Leading fintech company Moniepoint has partnered with AfriGO, a domestic card payment scheme, to introduce five million new payment cards in Nigeria as part of an initiative to boost financial inclusion and reduce reliance on cash transactions.
The collaboration aims to provide more Nigerians with easy access to digital banking solutions, enabling them to make seamless transactions at ATMs, point-of-sale (POS) terminals, and online platforms. The cards will be available to Moniepoint’s growing customer base, particularly small business owners and individuals who prefer digital payments over cash.
According to Moniepoint’s CEO, Mr. Tosin Eniolorunda, the new payment cards will offer lower transaction fees compared to international card brands like Visa and Mastercard. Additionally, since AfriGO is a Nigeria-based card scheme, transactions will be processed locally, reducing dependence on foreign payment networks and strengthening the country’s financial ecosystem.
Financial experts have welcomed the move, stating that increasing the number of locally issued cards will reduce the cost of banking services and help drive Nigeria’s cashless policy. The rollout of the five million cards is expected to begin in the coming months, with Moniepoint and AfriGO promising widespread availability through various financial agents and digital banking channels.