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AfriGO

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From Wikipedia, the free encyclopedia
Afrigopay Financial Services Limited
TypeSubsidiary
IndustryFinancial Services
Founded2023; 3 years ago (2023)
Headquarters
Lagos
,
Nigeria
Area served
Nigeria
Key peopleEbehijie Momoh (MD/CEO) Ugo Obasi (ED/CCO)
ProductsCredit Cards
ParentNigeria Inter-Bank Settlement System (NIBSS)
Websiteafrigopay.com.ng

AfriGo also known as AfriGoPay is a national domestic payment card scheme introduced by the Central Bank of Nigeria (CBN) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to strengthen Nigeria's payment infrastructure, reduce reliance on international card networks, lower transaction costs, enhance data sovereignty, and financial inclusion.[1]

AfriGO is a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), owned and operated by AfriGoPay Financial Services Limited (AFSL). The scheme serves as Nigeria's sovereign domestic card network transactions within Nigeria. The initiative aims to reduce dependency on international card brands such as Visa and Mastercard, as well as Nigeria's privately owned Verve.[2]

History

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With persistent global foreign exchange challenges, the central Bank of Nigeria (CBN) developed a domestic card scheme inn partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to introduce another major player and reduce the gap of unbanked Nigerians, despite an existing payment card ecosystem dominated by international payment networks, including Visa and Mastercard, alongside Verve, a domestic card scheme operated by Interswitch.[3][4]

AfriGO is the first national domestic card scheme if its kind in Africa to be launched by a national government. According to the Central Bank, AfriGo was designated to;[5][6]

  • Reduce transaction processing costs
  • Strengthen Nigeria's payment sovereignty
  • Reduce dependence on foreign exchange for domestic card transactions
  • Improve financial inclusion
  • Encourage local innovation in payment technology
  • Support Nigeria's cashless economy initiative[7]

AfriGO was officially unveiled on 26 January 2023 by the former Governor of the Central Bank of Nigeria, Godwin Emefiele, in Abuja, Nigeria, in partnership with NIBSS, the Bankers' Committee, and stakeholders across Nigeria's financial service industry.[8][9][10]

Adoption and milestones

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The scheme has achieved significant adoption since its inception, with Access Bank becoming the first commercial bank to issue a live AfriGO card in March 2023. Other financial institutions have since joined as issuing partners, with AfriGO cards now accepted at over 16,000 ATMs and 70% of POS terminals in Nigeria.[11][12][13]

By 2025, NIBSS reported that more than one million AfriGO cards had been issued, while transaction values exceeded ₦70 billion.[14]

Since its launch, AfriGO has established partnerships with numerous financial institutions and technology providers. Major collaborations include:[15]

AfriGOPay Debit Card sample

Products and Services

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AfriGO offers several payment products, including:

References

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  1. ↑ Adepetu, Adeyemi (27 January 2023). "CBN, NIBSS unveil AfriGo, Nigeria's first national payment card". The Guardian. Lagos, Nigeria.
  2. ↑ Idowu, Bukola (20 February 2023). "Afrigo: Embracing Nigeria's Domestic Card". National Economy.
  3. ↑ Paul, Emmanuel (5 May 2014). "Inside the business of card payments in Nigeria". Techpoint Afria.
  4. ↑ Akintaro, Samson (26 January 2023). "CBN, NIBSS unveil Nigeria's National payment card, AfriGo, to rival Visa and Master Card dominance". Nairametrics.
  5. ↑ Timi-koleolu, Seun; Yishawu, Nuratulahi (3 February 2023). "REGULATORY UPDATE: THE CENTRAL BANK OF NIGERIA'S NATIONAL DOMESTIC CARD SCHEME". Pavestoneslegal.
  6. ↑ Nwokoma, Chimgozirim (30 January 2023). "All you need to know about AfriGo, the CBN's domestic card scheme". Techpoint Africa.
  7. ↑ Otori, Emmanuel (2 February 2023). "AFRIGO: How The New Domestic Card By CBN Will Drive SME Growth". Business Post. Lagos, Nigeria.
  8. ↑ Nnamani, Caleb (26 January 2023). "Nigeria's central bank launches AfriGo, a national domestic card scheme". Tech Cabal.
  9. ↑ Olatunji, Eniola (30 January 2023). "What is AfriGo, The domestic card scheme for a cashless Nigeria?". BusinessDay.
  10. ↑ Efole, Eyitemi (3 February 2023). "AfriGo: All You Need to Know About CBN's Domestic Card Scheme". Naira Compare.
  11. ↑ "AfriGO launches upgraded settlement process for instant credit to POS merchants". DailyPost. 21 August 2024.
  12. ↑ "AfriGO, Nigeria's Domestic Card Scheme gains momentum in financial inclusion". Nairametriccs. 7 July 2025.
  13. ↑ Michael, Chinwe (25 April 2025). "AfriGO taps fintechs to extend payment card reach". Business Day.
  14. ↑ Abdulsemiu, Monsuroh (8 February 2026). "INSIGHT: Three years later, how is CBN's AfriGO doing?". The Cable.
  15. ↑ Fagbemi, Joshua. "Nigeria's debit card, AfriGO has now processed over N70bn in transactions in 2025". Technext24.
  16. ↑ "PalmPay Partners with AfriGO to Advance Nigeria's Financial Inclusion and Digital Economy". Techcabal. 12 March 2025.
  17. ↑ Ekeghe, Nume. "UBA Unveils Afrigo Card to Enhance Domestic Payments, Financial Inclusion". ThisDay.
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