In a strategic move to accelerate digital payments and drive financial inclusion, Moniepoint Inc. has announced a partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS). This collaboration aims to distribute five million AfriGO cards across Nigeria, further strengthening the adoption of AfriGO, Nigeria’s National Domestic Card Scheme.
This initiative aligns with the government’s digital payment agenda and seeks to reduce Nigeria’s reliance on foreign payment cards. By leveraging Moniepoint’s extensive reach and advanced payment infrastructure, the partnership will ensure that more Nigerians have access to seamless, contactless transactions.
Enhancing Financial Services with AfriGO Cards
The AfriGO Card initiative, launched by the Central Bank of Nigeria (CBN) and NIBSS in January 2023, was designed to:
- Boost financial inclusion and improve access to digital payments.
- Reduce Nigeria’s dependence on international payment cards, thereby minimizing the impact of foreign exchange (FX) volatility.
- Ensure data sovereignty by keeping transaction processing within Nigeria.
With the latest partnership, AfriGO cards will be widely distributed, allowing merchants, businesses, and individuals to carry out transactions more efficiently.
Speaking on the impact of this collaboration, Ebehijie Momoh, Managing Director and CEO of Afrigopay, emphasized how AfriGO Cards will revolutionize financial transactions in Nigeria.
- Seamless Transaction Finalization: Merchants and agents will experience instant payment settlements, ensuring faster and smoother transactions.
- Improved Efficiency and Cash Flow Management: Businesses will benefit from better liquidity management, reducing their reliance on cash transactions.
- Enhanced Security: By offering a secure and locally managed payment system, AfriGO strengthens Nigeria’s digital payment ecosystem.
Momoh further noted that this initiative supports local businesses by minimizing reliance on international card networks and promoting indigenous financial technology solutions.
Moniepoint’s Role in Accelerating Digital Payments
Tosin Eniolorunda, CEO of Moniepoint Inc., highlighted the transformative potential of this partnership.
“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. We can reshape the digital economy so everyone—individuals, financial institutions, governments, and businesses—can realize their ambitions.”
Through its extensive agent banking network and digital payment infrastructure, Moniepoint will facilitate the widespread adoption of AfriGO Cards, enabling:
- Tap-and-Pay Functionality: Users will make payments simply by tapping their AfriGO card or NFC-enabled device on compatible payment terminals.
- Contactless Transactions: Enhancing speed, security, and convenience for consumers and businesses.
- Greater Financial Access: Extending digital payment solutions to underserved and remote areas, strengthening financial inclusion across Nigeria.
A Step Towards a Digitally Inclusive Nigeria
Nigeria’s National Domestic Card Scheme aligns with the broader global trend of countries developing localized payment solutions. Nations like China (UnionPay), Russia (Mir), Turkey (Troy), and India (RuPay) have successfully implemented similar initiatives, reducing their dependence on foreign card networks.
The AfriGO initiative ensures that Nigeria keeps more transaction revenue within the country, lowers costs for businesses, and gives consumers more flexible payment options.
Additionally, Afrigopay is collaborating with the National Identity Management Commission (NIMC) to introduce a General Multipurpose Card that combines national identity with payment functions. This will further enhance Nigeria’s digital economy and provide citizens with a secure, multipurpose financial tool.
Conclusion: A Game-Changer for Nigeria’s Payment Landscape
The Moniepoint-Afrigopay partnership is a significant milestone in Nigeria’s journey toward a fully digitized and financially inclusive economy. By distributing five million AfriGO cards, this initiative will:
- Empower local businesses with faster, more secure digital transactions.
- Reduce Nigeria’s dependence on international card schemes.
- Enhance financial inclusion, bringing digital banking closer to millions of Nigerians.
