Moniepoint Partners with Afrigo to Distribute 5 Million Contactless Cards in Nigeria

In a move set to revolutionize digital payments in Nigeria, Moniepoint Inc. has announced a strategic partnership with Afrigopay Financial Services Limited (AFSL) to distribute five million AfriGO contactless cards. This initiative aims to drive the adoption of Nigeria’s National Domestic Card Scheme, enhancing financial inclusion and promoting seamless transactions across the country.

A New Evolution for Nigeria’s Payment System

The partnership between Moniepoint and Afrigo aligns with Nigeria’s growing push toward a cashless economy. By leveraging Moniepoint’s vast distribution network, millions of Nigerians, especially those in underserved areas, will gain access to a secure and efficient digital payment solution. The AfriGO card will enable users to make transactions using tap-to-pay technology, reducing reliance on cash and improving transaction speed. With the rise of contactless payments in Nigeria, this initiative is expected to impact the country’s financial ecosystem significantly. Many businesses and consumers are looking for more convenient payment solutions, and Moniepoint’s approach will make Near Field Communication (NFC) technology more accessible.

Why This Matters for Nigeria’s Digital Economy

The AfriGO card was launched by the Central Bank of Nigeria (CBN) in January 2023 to provide a homegrown alternative to foreign card schemes such as Visa and Mastercard. One of the key motivations behind this initiative is to reduce Nigeria’s dependency on foreign exchange for payment processing while ensuring that financial data remains within the country. By working with Afrigopay, Moniepoint is actively supporting the government’s vision of a self-sufficient payment system, similar to what countries like China, India, and Russia have implemented with their domestic card networks. This move is expected to lower transaction costs and encourage more businesses to adopt digital payment solutions.

How Contactless Payments Will Benefit Nigerians

One of the most exciting aspects of this partnership is the focus on contactless transactions. With the introduction of tap-to-pay technology, users will no longer need to insert their cards or enter PINs for every transaction. Instead, they can simply tap their cards on a compatible terminal, making payments faster and more secure. This innovation is particularly useful for busy urban areas where quick transactions are essential. It also provides an additional layer of security, as tap-to-pay cards are encrypted to prevent unauthorized access. Businesses, retailers, and even small-scale traders will benefit from the ease of accepting payments without dealing with cash-related risks.

As digital payments continue to gain traction in Nigeria, initiatives like the Moniepoint and Afrigo partnership will play a crucial role in expanding financial access. By distributing 5 million contactless cards, they are not just improving payment infrastructure but also empowering Nigerians with better financial technology solutions. With more Nigerians embracing cashless transactions, this development marks another step toward a digitally-driven economy. Businesses and consumers alike should look forward to a more efficient, secure, and accessible payment ecosystem in the coming years.