Access Bank and AfriGOpay have reached working agreements on a partnership aimed at boosting Nigeria’s payment ecosystem.
AfriGOpay is a financial services platform affiliated with the Nigeria Inter-Bank Settlement System (NIBSS) and the vehicle for the launch of first Nigerian national domestic card designed to meet the needs of the Nigerian payment industry.
The scheme championed by the Central Bank of Nigeria (CBN) and the Nigerian Interbank Settlement System (NIBSS) will provide innovative solutions to users of financial services in Nigeria, Africa, and across the global markets.
Speaking on the partnership, Deputy Managing Director, Retail Banking, Access Bank, Victor Etuokwu said it was exciting that 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 the Nigeria’s National card scheme- AfriGO.
According to him, the launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry as consumers demand value in real time, not just transactions.
“With AfriGO, we can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilise electronic payments rather than cash. The AfriGO Card has additional benefits because it is designed to facilitate the growth of Nigeria’s payment ecosystem, thereby supporting more tailored payment services. It will strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians with several other benefits. Cardholders will enjoy increased affordability and more flexible payment options,” Etuokwu said.
Senior Retail Advisor, Access Bank, Robert Giles, explained that the national card scheme operates locally, tailored to the specific needs of the country.
“We have also recorded successful purchases on POS and ATMs which began on March 14, 2023. Domestic ownership of a local card scheme eliminates demand on foreign exchange and reduces cost of transacting. It will also help us partner with local fintechs and payment companies to build solutions on the AfriGO scheme that solve customers’ pain points.