Sterling Bank has launched the “Independence Reward Programme” in partnership with AfriGO and the Nigeria Inter-Bank Settlement System (NIBSS) to commemorate Nigeria’s 64th Independence anniversary. This initiative aims to distribute 100,000 complimentary AfriGO debit cards to essential service providers across the nation. The programme was designed to resonate with Nigeria’s cashless policy and embraces the growing trend towards a digital economy. By focusing on key service providers, the initiative emphasizes national pride while promoting financial inclusion within the country’s often underserved sectors.
The Chief Product Officer of Sterling Bank, Mustapha Otaru, articulated the program’s dual objective, highlighting its commitment to support service providers while also expediting the transition to a digital economy. By leveraging fintech solutions, the bank recognizes the integral role these providers play in the socio-economic landscape of Nigeria. This initiative is framed not merely as a rewards program, but as a crucial step toward modernizing financial transactions in the country, ultimately aiming for a more robust and progressive economic framework.
Participants in the Independence Reward Programme will enjoy a variety of incentives including an activation bonus and further rewards for completing 10 transactions within a month. To add an element of engagement, the program includes a competitive league where the top 10 card users can win cash prizes. Running from October through December, the initiative provides a significant opportunity for participants to engage in the program and utilize their cards, effectively encouraging greater involvement in digital financial practices.
Ebehijie Momoh, the CEO of Afrigopay Financial Services Limited, highlighted the initiative’s role in enhancing digital payment adoption among service providers. By implementing a gamified experience for card usage, the program aims to not only draw interest but also make digital transactions more accessible for a critical segment of Nigerian society. This approach seeks to redefine how individuals perceive and utilize financial technology in their day-to-day transactions, making it a more appealing option compared to traditional methods.
Additionally, Olusegun Adeoye, the Head of Engineering at Peerless, stressed the importance of local talent and innovative solutions in the execution of this initiative. Following their successful partnership on previous technological deployments, Adeoye indicated that this collaboration is a testament to their collective commitment to advancing Nigeria’s technological landscape. The seamless integration of the SeaBaaS technology for Sterling Bank showcases the potential for local firms to lead in fintech innovations that cater to the nation’s unique needs.
Finally, this coordinated effort between Sterling Bank, NIBSS, and AfriGO exemplifies a significant milestone in Nigeria’s journey towards digital transformation. It establishes a framework for future public-private partnerships in the fintech sector, demonstrating that collaborative synergies can foster new technological advancements. Moreover, the recent unveiling of an instant Point of Sale settlement feature for AfriGO card transactions by Afrigopay Financial Services reflects ongoing efforts to enhance the efficiency and appeal of digital finance in the nation, laying the groundwork for a more inclusive and engaging digital economy.
