Draft:AfriGo Pay
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|  |
 | |
| Type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2023 |
Area served | Nigeria |
| Key people | Ebehijie Momoh (Managing Director) |
| Products | Domestic payment cards, payment processing services |
| Parent | Nigeria Inter-Bank Settlement System (NIBSS) |
| Website | afrigopay |
AfriGOPay Financial Services Limited, commonly known as AfriGO, is a Nigerian financial technology company and operator of Nigeria's national domestic card scheme. The company is a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS) and was established to provide a domestic alternative to international card payment networks operating in Nigeria.
The AfriGO card scheme was launched in January 2023 by the Central Bank of Nigeria (CBN), NIBSS, and the Bankers' Committee to support financial inclusion, reduce dependence on foreign card schemes, lower transaction costs, and promote payment sovereignty in Nigeria.[1] By 2025, AfriGO had expanded through partnerships with commercial banks and fintech companies, processing over ₦70 billion in transactions.[2]
History
[edit]The AfriGO national domestic card scheme was officially unveiled on 26 January 2023 by the Central Bank of Nigeria in partnership with NIBSS and the Bankers' Committee.[3] According to the CBN, the scheme was introduced to strengthen Nigeria's payment infrastructure, encourage local transaction processing, improve data sovereignty, and reduce the cost of electronic payments.[4] The introduction of AfriGO made Nigeria one of several countries operating a domestic card scheme, alongside India (RuPay), China (UnionPay), and Russia (Mir).[5]
Financial Inclusion
[edit]AfriGO operates as a core component of Nigeria's national financial inclusion strategy. Industry observers have noted that the domestic card scheme reduces card issuance costs for financial institutions while increasing access to payment services among underserved populations.[6] Partnerships with fintech firms have been cited as important channels for extending payment services to previously unbanked and underbanked Nigerians.
Products and Services
[edit]AfriGO operates a domestic payment network supporting:
- Debit cards
- Prepaid cards
- Virtual cards
- ATM transactions
- Point-of-sale (PoS) transactions
- Contactless payments
- Merchant acquiring services
The scheme is designed primarily for domestic naira-denominated transactions within Nigeria.
Development and Adoption
[edit]Following its launch, AfriGO expanded through strategic partnerships with banks and financial technology companies:
- 2023: Access Bank partnered with AfriGO to issue domestic payment cards and expand customer access to local payment solutions.[7]
- March 2025: Moniepoint announced a partnership with AfriGO to distribute five million payment cards and develop tap-to-pay payment solutions for consumers and merchants across Nigeria.[8]
- 2025: PalmPay partnered with AfriGO to expand financial inclusion through wider card distribution and digital payment services.[9] Unity Bank also adopted AfriGO cards to deepen electronic payment adoption.[10]
- December 2025: Send App by Flutterwave partnered with AfriGO and Odysy to launch a naira travel card targeted at Nigerians in the diaspora visiting the country.[11]
Market Performance
[edit]By the end of 2025, AfriGO surpassed ₦70 billion in processed transaction value, marking a milestone for the domestic card scheme.[2] Industry reports published in 2026 indicate that more than one million AfriGO cards had been issued, with increasing acceptance across ATMs, point-of-sale terminals, agent banking networks, and digital payment channels nationwide.[12]
Reception
[edit]Financial sector stakeholders describe AfriGO as a significant step toward strengthening Nigeria's payment sovereignty and reducing reliance on international card schemes.[13] Analysts highlight benefits such as lower transaction costs, local data processing, reduced foreign exchange exposure, and greater flexibility in designing payment products tailored to the Nigerian market. Commentators note that the scheme's long-term success depends on merchant acceptance, customer awareness, and continued adoption by commercial banks and fintech operators.[12]
See also
[edit]References
[edit]- ↑ "CBN, NIBSS unveil AfriGO, Nigeria's first national payment card". The Guardian Nigeria. 26 January 2023. Retrieved 9 June 2026.
- 1 2 "AfriGO processes over N70 billion in payments in 2025". Technext. 6 October 2025. Retrieved 9 June 2026.
- ↑ "CBN, NIBSS unveil national domestic card scheme". Leadership. 2023. Retrieved 9 June 2026.
- ↑ "AfriGO: All you need to know about CBN's domestic card scheme". NairaCompare. Retrieved 9 June 2026.
- ↑ "AfriGO, Nigeria's domestic card scheme gains momentum in financial inclusion". Vanguard. 2025. Retrieved 9 June 2026.
- ↑ "Access Bank partners AfriGOPay to provide national domestic card developed by CBN". Legit.ng. Retrieved 9 June 2026.
- ↑ "Moniepoint and AfriGO to distribute 5 million cards to boost digital payments in Nigeria". Nairametrics. 1 March 2025. Retrieved 9 June 2026.
- ↑ "AfriGO taps PalmPay network to scale nationwide reach". BusinessDay. 2025. Retrieved 9 June 2026.
- ↑ "Unity Bank, AfriGO partner on electronic payments". The Punch. 2025. Retrieved 9 June 2026.
- ↑ "Send by Flutterwave launches naira travel card". TechCabal. 5 December 2025. Retrieved 9 June 2026.
- 1 2 "Insight: Three years later, how is CBN's AfriGO doing?". TheCable. 2026. Retrieved 9 June 2026.
- ↑ "Three years after launch, is AfriGO delivering real value?". The Legal Observer. 8 February 2026. Retrieved 9 June 2026.
Category:Financial services companies of Nigeria Category:Payment card companies Category:Financial technology companies Category:Companies based in Lagos Category:2023 establishments in Nigeria Category:Payment systems
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