Olufemi Adeyemi
Afrigopay Financial Services Limited (AFSL) has officially introduced instant Point-of-Sale (POS) settlement for transactions made with the AfriGO card.
This innovative service allows merchants to receive
immediate credit for their transactions, thereby improving cash flow and
minimizing the risks associated with delays or disputes, further establishing
AfriGO as the preferred Card Scheme.
The implementation of instant settlement for real-time POS
transactions utilizing AfriGO Cards marks a significant milestone in the
Nigerian Payment Sector.
In a statement, Mr. Premier Oiwoh, the Managing Director
& CEO of NIBSS, which is the parent company of AFSL, remarked, “Since the
inception of NIBSS Instant Payment in 2011, the first account-based digital
payment solution that offers instant value to beneficiaries, we have
consistently led advancements in the industry.
This new service will deliver substantial advantages to
merchants, enhancing their overall experience by providing prompt access to
funds, better cash flow, and a reduced risk of transaction delays or disputes.
For cardholders, it guarantees a smooth and efficient payment process with
real-time transaction handling and precise account updates.”
At a press conference held at the NIBSS headquarters in
Lagos, Mrs. Ebehijie Momoh, Managing Director and CEO of AFSL, discussed the
advantages of the National Domestic Card Scheme. She emphasized the numerous
benefits of the AfriGO card program for both the industry and the nation. The
program improves transaction security, guarantees data sovereignty, and
provides more affordable pricing options in local currency. This lowers
interchange fees, lessens pressure on the Naira, and serves as a symbol of national
pride in light of the country’s rapid growth in electronic payments.
Momoh went on to say that this significant accomplishment with the AfriGO Card demonstrates their dedication to changing the card payment industry and enhancing the financial experiences of businesses and customers throughout Nigeria and Africa. The immediate settlement procedure for Real-time POS transactions is a component of their larger plan to provide value-added services and guarantee that Nigeria’s payment system maintains its leadership position in the African payment market.
AfriGO, the national domestic card initiative of Nigeria, aims to enhance the capabilities of businesses and consumers through innovative solutions specifically designed to meet local requirements. This initiative promotes financial inclusion and stimulates economic growth by providing secure, efficient, and affordable payment alternatives. It also diminishes dependence on foreign currency, encourages the cultivation of local expertise, and creates new opportunities within the card industry ecosystem.