To boost Nigeria's financial ecosystem, Access Bank has teamed with AfriGOpay, a financial services firm linked with the Nigeria Inter-Bank Settlement System (NIBSS), to produce the first national domestic card built for the payment sector. Financial service customers in Nigeria, Africa, and the world would benefit from the CBN and NIBSS initiatives.
"It is with excitement that we announce that Access Bank, Nigeria's largest retail bank with over 60 million customers, is the first financial institution to successfully issue the first live card of Nigeria's National card scheme, AfriGO," said Victor Etuokwu, Deputy Managing Director, Retail Banking.
AfriGO's debut marks another milestone in the payments industry's growth. Real-time value is what consumers want. We can offer helpful card features, substantial loyalty incentives, and a compelling incentive to use electronic payments rather than cash with AfriGO.
The AfriGO Card helps Nigeria's payment ecosystem flourish, enabling more personalised payment options. It would increase financial participation, payment security, data sovereignty, FX independence, and other benefits for Nigerians. "Cardholders will benefit from lower costs and additional payment options," he said.
Robert Giles, Senior Retail Adviser, Access Bank, stated the national card programme runs locally and is adapted to the country's needs at the product launch.
"Successful POS and ATM purchases began on March 14, 2023. Local card schemes lower foreign exchange demand and transaction costs. It will also allow us to engage with local fintech and payment providers to create AfriGO solutions that address client pain points.
"This comes at a critical time for the national payments infrastructure when demand for accessible cash alternatives is high. The AfriGO plan is a new building block that will promote payments system advancement, building on Nigeria's position as the world's 6th most developed real-time payments market.
Premier Oiwoh, MD/Cthe EO of NIBSS, said Nigeria's payments environment has evolved via smooth and convenient real-time electronic payment solutions powered by innovation and technology.
Our national domestic card strategy is well-timed. We are delighted that Access Bank is the first Nigerian bank to provide AfriGO cards to its clients.
"Access Bank has shown the much-needed commitment to financial inclusion. We urge other financial institutions to begin issuing AfriGO for more accessible and quick payments for all Nigerians, regardless of geography or financial status."
"Technological developments have increased payment options," stated NIBSS Executive Director Aminu Maida. AfriGO, the new national domestic card programme, provides financial security. We're thrilled that Access Bank is the first to recognise AfriGO's significant value to Nigeria's financial ecosystem."Also read
* 10 Nigerian CBN-licensed digital microfinance banks
* List of Cheapest POS Machines in Nigeria, Prices & Charges
* How To Start POS Business In Nigeria | 5 Steps on how to get started