August 21, (THEWILL) – Afrigopay Financial Services Limited (AFSL) has announced the successful launch of instant POS settlement for AfriGO card transactions, marking a significant advancement in the global payment landscape.
This 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), a subsidiary of NIBSS, the organisation introduced an innovative value-added service on the National Domestic Card to enhance transaction efficiency and reliability. This development underscores the commitment of AfriGO Card in 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 Cards presents another world-first achievement for the Nigeria Payment Sector.
Speaking on this, Mr Premier Oiwoh, the Managing Director & CEO of NIBSS (the parent company of AFSL) 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 realtime transaction processing and accurate account updates.”
Reiterating on the benefits of the National Domestic Card Scheme, Mrs Ebehijie Momoh, Managing Director & CEO, AFSL 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 symbolises national pride amidst the country’s rapid electronic payment growth.”
She added, “This 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 is part of our broader strategy to offer value-added services and ensure the payment system in Nigeria retains its leadership role in the African payment space.”
AfriGO, Nigeria’s national domestic card scheme, is designed to empower businesses and consumers with innovative solutions tailored to local needs. The scheme supports financial inclusion and economic growth by offering secure, efficient and cost-effective payment options, reducing reliance on foreign exchange; it fosters the development of local skills and opens new opportunities within the card business ecosystem.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
