Startup Lagos

25-Mar-2025

Fintech

Moniepoint and AfriGO Partner to Distribute Five Million AfriGO Cards to Customers in Nigeria 1 month ago

Moniepoint Inc. has announced a strategic partnership with Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to accelerate the adoption of the AfriGO Card, Nigeria's National Domestic Card Scheme.

The partnership aims to leverage Moniepoint's extensive network and infrastructure to introduce an innovative payment system that enables users to complete transactions by tapping or hovering their contactless cards or Near Field Communication (NFC)-enabled devices over a payment terminal or compatible mobile phone. The goal is to distribute five million AfriGO cards.

AfriGO is designed to strengthen financial inclusion by providing innovative, customer-centric payment solutions while reducing Nigeria's dependence on foreign exchange for local transactions. This initiative supports the growth of the digital economy and offers a secure, locally developed alternative to international payment cards.

Tosin Eniolorunda, Chief Executive Officer of Moniepoint Inc., emphasized the significance of the partnership, stating, "Our collaboration with AfriGO aligns with our commitment to engineering financial happiness for every Nigerian while ensuring convenience, transparency, and security in contactless payments. The Moniepoint/AfriGO card is more than just a product—it is a critical tool that will extend our reach, particularly to those excluded from the formal financial system."

The partnership will provide Nigerians with a cost-effective payment option while ensuring instant transaction settlements, fostering greater financial accessibility and efficiency.

Eniolorunda further highlighted the benefits of contactless payments, noting that they will significantly enhance the digital economy by fostering financial inclusion and providing a seamless experience for individuals, businesses, and financial institutions.

Moniepoint's CEO stated, "This collaboration is set to revolutionize financial service delivery, particularly in underserved areas, by leveraging AfriGO's innovative payment solutions. With AfriGO Cards, merchants and agents will experience seamless transactions and instant settlements, improving efficiency and cash flow management while reducing financial risks."

Moniepoint's extensive agent network will play a crucial role in expanding financial services to local businesses, facilitating purchases, deposits, withdrawals, and money transfers.

"Together, we are building a more connected and inclusive financial ecosystem, ensuring faster, more reliable, and widely accessible transactions for Nigerians," she added.

The partnership reinforces the financial sector's commitment to driving digital payment adoption while offering a secure and locally developed alternative to international payment cards, thereby strengthening the Nigerian financial landscape.

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