits during peak periods. The Payouts API allows platforms to disburse funds to any Nigerian bank account. The Bank Transfer Collections module enables businesses to receive payments via bank transfers into assigned virtual accounts, with real-time webhook notifications on fund arrival. The Direct Debit feature allows platforms to set up recurring debit mandates on customer accounts for subscription billing, loan repayments, or savings contributions. Woven Finance also supports card payment acceptance, enabling platforms that want to offer multiple payment options to collect from card-holding customers without managing a separate card payment gateway integration. A notable use case for Woven Finance is cooperative societies and savings groups. Nigerian cooperatives (ajo, esusu) can use Woven's virtual account API to assign unique collection accounts to each member — automatically reconciling monthly contributions, tracking balances, and sending notifications when a member's contribution arrives. This eliminates the manual cash collection processes that most cooperatives still rely on. For Nigerian microfinance banks (MFBs) themselves, Woven Finance offers a platform for extending their banking infrastructure to fintech partners — allowing MFBs to participate in the growing embedded finance ecosystem by powering the backend of apps built by their fintech partners. The sandbox environment is available for testing all Woven Finance products. Moving to live requires completing onboarding and KYC with Woven Finance and their partner MFBs. As a BaaS provider working with multiple banking partners, Woven may require additional documentation depending on the specific banking product being deployed. From a compliance standpoint, Woven Finance operates through its partner microfinance banks, which are CBN-licensed. All customer funds held in Woven-powered virtual accounts are held in licensed bank accounts with NDIC deposit insurance protection. Woven Finance itself complies with the CBN's guidelines on Banking-as-a-Service and embedded finance. Known challenges: Woven Finance is less publicly documented than Paystack or Flutterwave. Developer documentation is functional but less comprehensive. Integration support is primarily relationship-driven — the Woven team provides active support during onboarding but self-service documentation depth is growing. Frequently Asked Questions: What makes Woven Finance different from other Nigerian payment gateways? Woven's multi-bank virtual account model is a significant differentiator. Most gateways give you virtual accounts from one bank; Woven gives customers accounts from multiple banks simultaneously, improving collection resilience. Do Woven Finance virtual accounts have NDIC deposit insurance? Yes — because Woven operates through licensed microfinance bank partners, customer funds in Woven virtual accounts benefit from NDIC insurance coverage. Can I use Woven Finance for a savings or wallet app? Yes — Woven Finance is specifically designed for wallet and savings product infrastructure. The multi-bank virtual account product is ideal for building savings apps, digital wallets, and cooperative management systems.