Moniepoint, Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, has partnered with Afrigopay Financial Services Limited (AFSL) to introduce tap-to-pay solutions and distribute 5 million AfriGo cards across Nigeria.
This initiative is set to strengthen financial inclusion in Nigeria, as well as reduce the dependence on foreign payment systems, and support the government’s push for a cashless economy.
Moniepoint’s partnership with Afrigopay Financial Services will leverage the fintech’s extensive technological infrastructure and vast agent network to deploy contactless payment solutions. This will enable Nigerians to complete transactions with a simple tap or hover of an AfriGO card or an NFC-enabled device over compatible terminals.
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Unlike international card schemes, AfriGO operates within Nigeria’s financial ecosystem, ensuring data sovereignty and reducing the cost of transactions. The distribution of 5 million AfriGO cards will help businesses, particularly small and medium-sized enterprises (SMEs)-access reliable, instant settlement solutions that improve liquidity and operational efficiency.
Speaking on the partnership, Moniepoint CEO Tosin Eniolorunda said,
“Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency, and security with contactless payments.”
He also added that the Moniepoint/AfriGO card is not just a product, it is a vital tool that will extend the company’s reach, particularly to those who have been traditionally excluded from the formal financial system. He further emphasized that the initiative would provide Nigerians with a more affordable payment alternative while fostering economic growth.
“The benefits of contactless payments are far-reaching and will reshape the digital economy. Enabling individuals, financial institutions, governments, and businesses to realize their ambitions,” he explained
Also commenting on the partnership, Ebehijie Momoh, Managing Director and CEO of Afrigopay Financial Services, highlighted the transformative power of this initiative.
She said,
“This collaboration is set to revolutionize financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions. With AfriGO cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency and better cash flow management”.
She also stressed the vital role of Moniepoint’s expansive agent network, which spans urban and rural communities. These agents will facilitate essential banking services, including deposits, withdrawals, money transfers, and payments, effectively bringing financial services closer to millions of Nigerians.
How Contactless Payments Technology is Reshaping The Payments Landscape
In recent years, contactless payment technology has emerged as a transformative force in the financial industry. This technology is currently reshaping the payment landscape, with smartphone-based payments accounting for more than 50% of global revenue.
Forbes in an article titled “The Future of Contactless Payments: Three Predictions for the next five years”, revealed that contactless payments will supersede cash and traditional credit cards. There is reportedly a preference for contactless payments over cash payments by customers.
A study reports that 27% of small business survey respondents have seen an increase in customers using their mobile phones or contactless cards to pay. The contactless payment market has continued to skyrocket and is forecasted to quadruple to $164.15 billion by 2030.
Here are several benefits of Contactless Payments
Increased efficiency for businesses
A significant number of merchants say contactless payments have helped shorten checkout lines, reducing wait times for customers. They further reveal that contactless payments have decreased average transaction times, helping to streamline operations. Contactless technology offers a seamless payment experience, which explains why 84% of merchants say an increasing number of customers are using them.
Enhance Convenience For Consumers
The heightened convenience of contactless payment solutions benefits customers as well. Merchants say contactless payments have improved customer satisfaction. As a hassle-free way to make purchases (and one that eliminates the need for physical currency), 45% of respondents to a global consumer survey said they prefer contactless payments, to traditional cash transactions.
Elevate Security For Transactions
The security protections of contactless payments- including circuit chips, encryption, and network tokenization, benefit consumers, merchants, and financial institutions. Three in five merchants that accept contactless cards indicate a decrease in fraud rates, particularly reduced card skimming, which benefits consumers and BFS providers alike. With enhanced security in mind, nearly two-thirds of consumers will shop with merchants accepting contactless payment over those not.
Looking Ahead
With Moniepoint and Afrigopay at the forefront of digital transformation, Nigerians can expect a more inclusive, efficient, and secure financial ecosystem. This collaboration is not just about payment solutions, it’s about empowering businesses, fostering economic growth, and ensuring that digital transactions are accessible to all.