Nigerian fintech startup, Moniepoint Inc., partnered with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), on March 1 to distribute five million AfriGO cards across Nigeria.
Moniepoint’s network and infrastructure will be used to roll out NFC-enabled AfriGO cards, which will improve digital payments and financial inclusion.
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What to expect from Moniepoint and Afrigopay’s collaboration
The partnership between Moniepoint and Afrigopay is set to accelerate the nationwide adoption of Nigeria’s National Domestic Card Scheme, the AfriGO Card. This collaboration would make payments safer, and faster for Nigerians in places with poor banking infrastructure.
The AfriGO card offers merchants and agents a streamlined transaction process with instant settlements, reducing operational risks and enhancing cash flow management.
Tosin Eniolorunda, CEO of Moniepoint Inc., emphasised the importance of this 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 tool that will extend our reach, particularly to those excluded from the formal financial system.”
Ebehijie Momoh, Managing Director and CEO of Afrigopay noted that the partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions.
She added that with AfriGO Cards, merchants and agents will experience seamless transaction finalisation and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk.
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Moniepoint, Afrigopay: local payments push
Moniepoint and Afrigopay hope to strengthen data sovereignty and minimise Nigeria’s reliance on foreign cash by distributing five million AfriGO cards.
This program boosts local businesses by creating a safe, locally built alternative to overseas payment cards. In Nigeria, the card business ecosystem is expanding, and the AfriGO scheme is helping to fortify and empower local enterprises.
The cooperation promotes financial inclusion and an affordable payment alternative for Nigerians, supporting the government’s cashless economy.
Moniepoint’s vast agent network will play a crucial role in deploying these contactless payment solutions, making digital payments more accessible to millions of Nigerians.