Moniepoint and AfriGo Join Forces to Transform Digital Payments in Nigeria

Something big is happening in Nigeria’s financial landscape. Not a quiet policy shift or a slow market adjustment, but a deliberate, urgent move that could reshape how Nigerians transact, access financial services, and take control of their financial data.

Moniepoint Inc., a leading financial services provider, has announced a strategic partnership with AfriGo, Nigeria’s national domestic card scheme. A press release seen by Business Verge confirms that as part of this partnership, Moniepoint will roll out five million AfriGo contactless cards and drive the adoption of tap-to-pay solutions across the country.

This is more than just a collaboration; it is a strategic step towards enhancing financial inclusion, reducing Nigeria’s reliance on foreign card networks and a step toward financial independence in a rapidly digitizing economy.

Breaking Free from Foreign Dependence

For years, Nigeria’s digital payment system has been dominated by international card networks like Visa and Mastercard. While these systems have provided convenience, they’ve also come with drawbacks—high transaction fees, foreign exchange (FX) dependencies, and the lack of national control over consumer payment data. Every swipe of an international card means a portion of the transaction cost leaves Nigeria, reinforcing economic imbalances.

AfriGo was designed to change this. As Nigeria’s first national card scheme, it aims to keep transaction fees within the local economy, empower local banks and fintechs, and ensure data sovereignty. Developed by the Nigeria Inter-Bank Settlement System (NIBSS), the initiative is part of a broader effort to strengthen the country’s financial infrastructure and make digital transactions more affordable for Nigerians.

The Power of Contactless Payments

For AfriGo to succeed, widespread acceptance is key—and this is where Moniepoint steps in. With one of the largest networks of merchants, businesses, and financial agents in Nigeria, Moniepoint has the reach and infrastructure needed to bring tap-to-pay mainstream.

Speaking on the partnership, Moniepoint CEO Tosin Eniolorunda emphasized its broader mission:

“Our partnership with AfriGo aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency, and security with contactless payments. The Moniepoint/AfriGo card is not just a product; it’s a vital tool that will extend our reach, particularly to those who have been traditionally excluded from the formal financial system.”

This push toward financial inclusion is significant. Despite the rapid growth of Nigeria’s fintech industry, millions of Nigerians—especially in rural and underserved areas—still lack access to basic banking services. By introducing contactless payments, Moniepoint is making it easier for everyday Nigerians to move away from cash-based transactions and participate in a more inclusive financial system.

Can Nigerians Trust Tap-to-Pay?

The potential of tap-to-pay is massive, but it isn’t without challenges. Nigeria’s cash crunch in early 2023, which left many stranded without physical cash, increased skepticism toward digital payments. Concerns about transaction failures, POS network downtimes, and security risks still linger in the minds of many consumers.

Addressing these concerns, Ebehijie Momoh, Managing Director & CEO of Afrigopay Financial Services Ltd. (AFSL), reassured Nigerians:

 “With AfriGo Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk. Backed by robust technology infrastructure and effective liquidity management, AfriGo ensures smooth and secure operations, further enhancing accessibility and driving financial inclusion.”

Consumer trust is built over time, through reliable services, instant transaction settlements, and broad merchant acceptance. For tap-to-pay to take off, it must work—every time.

Moniepoint’s Expanding Role in Nigerian Fintech

Moniepoint has already established itself as a powerhouse in Nigeria’s financial ecosystem. The company has empowered thousands of small and medium-sized enterprises (SMEs) by providing affordable POS terminals, seamless digital banking tools, and instant settlement services.

But Moniepoint’s impact goes beyond payments—it is also investing in education and tech talent development. In 2024, Moniepoint supported a STEM initiative at Obafemi Awolowo University (OAU), equipping students with digital and entrepreneurial skills. By fostering talent in software engineering, data science, and financial technology, Moniepoint is building the workforce needed to sustain Nigeria’s digital economy.

CEO Tosin Eniolorunda reinforced this broader vision:

“There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians. We can reshape the digital economy so everyone—individuals, financial institutions, governments, and businesses—can realize their ambitions.

The Future of Digital Payments in Nigeria

The success of this partnership will depend on consumer adoption, merchant acceptance, and seamless interoperability between AfriGo and existing financial systems. To truly transform Nigeria’s payment landscape, AfriGo cards must be widely accepted across businesses, government services, and online platforms.

If executed correctly, this collaboration could do more than just offer a local alternative to Visa and Mastercard—it could lay the foundation for a homegrown financial ecosystem, where Nigerian institutions, not foreign corporations, control the country’s digital economy.