Access Bank has become the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card programme, the AfriGO Card. The card system was developed by AfriGOpay, a financial services company linked with the Nigeria Inter-Bank Settlement System (NIBSS), to suit the requirements of the Nigerian payment industry.
The Nigerian Interbank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN) support the strategy, which aims to provide new solutions to consumers of financial services in Nigeria, Africa, and international markets.
AfriGO is a major development in the fast-growing payments industry.
Access Bank claims that with AfriGO, it would be able to give consumers valuable card features, comprehensive loyalty rewards, and a compelling incentive to use electronic payments rather than cash.
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Access Bank makes the first move
Access Bank, Nigeria’s largest retail bank with over 60 million customers, is the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card programme, AfriGO, Access Bank’s Deputy Managing Director for Retail Banking, Mr. Victor Etuokwu, said.
“The AfriGO Card has extra advantages because it was created to aid in the development of Nigeria’s payment ecosystem, supporting more specialized payment services.”
“It will boost payment security, financial involvement, data sovereignty, foreign exchange independence, and other benefits for Nigerians.” He said cardholders will benefit from more affordable and flexible payment options.
The card runs locally and was created for Nigeria’s particular needs, according to Access Bank’s senior retail adviser, Robert Giles. Beginning on March 14, 2023, the bank began keeping track of successful purchases at PoS and ATMs.
The development is regarded as a crucial turning point for Nigeria’s national payment system, where the demand for cash is at an all-time high.
Domestic card benefits
Domestic card scheme ownership minimizes foreign exchange demand and transaction costs. It will also help us engage with local fintechs and payment providers to build AfriGO solutions that address client pain points.
“The payments landscape in Nigeria has continued to change via seamless and convenient real-time electronic payment solutions driven by innovation and advancement in technology,” said Premier Oiwoh, MD/CEO of NIBSS.
“The launch of our national domestic card system, AfriGO, is highly opportune; it will promote our financial inclusion goals among many other benefits, and we are thrilled that Access Bank is the first bank in Nigeria to issue AfriGO cards to its customers.”
“Access Bank has proven its much-needed commitment to financial inclusion, and we urge other financial institutions to begin issuing AfriGO for easier and more seamless payments for all Nigerians, regardless of region or financial status.”
NIBSS Executive Director Ms Aminu Maida remarked, “With technology improvements, there are more possibilities for payments, and the recently created national domestic card system, AfriGO, gives us certain comfort in all financial transactions.” We’re glad Access Bank is the first to recognise AfriGO’s significance to the Nigerian financial sector.
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CBN explains the National Domestic Card
To improve Nigerian payments and compete with MasterCard and Visa, CBN announced the National Domestic Card on January 26, 2023. The card would be used for payments and foreign currency, according to the central bank.
Despite the CBN’s claims that Nigerians can keep their bank-issued debit cards, many regard the recent action as replacing them. The Domestic Card Scheme by the Central Bank of Nigeria (CBN) is billed to commence on January 16, 2023.
The CBN stated the programme would unify Nigerian payments and bring in the unbanked in cooperation with the Nigeria Inter-Bank Settlement System (NIBS). MasterCard and Visa are expected to compete with the card.