Access Bank has partnered with AfriGOpay, a financial services business affiliated with the Nigeria Inter-Bank Settlement System (NIBSS) to launch the 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: “the launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry. 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 utilize electronic payments rather than cash.”
Etuokwu added that, “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.”
Speaking on the product launch, senior retail advisor, Access Bank, Robert Giles said: “the National card scheme operates locally, and it is 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.”
Giles noted that, this comes at a crucial time for the national payments’ infrastructure where demand for convenient alternatives to cash is at a peak, saying “we believe that the AfriGO scheme is a new building block that will support continued progress in the payments system, building on Nigeria’s position as the sixth most developed real-time payments market in the world.”
According to the MD/CEO of NIBSS, Premier Oiwoh, the payments landscape in Nigeria has continued to evolve via seamless and convenient real-time electronic payment solutions driven by innovation and advancement in technology.
Executive director, NIBSS, Aminu Maida added that, “with technological advancements, there are more options for payments and the recently launched national domestic card scheme, AfriGO gives us assured comfort on all financial transactions. We are excited that Access Bank is the first to key into our belief of AfriGO’s immense value to the Nigerian financial ecosystem.”
