Access Bank in partnership with AfriGOpay has launched the first national domestic card designed to meet the needs of the Nigerian payment industry.
Victor Etuokwu, Deputy Managing Director, Retail Banking, Access Bank, said this in a statement on Thursday in Lagos.
Etuokwu said that the scheme, championed by the Central Bank of Nigeria and the Nigerian Interbank Settlement System (NIBSS), would provide innovative solutions to users of financial services in Nigeria, Africa, and across the global markets.
“It is with excitement that we announce that Access Bank, Nigeria’s largest retail bank with over 60 million customers, is the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s National card scheme- AfriGO.
“The launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry.
“Consumers demand value in real-time, not just transactions.
“With AfriGO, we can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilize electronic payments rather than cash,” he said.
Etuokwu also said the AfriGO card would strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians with several other benefits.
The statement quoted Robert Giles, the Senior Retail Advisor of Access Bank as saying, “The national card scheme will operate locally as it is tailored to the specific needs of the country.
“We have also recorded successful purchases on POS and ATMs which began on March 14, 2023.
“Domestic ownership of a local card scheme eliminates demand on foreign exchange and reduces the cost of transacting.
"It will also help us partner with local fintechs and payment companies to build solutions on the AfriGO scheme that solve customers’ pain points.”
AfriGOpay is a financial services business affiliated with the Nigeria Inter-Bank Settlement System (NIBSS).
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