•Plans to extend service to 181 countries
Afrigopay Financial Services Limited (AFSL), a subsidiary of Nigerian Inter-Bank Settlement System Plc (NIBSS) has announced the launch of instant point-of-sale (Pos) settlement for AfriGO card transactions, marking a significant advancement in the global payment landscape.
The innovation, the company said, would be extended to other parts of the world with engagement with 181 countries ongoing. The pioneering service provides merchants with instant credit for transactions, thereby enhancing cash flow and reducing risks associated with delays or disputes, further solidifying AfriGO as the card scheme of choice.
Following the recent appointment of the new executive management of Afrigopay Financial Services (AFSL), the organization introduced an innovative value-added service on the national domestic card to enhance transaction efficiency and reliability.
The development underscores the commitment of AfriGO Card to driving advancements in the card payment industry and delivering unparalleled value to all stakeholders.
The instant settlement process for real-time POS transactions with the use of AfriGO card presents another world-first achievement for the Nigerian payment sector.
Speaking on this, the Managing Director of NIBSS, Premier Oiwoh, stated: “Since the launch of NIBSS Instant Payment in 2011, the world’s first account-based digital payment solution providing instant value to beneficiaries, we have continued to pioneer industry advancements.
“This new service will provide significant benefits to merchants and enhance their overall experience by offering timely access to funds, improved cash flow and reduced risk of delayed or disputed transactions. For cardholders, it ensures a seamless and efficient payment experience with real-time transaction processing and accurate account updates.”
On its benefits, the Managing Director of AFSL, Ebehijie Momoh, said: “The implementation of the AfriGO card scheme presents numerous benefits for the industry and the nation. By enhancing transaction security, ensuring data sovereignty and offering better pricing opportunities in local currency, the scheme reduces interchange fees and alleviates pressure on the naira. It indeed symbolizes national pride amidst the country’s rapid electronic payment growth.”
She added that the milestone achievement with AfriGO card is a testament to “our mission to revolutionise the card payment landscape and improve the financial experiences of businesses and consumers across Nigeria and Africa”.
The instant settlement process for real-time PoS transactions, she noted, is part of the broader strategy to offer value-added services and ensure the payment system in Nigeria retains its leadership role in the African payment space.
