AfriGoPay Financial Services Limited, under the leadership of Chief Executive Officer Ebehijie Momoh, has announced plans to reduce payment processing costs by introducing a new local card designed to support Nigeria’s financial inclusion goals.
The company, in collaboration with Nigerian banks and the Central Bank of Nigeria, aims to provide a more cost-effective and efficient payment solution that enhances access to financial services across the country.
The CEO made this disclosure at the Africa Tech Alliance Forum held in Lagos recently. The event attracted both physical and virtual attendees from different sectors of the economy.
The AfriGoPay boss expressed delight that Nigeria’s digital payments landscape is also experiencing rapid expansion, with 2023 alone seeing an estimated $730bn in transactions.
She noted that the advent of domestic payment solutions, like the recently launched AfriGo card, represents a homegrown option that facilitates cashless payments.
“The AfriGo card, developed in collaboration with Nigerian banks and the CBN, is designed to reduce costs by processing transactions in local currency instead of foreign exchange, thus supporting the nation’s financial inclusion goals.
Momoh noted that with a population exceeding 220 million and mobile penetration reaching a notable 90 per cent, Nigeria is well-positioned for a digital transformation that supports a burgeoning economy.
She stated that over 103 million Nigerians, or 45.5 per cent of the population, are now internet users, underscoring the potential for digital growth.
“According to a 2023 report, the country’s financial inclusion rate rose to 64 per cent, an impressive increase from the 50s just two years prior. This growth is driven in part by the CBN initiatives focused on financial inclusion, fostering an environment where more Nigerians can access essential financial services,” she said.