PalmPay has partnered with AfriGO to issue over 5 million AfriGO cards in Nigeria, aiming to enhance financial inclusion and strengthen the digital economy. The partnership will provide secure, affordable, and localized payment solutions, benefiting underserved communities and improving access to digital payments.
PalmPay and AfriGO have formed a strategic alliance aimed at transforming Nigeria’s payment landscape by issuing over 5 million AfriGO cards. This collaboration seeks to empower underserved communities, drive financial inclusion, and enhance the country’s digital economy. The AfriGO card is a locally designed payment solution by Afrigopay Financial Services Limited, a subsidiary of Nigeria’s Inter-Bank Settlement System (NIBSS), aimed at fostering financial independence.
The issuance of these 5 million AfriGO cards by PalmPay illustrates their commitment to closing the financial gap for the unbanked populations in Nigeria. The card adheres to EMVCo standards, ensuring secure transactions through features like tokenization and contactless payments. PalmPay will integrate these functionalities into its digital ecosystem, providing users with a seamless and secure payment experience.
Chika Nwosu, Managing Director of PalmPay Nigeria, conveyed optimism regarding the partnership, stating, “At PalmPay, we are committed to creating financial solutions that are not only innovative but also inclusive. Partnering with AfriGO allows us to deliver secure, cost-effective, and localized payment options that empower Nigerians and strengthen the digital economy.”
Similarly, Ebehijie Momoh, Managing Director/CEO of Afrigopay Financial Services Limited, emphasized the broader implications of their partnership. He noted, “We are excited to partner with PalmPay to revolutionise financial services and expand access to digital payments across Nigeria,” highlighting AfriGO’s potential in improving digital payment access in underserved regions.
The AfriGO cards will enable users to execute various transactions, such as physical and online purchases, ATM withdrawals, money transfers, and cashless payments via Agent POS terminals. The Instant Settlement service ensures that merchants and agents enjoy immediate transaction finalization, enhancing efficiency and reducing risks. Furthermore, merchants will benefit from lower transaction fees and prompt settlements, while consumers will have access to secure and affordable payment solutions.
In summary, the partnership between PalmPay and AfriGO marks a significant advancement in Nigeria’s financial inclusion efforts. By issuing 5 million AfriGO cards, they aim to empower underserved communities and enhance the digital economy. With secure transaction features and immediate settlement services, the initiative is poised to provide valuable financial solutions for both merchants and consumers alike.
Original Source: www.thisdaylive.com
