AfriGO Drives Card Adoption with Instant POS Settlement Process

Afrigopay Financial Services Limited (AFSL) has unveiled a game-changing feature for its AfriGO card, introducing instant POS settlement for transactions.

The innovative enhancement is designed to provide merchants with immediate credit for transactions, greatly improving cash flow and minimizing the risks associated with delayed or disputed payments.

Dr. Ebehijie Momoh, the Managing Director and CEO of Afrigopay, at a press briefing held in Lagos, highlighted the significance of this development. “Our new instant settlement capability marks a pivotal moment for AfriGO.

“It will significantly improve transaction efficiency and establish AfriGO as a leading card scheme both in Nigeria and globally,” Momoh declared.

Explaining the advantages of this new feature, Momoh noted, “With the instant settlement system, merchants will see immediate funds in their accounts as soon as a transaction is completed at the POS terminal.

“This will streamline financial management for merchants by providing prompt access to funds, thereby supporting better cash flow and operational efficiency.”

The launch of AfriGO is a key part of the Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBSS) initiative, which introduced the National Domestic Card Scheme in 2023. This initiative aims to enhance domestic transaction options and fortify Nigeria’s cashless economy.

Momoh commended the positive feedback received since AfriGO’s launch and emphasized that this latest upgrade is crucial for enhancing the card scheme’s global presence.

“The AfriGO card has been warmly embraced by users, and this latest feature is designed to boost our competitiveness on the global financial stage while meeting domestic needs.”

The introduction of instant POS settlement aligns with AfriGO’s mission to advance financial inclusion and provide affordable transaction solutions. “Our card scheme not only supports financial inclusion but also offers cost-effective transaction solutions for individuals and businesses.

By enhancing transaction security, ensuring data sovereignty, and providing better pricing in local currency, we are reducing interchange fees and alleviating pressure on the naira,” Momoh added.

Ugo Obasi, Chief Operations Officer of Afrigopay, underscored the importance of this home-grown solution and urged Nigerians to embrace innovations that drive economic growth.

“We are committed to leveraging technology and innovation to ensure that AfriGO remains competitive with global financial payment systems,” Obasi stated.

He also highlighted ongoing efforts to promote AfriGO’s benefits. “We are rolling out targeted campaigns to educate merchants and the public about our services.

“Our strategy includes comprehensive outreach to increase awareness and adoption of AfriGO. Additionally, we are exploring partnerships to expand our services to other African countries and beyond.”

With this groundbreaking enhancement, Afrigopay Financial Services Limited is set to redefine the standards for card transactions in Nigeria, fostering a more efficient and secure financial environment.