PalmPay and AfriGO have announced a strategic partnership to revolutionize Nigeria’s payment system by issuing over five million AfriGO cards. This collaboration aims to enhance financial inclusion, particularly for underserved communities, and drive the country’s digital economy forward. The initiative aligns with Nigeria’s vision of fostering homegrown financial solutions tailored to local market needs.
AfriGO, powered by Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), is designed to strengthen Nigeria’s financial sovereignty. By leveraging this infrastructure, PalmPay seeks to provide more payment options, ensuring secure, cost-effective, and seamless financial transactions. The issuance of AfriGO cards will cater to millions of Nigerians, particularly the unbanked and those with limited access to traditional banking services.
The AfriGO card is built on EMVCo standards, featuring tokenization and contactless payment capabilities to ensure security and ease of use. PalmPay will integrate these features into its digital ecosystem, offering users a frictionless payment experience across various platforms. Cardholders will be able to perform a range of transactions, including ATM withdrawals, online and physical purchases, and cashless payments via Agent POS terminals.
PalmPay’s Managing Director, Chika Nwosu, emphasized the company’s commitment to financial inclusion and innovation, stating that the partnership with AfriGO will deliver localized and secure payment solutions to Nigerians. Similarly, Afrigopay’s CEO, Ebehijie Momoh, highlighted that the collaboration would expand digital payment access, particularly in underserved areas, further driving Nigeria’s digital economy. Merchants will benefit from reduced transaction fees and instant settlements, improving efficiency and cash flow management.
As PalmPay and AfriGO move forward with this initiative, they are set to redefine Nigeria’s financial ecosystem through fintech-driven innovation. This partnership not only strengthens digital financial services but also positions Nigeria as a leader in payment technology, facilitating greater economic growth and inclusion.