AfriGO companions with PalmPay to concern 5 million fee playing cards to Nigerians 

AfriGO and PalmPay have shaped a strategic partnership to concern over 5 million AfriGO fee playing cards in Nigeria.

This collaboration goals to reinforce monetary inclusion, empower underserved communities, and strengthen Nigeria’s digital fee ecosystem.

“AfriGO and PalmPay have introduced a strategic partnership. This collaboration goals to redefine the fee panorama by issuing over 5 million AfriGO playing cards to Nigerians. Via this initiative,  AfriGO and PalmPay are set to empower underserved communities, drive monetary inclusion, and strengthen Nigeria’s digital economic system,” they stated.

AfriGO is Nigeria’s nationwide home card scheme, launched by the Central Bank of Nigeria (CBN) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to strengthen the nation’s digital fee system.

In contrast to international card schemes, AfriGO is designed to be extra reasonably priced and accessible, with transactions settled fully in naira, eliminating international change dangers and reducing prices for each banks and customers, as all transaction processing occurs inside Nigeria

Advantages for retailers and customers 

Chika Nwosu, Managing Director of PalmPay Nigeria said that the partnership with AfriGO will present safe, reasonably priced, and regionally tailor-made fee options to empower Nigerians and increase the digital economic system.

“At PalmPay, we’re dedicated to creating monetary options that aren’t solely progressive but additionally inclusive. Partnering with AfriGO permits us to ship safe, cost-effective, and localized fee choices that empower Nigerians and strengthen the digital economic system. It is a milestone in our mission to redefine monetary accessibility in Nigeria,” they stated.

• AfriGO playing cards present customers with a handy approach to perform varied monetary transactions, whether or not for in-store or on-line purchases, withdrawing money from ATMs, transferring cash, or making cashless funds by Agent POS terminals.
• Moreover, the AfriGO On the spot Settlement service ensures that retailers and brokers obtain funds instantly after transactions, which reinforces effectivity, improves their money stream, and minimizes monetary dangers.

Ebehijie Momoh, Managing Director/CEO of Afrigopay Monetary Companies Restricted (AFSL), emphasised that the partnership with PalmPay will improve digital fee entry and help Nigeria’s rising digital economic system.

“We’re excited to companion with PalmPay to revolutionize monetary companies and increase entry to digital funds throughout Nigeria. Via this collaboration, AfriGO and PalmPay will present enhanced entry to digital funds—notably in underserved areas—drive monetary inclusion, and help the quickly rising digital economic system in Nigeria,” he stated.

The cardboard is constructed on EMVCo requirements, guaranteeing safe transactions by tokenization and contactless fee options. PalmPay will combine these capabilities into its digital ecosystem to supply a seamless and safe fee expertise.

What you need to know 

Internationally, tap-to-pay transactions have grow to be the norm, making funds quicker and extra seamless. In Nigeria, the place money and PIN-based transactions nonetheless dominate, the federal authorities, fintechs, see a chance to introduce a smoother digital fee expertise.

AfriGO has additionally partnered with Moniepoint to roll out 5 million contactless fee playing cards and tap-to-pay options throughout Nigeria. The Nigerian authorities has partnered with Mastercard to drive monetary inclusion by offering 1 million farmers throughout the continent with entry to digital monetary companies and contactless fee options.