Access Bank partners AfriGOpay to boost Nigeria’s financial ecosystem
March 30, 2023174 views0 comments
By Cynthia Ezekwe
Access Bank Plc has partnered with AfriGOpay, a financial services business affiliated with the Nigeria Inter-Bank Settlement System (NIBSS), to launch AfriGO card, the first national domestic card designed to boost Nigeria’s financial ecosystem and meet the needs of the payment industry.
The scheme championed by the Central Bank of Nigeria (CBN) and the NIBSS will provide innovative solutions to users of financial services in Nigeria, Africa, and across the global markets.
Speaking on the launch, Victor Etuokwu, deputy managing director, retail banking, Access Bank said, “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 the Nigeria’s National card scheme, AfriGO.’’
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Etuokwu disclosed that the launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry, while stating that with AfriGO Access bank can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilize 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,” he added.
On his part, Robert Giles, senior retail advisor, Access bank said the national card scheme operates locally, and it is tailored to the specific needs of the country, while explaining that domestic ownership of a local card scheme eliminates demand on foreign exchange and reduces cost of transacting.
“This comes at a crucial time for the national payments’ infrastructure where demand for convenient alternatives to cash is at a peak. 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 6th most developed real-time payments market in the world,’’ Giles added.
Premier Oiwoh, the MD/CEO of NIBSS noted that 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, while stating that AfriGO will drive the financial inclusion goals of NIBBS amongst many benefits.
“Access Bank has demonstrated the much-needed commitment to enhancing financial inclusion, and we urge other financial institutions to commence issuing AfriGO for more accessible and convenient payments for all Nigerians, regardless of their location or financial status, ” Oiwoh added.
In light of the development, Aminu Maida, executive director, NIBSS, noted that the recently launched national domestic card scheme, gives Nigerians assured comfort on all financial transactions.