Moniepoint, Afrigopay Partner to Boost Digital Payments in Nigeria

In a strategic move to enhance digital payments and financial inclusion, Moniepoint Inc., a leading Nigerian fintech company, has announced a partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS). This collaboration aims to distribute five million AfriGO contactless cards across the country.

The initiative leverages Moniepoint’s vast agent network, one of the largest in Nigeria, to roll out the AfriGO cards embedded with Near Field Communication (NFC) technology. These cards will enable users to make secure and instant payments by simply tapping their card or NFC-enabled device on compatible terminals. This advancement is expected to drive cashless transactions and make digital payments more accessible to millions of Nigerians.

Tosin Eniolorunda, CEO of Moniepoint Inc., emphasised that this partnership aligns with the company’s mission to “Engineer financial happiness for every Nigerian.” He noted that the collaboration would not only offer an affordable payment option but also ensure instant transaction settlements, thereby advancing financial inclusion across the nation.

Similarly, Ebehijie Momoh, Managing Director and CEO of Afrigopay, expressed optimism about the partnership’s impact on financial service delivery, particularly in underserved areas. She stated that the introduction of AfriGO cards would enhance merchant and agent transactions, ensuring seamless payments, instant settlements, improved cash flow management, and reduced financial risks.

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Beyond fostering financial inclusion, this strategic alliance also aims to reduce Nigeria’s reliance on foreign payment systems, ensuring data sovereignty and empowering local businesses. By providing a secure, locally developed alternative to international payment cards, the partnership is poised to reshape Nigeria’s digital economy, making transactions faster, more reliable, and widely accessible.

This development comes as Moniepoint continues to expand its influence in the fintech industry. Recently, the company secured a $110 million investment from investors, including Google’s Africa Investment Fund. This funding, which values Moniepoint at over $1 billion, is expected to support its mission of scaling up digital payments and banking solutions across Africa.

As Nigeria continues its push towards a cashless economy, initiatives like this play a crucial role in driving financial accessibility and digital transformation nationwide. The Moniepoint-Afrigopay collaboration is set to mark a significant step forward in achieving these goals.