posted September 17, 2024
Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigerian Inter-Bank Settlement System Plc (NIBSS), has launched Nigeria’s first instant settlement service for point-of-sale (POS) transactions using the AfriGO card.
The innovation enables merchants to receive instant credit for transactions, which improves cash flow and reduces the risks associated with payment delays or disputes.
This development positions AfriGO as a leading domestic card scheme in Nigeria and marks a global achievement in the payment industry. The service is set to expand to over 181 countries, further demonstrating Afrigopay’s commitment to advancing the card payment sector.
By introducing this value-added feature, Afrigopay aims to enhance transaction efficiency and reliability, benefiting all stakeholders in the payment ecosystem.
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The Managing Director of NIBSS, Premier Oiwoh, highlighted that: “Since the launch of NIBSS Instant Payment in 2011, the world’s first account-based digital payment solution providing instant value to beneficiaries, we have continued to pioneer industry advancements.
“This new service will provide significant benefits to merchants and enhance their overall experience by offering timely access to funds, improved cash flow and reduced risk of delayed or disputed transactions. For cardholders, it ensures a seamless and efficient payment experience with real-time transaction processing and accurate account updates.”
On its benefits, the Managing Director of AFSL, Ebehijie Momoh, said: “The implementation of the AfriGO card scheme presents numerous benefits for the industry and the nation. By enhancing transaction security, ensuring data sovereignty and offering better pricing opportunities in local currency, the scheme reduces interchange fees and alleviates pressure on the naira. It indeed symbolizes national pride amidst the country’s rapid electronic payment growth.”
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She added that the milestone achievement with AfriGO card is a testament to “our mission to revolutionise the card payment landscape and improve the financial experiences of businesses and consumers across Nigeria and Africa”.
The instant settlement process for real-time PoS transactions, she noted, is part of the broader strategy to offer value-added services and ensure the payment system in Nigeria retains its leadership role in the African payment space.