Moniepoint, Afrigopay partner to expand AfriGO card adoption

• Published On: 01 March 2025 at 21:19

Moniepoint Inc has teamed up with Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System, to distribute five million AfriGO cards to Nigerians.

This initiative aims to boost the government's digital payment agenda and speed up the nationwide adoption of AfriGO, Nigeria's National Domestic Card Scheme.

The two organizations plan to use Moniepoint's infrastructure to launch a tap-and-pay solution. Users will be able to make payments by simply tapping or hovering their contactless AfriGO card or NFC-enabled device over a payment terminal or compatible mobile phone.

Mrs. Ebehijie Momoh, Managing Director and CEO of Afrigopay, stated in her address that the partnership will transform financial service delivery, particularly in underserved areas, by leveraging AfriGO's innovative payment solutions.

Momoh added that AfriGO Cards will allow merchants and agents to complete transactions seamlessly with instant settlement, resulting in increased efficiency, better cash flow management, and lower risk.

She went on to say that by reducing Nigeria's reliance on foreign exchange for payment transactions and ensuring data sovereignty, the AfriGO Card empowers local businesses and opens up new opportunities within the country's expanding card payment ecosystem.

Tosin Eniolorunda, CEO of Moniepoint Inc., also spoke about the partnership, stating that it would help to increase financial inclusion across the country.

"Contactless payments have numerous advantages and will benefit our ecosystem greatly.

"There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions," according to him.

The CBN and NIBSS launched the AfriGO card initiative in January 2023, with the goal of increasing financial inclusion and reducing reliance on foreign cards.

Former CBN Governor Godwin Emefiele, who oversaw the launch, stated that the card was created to address local issues that existing card products had not adequately addressed.