AfriGO, a national domestic card program run by Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System, has teamed up with Moniepoint to expand Nigeria’s commitment to a cashless economy by introducing contactless and tap-to-pay options and promoting the distribution of 5 million AfriGO cards.
In order to facilitate quick, safe, and easy payments, the partnership will make use of Moniepoint’s agent network and infrastructure. Customers can either tap their AfriGO card to a payment terminal or a compatible smartphone.
AfriGO offers consumers and companies a locally driven, secure, and reasonably priced payment solution that retains transaction data in Nigeria. This helps SMEs in the area and encourages local innovation. According to AFSL executives, the collaboration is in line with the company’s objective to broaden financial accessibility and lessen dependency on foreign currency for card transactions.
By assisting people, companies, and organizations in utilizing the advantages of contactless payments, Moniepoint seeks to improve Nigeria’s economy and assist them in reaching their financial objectives. Users can easily make payments with these solutions by simply tapping or hovering their Near Field Communication (NFC)-enabled device or contactless AfriGO card over a payment terminal or straight onto compatible mobile phones.
Nigeria’s national domestic card program, known as AfriGO, brings the Central Bank to the market with the goal of bolstering the nation’s cashless economy. All Nigerians would be able to use the card, which is anticipated to enhance the country’s payment system and promote the use of electronic platforms there.
The Apex Bank created the new card, which has lower transaction costs and can only be used domestically. It will be connected to users’ eNaira and works similarly to a debit card.
Additionally, it seeks to combat fraud, enhance transaction security, lower the demand for foreign exchange, promote financial inclusion, and raise local acceptance.
Speaking about the partnership, Afrigopay’s Managing Director and CEO, Mrs. Ebehijie Momoh, emphasized the initiative’s transformative potential, especially in disadvantaged areas.
According to her, the AfriGO card would give agents and merchants rapid settlement and smooth transaction finalization, which would improve cash flow management, lower financial risk, and increase operational efficiency.