Moniepoint Inc has partnered with Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System to distribute five million AfriGO cards to Nigerians.
This initiative aims to enhance the government’s digital payment agenda and accelerate the nationwide adoption of AfriGO, Nigeria’s National Domestic Card Scheme.
According to the statement from the two organizations,
Moniepoint and AFSL will use Moniepoint’s infrastructure to introduce a tap-and-pay solution. This will allow users to make payments by tapping or hovering their contactless AfriGO card or NFC-enabled device over a payment terminal or compatible mobile phone.
In her address, Afrigopay’s Managing Director and CEO, Mrs. Ebehijie Momoh, stated that the partnership will revolutionize financial service delivery, especially in underserved areas, by utilizing AfriGO’s innovative payment solutions.
Momoh added that AfriGO Cards will enable merchants and agents to complete transactions seamlessly with instant settlement, leading to greater efficiency, improved cash flow management, and reduced risk.
She further emphasized that by decreasing Nigeria’s reliance on foreign exchange for payment transactions and ensuring data sovereignty, the AfriGO Card empowers local businesses and creates new opportunities within the country’s expanding card payment ecosystem.
Also speaking on the partnership, the CEO of Moniepoint Inc., Tosin Eniolorunda, said the partnership would further drive financial inclusion across the country.
“The benefits of contactless payments are far reaching and will be great for our ecosystem.
“There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions,” he said.
Launched in January 2023 by the CBN and NIBSS, the AfriGO card initiative aims to promote financial inclusion and reduce dependence on foreign cards.
Former CBN Governor Godwin Emefiele, who oversaw the launch, noted that the card was designed to address local challenges that existing card products had not fully accommodated.
