Nigeria’s card scheme, Afrigopay Financial Services Limited (AFSL) has kickstarted instant point of sale terminal (POS) settlement for AfriGO card transactions, allowing merchants receive instant value when the cards are used on their POS.
The instant settlement which provides merchants with instant credit for transactions, thereby enhancing cash flow and reducing risks associated with delays or disputes, marks a significant advancement in the global payment landscape.
Speaking on the development, the Managing Director and Chief executive of Nigeria Interbank Settlement System (NIBSS) the parent company of AFSL, Mr. Premier Oiwoh, noted that the new service will “provide significant benefits to merchants and enhance their overall experience by offering timely access to funds, improved cash flow and reduced risk of delayed or disputed transactions. For cardholders, it ensures a seamless and efficient payment experience with real time transaction processing and accurate account updates.”
“Since the launch of NIBSS Instant Payment in 2011, the world’s first account-based digital payment solution providing instant value to beneficiaries, we have continued to pioneer industry advancements.
On her part, managing director and chief executive of AFSL, Ebehijie Momoh, whilst reiterating on the benefits of the National Domestic Card Scheme said “the implementation of the AfriGO card scheme presents numerous benefits for the industry and the nation.
“By enhancing transaction security, ensuring data sovereignty and offering better pricing opportunities in local currency, the scheme reduces interchange fees and alleviates pressure on the Naira; it indeed symbolises national pride amidst the country’s rapid electronic payment growth.”
“This milestone achievement with AfriGO Card, is a testament to our mission to revolutionise the card payment landscape and improve the financial experiences of businesses and consumers across Nigeria and Africa. The instant settlement process for Real-time POS transactions is part of our broader strategy to offer value-added services and ensure the payment system in Nigeria retains its leadership role in the African payment space.”
