1 Best APIs for Virtual Account Issuance (Collection) in Nigeria

Bloc is a Nigerian Banking-as-a-Service (BaaS) platform that enables developers and businesses to embed financial services directly into their products. Unlike many BaaS providers that rely on third-party bank partnerships, Bloc owns its banking infrastructure through Banc Corp MFB (Microfinance Bank), making it one of the few Nigerian fintechs to offer truly proprietary banking rails. Virtual account numbers issued through Bloc are native Banc Corp MFB account numbers — giving users a first-class banking experience without intermediaries. Bloc is currently available exclusively in Nigeria. What the API Does Bloc offers four core API products: Virtual Accounts, Transfers, Bills Payment, and Collections. The Virtual Accounts API lets developers issue NDIC-insured bank account numbers to end users or businesses programmatically. The Transfers API enables near-instant NIP transfers to any Nigerian bank account. The Bills Payment API connects to airtime, data, electricity, and cable TV providers across Nigeria. These APIs are accessed through a RESTful interface authenticated via API keys managed from the Bloc Dashboard. How Developers Use It Developers sign up at blochq.io, create an organization on the Dashboard, and receive API keys for sandbox and live environments. Authentication is via a Secret Key passed in request headers. The API is REST-based with JSON payloads. Documentation is available at docs.blochq.io. Bloc provides two virtual account types: Fixed Accounts (act like traditional bank accounts with persistent balances) and Collection Accounts (receive-only, used for payment tracking without balance). Webhooks are supported for transaction event notifications. Virtual Account Types Explained Fixed Accounts: Assigned permanently to a customer, hold a balance, and can initiate transfers. Ideal for neobank wallet products. Collection Accounts: Used for one-time or recurring payment collection. No balance stored — money received routes to your main Bloc wallet for reconciliation. Ideal for invoice or subscription payment tracking. Pricing The Bills Payment API operates on a commission model — Bloc pays the developer a commission for each successful bill payment. No upfront integration fees. Virtual Accounts and Transfers pricing is not publicly listed — contact Bloc sales for rates. No monthly platform fee is publicly mentioned. Authentication All API requests use a Secret Key from the Bloc Dashboard in the request header. The Dashboard is the central management interface for API keys, customers, accounts, transactions, and webhooks. Test keys are available for sandbox development. Compliance and Regulations Bloc operates under a Microfinance Bank licence via Banc Corp MFB, supervised by the Central Bank of Nigeria (CBN). All virtual accounts are NDIC-insured, providing depositor protection. Bloc is fully CBN-compliant and handles regulatory obligations on behalf of developer customers. Challenges and Gotchas Key considerations: (1) Bloc is Nigeria-only — no cross-border or international payments. (2) No card issuance or USSD payment support currently. (3) Pricing for Transfers and Virtual Accounts requires contacting sales. (4) The main blochq.io homepage shows "Launching Soon" periodically — use www.blochq.io. (5) Docs occasionally have gaps — the team is responsive on X at @buildwithbloc. Company Background Bloc was founded in Lagos, Nigeria, with the mission of making it easy for any developer to embed financial services. The company operates Banc Corp MFB as its banking subsidiary. Bloc targets Nigerian SaaS platforms, gig economy apps, HR tools, and consumer fintechs needing banking features without obtaining their own CBN licence. FAQs Q: Do I need a banking licence to use Bloc? A: No. Bloc holds the Banc Corp MFB licence — you access their infrastructure as a licensed partner. Q: Are Bloc virtual accounts real bank accounts? A: Yes. They are actual Banc Corp MFB account numbers, NDIC-insured and recognized across the Nigerian banking system. Q: Is there a sandbox environment? A: Yes. Bloc provides test API keys via the Dashboard for sandbox testing. Q: Can I use Bloc for international payments? A: No. Bloc is Nigeria-only and does not support cross-border or FX transfers. Q: How do I earn from the Bills Payment API? A: Bloc pays developers a commission for each successful bill payment processed through your integration.