The scheme championed by the Central Bank of Nigeria (CBN)
and the Nigerian Interbank Settlement System (NIBSS) will provide innovative
solutions to users of financial services in Nigeria, Africa, and across the
global markets.
Speaking on the partnership, Victor Etuokwu, Deputy Managing
Director, Retail Banking, Access Bank said, “It is with excitement that we
announce that Access Bank, Nigeria’s largest retail bank with over 60million
customers is the first financial institution in Nigeria to successfully issue
the first live card of the Nigeria’s National card scheme- AfriGO.
The launch of AfriGO is another milestone in the development
of a vibrant and rapidly expanding payments industry. Consumers demand value in
real time, not just transactions. With AfriGO, we can provide valuable card
benefits, robust loyalty rewards, and a compelling incentive to utilize
electronic payments rather than cash.
The AfriGO Card has additional benefits because it is
designed to facilitate the growth of Nigeria’s payment ecosystem, thereby
supporting more tailored payment services. It will strengthen payment security,
expand financial participation, guarantee data sovereignty, eliminate FX
dependency, and provide Nigerians with several other benefits. Cardholders will
enjoy increased affordability and more flexible payment options”, Victor
concluded.
Speaking on the product launch, Robert Giles, Senior Retail
Advisor, Access Bank said, “The National card scheme operates locally, and it
is tailored to the specific needs of the country.
We have also recorded successful purchases on POS and ATMs
which began on March 14, 2023. Domestic ownership of a local card scheme
eliminates demand on foreign exchange and reduces cost of transacting. It will
also help us partner with local fintechs and payment companies to build
solutions on the AfriGO scheme that solve customers’ pain points.
This comes at a crucial time for the national payments’
infrastructure where demand for convenient alternatives to cash is at a peak.
We believe that the AfriGO scheme is a new building block that will support
continued progress in the payments system, building on Nigeria’s position as
the 6th most developed real-time payments market in the world.
According to Premier Oiwoh, the MD/CEO of NIBSS, “The
payments landscape in Nigeria has continued to evolve via seamless and
convenient real-time electronic payment solutions driven by innovation and
advancement in technology.
The launch of our national domestic card scheme AfriGO is
very timely; AfriGO will drive our financial inclusion goals amongst many
benefits, and we are thrilled that Access Bank is the first bank in Nigeria to
issue AfriGO cards to its customers.
Access Bank has demonstrated the much-needed commitment to
enhancing financial inclusion, and we urge other financial institutions to
commence issuing AfriGO for more accessible and convenient payments for all
Nigerians, regardless of their location or financial status.”
Aminu Maida, Executive Director, NIBSS, added, ” With technological
advancements, there are more options for payments and the recently launched
national domestic card scheme, AfriGO gives us assured comfort on all financial
transactions. We are excited that Access Bank is the first to key into our
belief of AfriGO’s immense value to the Nigerian financial ecosystem.
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