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Moniepoint Inc has announced a strategic partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to distribute five million AfriGO cards to Nigerians.
The partnership, which aims to further enhance the government’s digital payment agenda, is also set to accelerate the adoption of AfriGO Card, Nigeria’s National Domestic Card Scheme, nationwide.
According to a statement from the two organizations, the collaboration will also leverage Moniepoint’s reach and infrastructure to tap-and-pay solution, which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices.
Transforming financial services delivery
Speaking on the collaboration, the Managing Director and CEO of Afrigopay Mrs. Ebehijie Momoh, said the partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions.
- She added that with AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk.
- According to her, by reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.
- Also commenting 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.
What you should know
The AfriGO card initiative was launched in January 2023 by the Central Bank of Nigeria (CBN) and the NIBSS to boost financial inclusion in the country and reduce dependence on foreign cards.
- The immediate past Governor of the CBN, Godwin Emefiele, who presided over the launch said the card was designed to cater to local peculiarities that the existing card products have failed to cater to.
- According to him, with the AfriGo card, Nigeria joined countries like China, Russia, Turkey, and India which have their local cards. He noted that the operation of the local cards will not prevent the use of the existing international cards but will provide more options for Nigerians.
- Meanwhile, Afrigopay Financial Services Limited is also partnering with the National Identity Management Commission (NIMC) to deliver the country’s general multipurpose card, which infuses payment into national identity.