AfriGO and PalmPay Partner to Issue 5 Million Payment Cards in Nigeria

AfriGO and PalmPay have entered into a strategic partnership to issue five million AfriGO payment cards across Nigeria. This collaboration aims to expand digital financial access, empower underserved communities, and strengthen the country’s cashless economy.

“At PalmPay, we are committed to creating financial solutions that are not only innovative but also inclusive. Partnering with AfriGO allows us to deliver secure, cost-effective, and localized payment options that empower Nigerians and strengthen the digital economy,” said Chika Nwosu, Managing Director of PalmPay Nigeria.

A Nationally Driven Payment Alternative

AfriGO, Nigeria’s first domestic card scheme, was introduced by the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) to provide a more affordable and accessible alternative to foreign card networks. Unlike international schemes, AfriGO processes all transactions entirely in naira, reducing foreign exchange risks and cutting operational costs for businesses and consumers.

“We are excited to partner with PalmPay to revolutionize financial services and expand access to digital payments across Nigeria,” said Ebehijie Momoh, CEO of Afrigopay Financial Services Limited (AFSL), the entity responsible for managing AfriGO. “Through this collaboration, we will ensure that more Nigerians, especially those in underserved areas, can benefit from secure and efficient financial services.”

Enhancing Payment Security and Efficiency

The partnership is expected to improve both the speed and security of digital payments in Nigeria. The AfriGO card, which is built on EMVCo standards, will incorporate tokenization and contactless payment features to enhance security and efficiency.

Nwosu highlighted that PalmPay will integrate AfriGO’s capabilities into its platform, offering customers a seamless and reliable payment experience. “This is a milestone in our mission to redefine financial accessibility in Nigeria,” he stated.

Immediate Settlement for Merchants

A key feature of the AfriGO initiative is the Instant Settlement service, which ensures that merchants and agents receive payments immediately after transactions are completed. This is expected to improve cash flow and minimize financial risks for small businesses and vendors who rely on fast transaction processing.

A Larger Push for Digital Financial Inclusion

This initiative is part of a broader effort to transition Nigeria into a fully digital economy. In addition to its partnership with PalmPay, AfriGO has also collaborated with Moniepoint to issue another five million contactless payment cards. Meanwhile, the Nigerian government, in partnership with Mastercard, is implementing projects aimed at bringing digital financial services to one million farmers across the continent.

“This new wave of digital payment solutions will redefine how Nigerians interact with financial services,” Momoh emphasized. “With PalmPay’s extensive reach and our commitment to affordability, we are confident that this initiative will reshape the payment landscape in Nigeria.”

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