Access Bank has launched a partnership with AfriGOpay to introduce the first live card of Nigeria’s National Domestic Card Scheme.
AfriGOpay is a financial service provider affiliated with the Nigeria Inter-Bank Settlement Scheme (NIBSS) and tasked with facilitating Africa’s first national domestic card scheme. The scheme, jointly launched by the Central Bank of Nigeria (CBN) and the Nigerian Interbank Settlement System (NIBSS), aims to deliver cutting-edge card solutions to financial service users in Nigeria, Africa, and global markets.
Also Read: CBN, NIBSS Launch AfriGo, Africa’s First National Payment Card Scheme
Commenting on the collaboration, Victor Etuokwu, the Deputy Managing Director of Retail Banking at Access Bank, stated: “It is with excitement that we announce that Access Bank, Nigeria’s largest retail bank with over 60million customers is the first financial institution in Nigeria to successfully issue the first live card of the Nigeria’s National card scheme- AfriGO.”
Robert Giles, Access Bank’s Senior Retail Advisor also noted about the new product, “The National card scheme operates locally, and 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 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.”
Recall that in January 2023, the CBN formally unveiled the Nigerian National Domestic Card Scheme, known as AfriGo.
Also Read: Fraud Alert: CBN Warns Against Fake Loans and Investment Schemes
According to Godwin Emefiele, the CBN Governor, “The scheme is important to plug in the gap that has remained in the economy since the introduction of the cashless policy, and will integrate the informal segment of our economy, reduce shadow banking, bring more Nigerians into the formal financial services with an attendant diversification of deposit portfolio which will further strengthen the stability of the banking industry.”
