AfriGO: Nigeria’s Domestic Card Scheme Drives Financial Inclusion
Since its launch in 2023, AfriGO, Nigeria’s pioneering domestic card scheme, is gaining traction in transforming the nation’s financial landscape. Spearheaded by the Central Bank of Nigeria (CBN) in partnership with the Nigeria Inter-Bank Settlement System Plc (NIBSS), AfriGO aims to deliver secure and efficient payment solutions tailored to the needs of Nigerian citizens while ensuring data sovereignty. The scheme is designed for broad usability across multiple sectors, including transportation, and offers the distinct advantage of instant merchant settlements.
Growing Momentum and Impact
AfriGO is rapidly expanding its reach through a network of partner banks. Institutions like Sterling Bank, Palmpay, Access Bank, Unity Bank, Wema Bank, Union Bank, Stanbic IBTC, Zenith Bank, First Bank, and Keystone Bank are actively issuing AfriGO cards to their customers, contributing to the scheme’s growing adoption. Unlike international card networks with potentially delayed settlement processes, AfriGO provides immediate credit to merchants upon POS transactions. This feature significantly improves cash flow for businesses, fostering economic activity and contributing to greater financial inclusion across Nigeria.
AfriGO represents a significant step towards a more independent and robust payment ecosystem in Nigeria. By prioritizing instant settlements and data sovereignty, the card scheme empowers businesses and consumers alike, driving financial inclusion and fostering economic growth within the country.
Keywords
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