Strategic Partnership Between PalmPay and AfriGO to Boost Financial Inclusion in Nigeria

PalmPay and AfriGO have partnered to issue over 5 million AfriGO cards in Nigeria, aiming to enhance financial inclusion and support the digital economy. The AfriGO card, developed locally, promises secure and efficient transactions for users. This endeavor will also reduce fees for merchants and provide improved access to financial services for underserved communities.

PalmPay and AfriGO have formed a strategic partnership to enhance the payment landscape in Nigeria by issuing over 5 million AfriGO cards to its citizens. This initiative aims to empower underserved communities and promote financial inclusion, ultimately contributing to the growth of Nigeria’s digital economy.

The AfriGO Card, facilitated by Afrigopay Financial Services Limited—a subsidiary of Nigeria Inter-Bank Settlement System (NIBSS)—is a domestically developed payment solution aimed at strengthening financial independence. By leveraging AfriGO’s infrastructure, PalmPay seeks to offer more payment options designed for the local market.

The plan to issue 5 million AfriGO cards illustrates PalmPay’s commitment to closing the financial gap faced by unbanked and underserved populations in Nigeria. Built on EMVCo standards, the AfriGO card features secure transaction technology, including tokenization and contactless capabilities, embedded within PalmPay’s extensive digital ecosystem.

Chika Nwosu, Managing Director of PalmPay Nigeria, expressed enthusiasm for this collaboration, stating, “At PalmPay, we are committed to creating financial solutions that are not only innovative but also inclusive.” This partnership aims to provide secure, cost-effective, and personalized payment options to empower Nigerians and enhance digital economic growth.

Ebehijie Momoh, Managing Director/CEO of Afrigopay Financial Services Limited, commented on the partnership’s potential, saying, “We are excited to partner with PalmPay to revolutionise financial services… and support the rapidly growing digital economy in Nigeria.” The AfriGO cards will enable smooth transactions for purchases, ATM withdrawals, transfers, and cashless payments through Agent POS terminals, with instant settlement services for merchants and agents ensuring efficiency and reduced risk.

Merchants will experience lower transaction fees and faster settlement times, while consumers will benefit from a secure, affordable payment solution that streamlines their financial interactions. This partnership highlights PalmPay’s commitment to extending digital financial services, positioning Nigeria as a leader in payment innovation.

The partnership between PalmPay and AfriGO represents a significant advance in Nigeria’s financial inclusion efforts. By issuing millions of AfriGO cards, both companies are working to empower underserved communities and invigorate the digital economy. With secure and accessible payment solutions, this collaboration is expected to redefine financial accessibility in Nigeria, ultimately benefiting both consumers and merchants alike.

Original Source: www.thisdaylive.com