PalmPay and AfriGO have collaborated to issue over 5 million AfriGO cards to promote financial inclusion in Nigeria. This partnership aims to empower underserved communities and bolster the local economy. The AfriGO card is designed for secure transactions and enhanced access to digital payment services, emphasizing immediate settlement features for merchants and consumers alike.
PalmPay and AfriGO have forged a strategic alliance aimed at transforming Nigeria’s payment system by distributing over 5 million AfriGO cards to the populace. The partnership endeavors to uplift marginalized communities, promote financial inclusion, and bolster Nigeria’s burgeoning digital economy.
The AfriGO card, developed by Afrigopay Financial Services Limited—an arm of the Nigeria Inter-Bank Settlement System (NIBSS)—is a locally designed payment instrument aimed at enhancing financial autonomy. This initiative enables PalmPay to expand payment alternatives tailored to specific local demands, thus addressing the needs of the market more effectively.
PalmPay’s initiative to distribute 5 million AfriGO cards showcases its commitment to narrowing the financial divide for unbanked and underserved demographics in Nigeria. The card adheres to EMVCo standards, ensuring secure transactions through tokenization and contactless payment functionalities integrated seamlessly within PalmPay’s digital ecosystem, which allows for a smooth and secure user experience.
Chika Nwosu, Managing Director of PalmPay Nigeria, articulated his enthusiasm regarding the collaboration, stating, “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. This is a milestone in our mission to redefine financial accessibility in Nigeria.”
Ebehijie Momoh, Managing Director/CEO of Afrigopay Financial Services Limited, emphasized the partnership’s broader implications, asserting, “We are excited to partner with PalmPay to revolutionise financial services and expand access to digital payments across Nigeria. Through this collaboration, AfriGO and PalmPay will provide enhanced access to digital payments—particularly in underserved areas—drive financial inclusion, and support the rapidly growing digital economy in Nigeria.”
AfriGO cards facilitate seamless transactions, enabling users to engage in physical and online purchases, ATM withdrawals, money transfers, and cashless payments through Agent POS terminals. The Instant Settlement feature ensures that merchants and agents experience immediate transaction finalization, thereby enhancing efficiency, optimizing cash flow, and minimizing risks. For merchants, the AfriGO cards will lead to reduced transaction fees and prompt settlement times, while consumers will benefit from a secure, cost-effective, and locally supported payment option that enriches their daily financial interactions.
Ultimately, this partnership illustrates PalmPay’s commitment to expanding digital financial services and positioning Nigeria as a leader in payment innovation, as reiterated by Nwosu.
In conclusion, the partnership between PalmPay and AfriGO represents a significant step towards enhancing financial inclusion in Nigeria. By introducing 5 million AfriGO cards, the initiative aims to empower underserved populations, improve access to digital payments, and support the growth of the digital economy. With features such as secure transactions and instant settlements, this alliance underscores a commitment to transforming the financial landscape and addressing the needs of the market effectively.
Original Source: www.thisdaylive.com
