Moniepoint Inc., a prominent financial technology company, has forged a strategic partnership with Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to propel the adoption of Nigeria’s indigenous payment card scheme, the AfriGO Card. This collaboration aims to revolutionize the financial landscape by introducing an innovative contactless payment system, empowering users to conduct transactions seamlessly by simply tapping or hovering their cards or Near Field Communication (NFC)-enabled devices over compatible payment terminals or mobile phones. This initiative aligns with the broader national objective of strengthening financial inclusion and reducing reliance on foreign exchange for domestic transactions.
The AfriGO Card represents a significant stride towards creating a more inclusive and robust financial ecosystem within Nigeria. By leveraging Moniepoint’s extensive network and cutting-edge infrastructure, this partnership seeks to bridge the gap between the formal financial system and the underserved segments of the population. This collaborative effort will not only provide a cost-effective and efficient payment option for Nigerians but also ensure instant transaction settlements, thereby enhancing the overall user experience. The initiative resonates with the increasing global trend towards contactless payments, which have gained significant traction due to their convenience, speed, and security.
Tosin Eniolorunda, the Chief Executive Officer of Moniepoint Inc., emphasized the transformative potential of this partnership. He highlighted the alignment of this initiative with Moniepoint’s commitment to promoting financial well-being for all Nigerians by providing convenient, transparent, and secure payment solutions. The AfriGO Card transcends its function as a mere payment instrument; it serves as a crucial tool for extending financial services to previously excluded populations, particularly those residing in remote or underserved areas. By fostering financial inclusion and streamlining digital transactions, the AfriGO Card stands to play a pivotal role in driving economic growth and empowering individuals and businesses alike.
Ebehijie Momoh, the Managing Director & CEO of Afrigopay Financial Services Ltd., echoed Eniolorunda’s sentiments, underscoring the transformative impact of the partnership. She emphasized the potential of the AfriGO card to revolutionize service delivery in the financial sector, particularly in underserved communities. By leveraging the innovative payment solutions offered by AfriGO, merchants and agents can streamline their transactions, experience instant settlements, and improve their cash flow management, ultimately mitigating financial risks. Moniepoint’s extensive agent network will act as a vital conduit for expanding financial services to local businesses, facilitating a wide range of transactions, including purchases, deposits, withdrawals, and money transfers. This collaborative approach will contribute to the development of a more interconnected and inclusive financial ecosystem, ensuring faster, more reliable, and accessible transactions for all Nigerians.
This partnership between Moniepoint and Afrigopay serves as a testament to the financial sector’s unwavering commitment to driving the adoption of digital payments in Nigeria. The AfriGO Card not only provides a secure and locally developed alternative to international payment cards but also aligns with the national imperative of reducing reliance on foreign exchange for domestic transactions. This initiative underscores the growing importance of homegrown solutions in addressing local financial challenges and fostering economic self-reliance. By offering a seamless and cost-effective payment option, the AfriGO Card empowers individuals and businesses to participate more fully in the digital economy, thereby contributing to the overall growth and prosperity of the nation.
The introduction of the AfriGO Card represents a significant milestone in Nigeria’s pursuit of a more inclusive and digitally driven financial system. By leveraging innovative technology and strategic partnerships, the country is taking decisive steps towards empowering its citizens and businesses with accessible, secure, and efficient payment solutions. The AfriGO Card embodies the spirit of innovation and collaboration, demonstrating the potential of homegrown solutions to address local challenges and drive sustainable economic development. This initiative sets the stage for a future where financial services are readily available to all, regardless of their location or socioeconomic status, thereby fostering greater economic opportunity and prosperity for all Nigerians.
