This collaboration aims to drive the distribution of 5 million AfriGO cards and introduce contactless, tap-to-pay solutions to increase Nigeria’s commitment to a cashless economy.
By leveraging Moniepoint’s agent network and infrastructure, the partnership aims to provide simple, secure, and instant payments.
Users will be able to complete transactions in two ways, either by tapping their AfriGO card to a payment terminal or compatible mobile phone, or by tapping a NFC-enabled device.
With AfriGO, businesses and consumers benefit from an affordable, secure, and locally driven payment solution that keeps transaction data within Nigeria. This fosters local innovation and supports SMEs in the region.
AFSL representatives note that the partnership aligns with the company’s mission to increase financial inclusivity and reduce reliance on foreign exchange for card transactions.
Moniepoint aims to create a better economy for Nigeria and to help individuals, businesses and institutions with their financial goals by helping them leverage the benefits of contactless payments.
AfriGO is Nigeria’s national domestic card scheme, which introduces the Central Bank to the market with the scope to strengthen the country’s cashless economy. The card would be accessible to all Nigerians and is expected to improve the national payment system and encourage the adoption of electronic platforms in Nigeria.
The new card is produced by the apex bank and offers cheaper transaction fees, and it is meant for use only within the country. It functions as a debit card, and it will be linked to users’ eNaira.
It also aims to address fraud, improve transactional security, reduce demand for FX, increase local adoption, and boost financial inclusion.
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