Moniepoint Inc., a leading fintech company, 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 across Nigeria.
The AfriGO card, part of Nigeria’s National Domestic Card Scheme launched in January 2023 by the Central Bank of Nigeria (CBN) and NIBSS, is tailored to address local payment needs while reducing reliance on foreign card systems. By offering an alternative to international cards, the AfriGO card ensures data sovereignty and promotes local business growth.
Through this partnership, Moniepoint will utilize its extensive infrastructure to roll out tap-to-pay solutions that enable users to make seamless payments with contactless cards or NFC-enabled devices. This technology allows payments by simply tapping a card or device on a compatible terminal, making transactions faster and more convenient.
Speaking on the collaboration, Mrs. Ebehijie Momoh, Managing Director and CEO of Afrigopay, highlighted the transformative potential of the partnership. She noted that the AfriGO card would enhance financial services delivery, particularly in underserved areas. Merchants and agents will benefit from instant settlements and improved cash flow management, reducing risks associated with cash handling.
“The AfriGO card strengthens local businesses by reducing dependency on foreign exchange for payment transactions while creating new opportunities in Nigeria’s growing card ecosystem,” Mrs. Momoh said.
Tosin Eniolorunda, CEO of Moniepoint Inc., emphasized the broader impact of contactless payments on financial inclusion and the digital economy. “This partnership is about unlocking potential and creating better opportunities for all Nigerians. Together, we aim to reshape the digital economy so individuals, businesses, financial institutions, and governments can achieve their goals,” he stated.
The AfriGO card initiative positions Nigeria alongside countries like China, Russia, Turkey, and India that have developed domestic card schemes. While it does not replace existing international cards, it provides Nigerians with more payment options tailored to their unique needs.
In addition to this rollout, Afrigopay is also collaborating with the National Identity Management Commission (NIMC) to integrate payment functionality into Nigeria’s general multipurpose national identity card. This further underscores the drive toward a more inclusive and efficient financial system in the country.
