TechPression

Tag: AfriGo

  • Flutterwave partners with CBN to simplify payment with AfriGo

    Flutterwave partners with CBN to simplify payment with AfriGo

    Flutterwave announced on Wednesday that users can now accept payments via the Central Bank of Nigeria (CBN)’s first National Domestic Card Scheme, AfriGo. This development will simplify payments for clients and open up new business prospects.

    Due to AfriGo’s expanding user base, more Nigerian clients are now provided with extra payment options, which will increase the growth potential of their businesses.

    Nigerians can pay with naira both online and in person via the AfriGo card scheme, which is similar to Visa or MasterCard. It is intended to make payments hassle-free, more inclusive, and broadly available to all Nigerians.

    Read also: Law enforcement seeks arrest of 601 bank customers tied to N11bn Flutterwave breach

    “By partnering with the CBN, we’ve made it possible for Flutterwave businesses like you to accept payments from AfriGo cardholders. This means more options for your customers to pay and more opportunities for you to boost your revenue,” Flutterwave stated.

    AfriGo to compete with Mastercard, Visa, UnionPay, others 

    Nigeria may now compete globally in the card scheme market with well-known schemes like Visa, Mastercard, UnionPay, and others thanks to the deployment of AfriGo.

    Additionally, this lowers the prestige of being on par with its rivals and the foreign exchange risks and pressures related to multinational card schemes.

    Benefits of AfriGo to Flutterwave businesses and clients 

    Using AfriGo to accept payments as a Flutterwave business, can provide clients with more payment options, thereby increasing the likelihood that the business will generate more income. It provides clients with more choices for how to pay with naira.

    Since the card is accessible to all Nigerians, there are no limitations on who can use it to make payments, not only online but also at point-of-sale (POS) machines and ATM withdrawals.

    When businesses accept AfriGo payments, clients will benefit from:

    Exclusive deals: clients will have first dibs on a range of deals and discounts that are only available to AfriGo cardholders.

    Secure payment processing: customers’ payments are safe and their privacy is guaranteed thanks to AfriGo cards’ end-to-end encryption and security.

    Compatible with all major payment platforms: clients can easily make payments at any time and from any location with AfriGo cards since they are compatible with POS terminals and all major Nigerian websites.

    Read also: Flutterwave secures payment systems operator licence, expands operations to Uganda

    Getting started with AfriGo 

    Users must have completed the Know Your Customer (KYC) procedure and enabled card payments on their Flutterwave dashboard in order to begin accepting AfriGo payments.

    Clients’ AfriGo cards will be instantly detected when used to make payments. This implies that consumers don’t have to take any additional action; they may simply enter their card information as usual, and the payment will be processed normally.

  • AfriGO, OPay’s alliance to transform Nigeria’s digital payment ecosystem

    AfriGO, OPay’s alliance to transform Nigeria’s digital payment ecosystem

    AfriGO Card, powered by Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), announced a strategic partnership with OPay on Tuesday. This is a significant development that aims to expand digital payment options across Nigeria.

    This partnership will improve financial inclusion, lessen Nigeria’s dependency on foreign currency, and empower local businesses with secure, accessible, and creative payment alternatives.

    Read also: AfriGo to Substitute Visa and Mastercard in Nigeria

    Enhancing financial inclusion

    AfriGO, Nigeria’s National Domestic Card Scheme, uses cutting-edge technology and a customer-focused strategy to transform the financial sector. AfriGO hopes to promote financial inclusivity, data sovereignty, and economic growth in the country’s card payment ecosystem by offering a local payment card. This partnership with OPay intends to give Nigerians a convenient, efficient, and reliable payment mechanism that supports local economic interests.

    OPay and AfriGO to boost digital payments

    The OPay/AfriGO agreement is expected to accelerate digital payment services in Nigeria. Already serving millions of Nigerians, OPay will offer a solid new product to reach even more individuals and businesses, especially those without access to traditional financial services.

    Dauda Gotring, MD/CEO of OPay, emphasises, “Our partnership with AfriGO aligns perfectly with our goal of simplifying financial services for every Nigerian. 

    The OPay/AfriGO card is not just a product; it’s a tool that will enable us to reach more Nigerians, particularly those underserved by traditional banking services. This will provide Nigerians with a more affordable payment option, enable instant settlement of transactions, and further promote financial inclusion across the country.”

    Transforming financial service delivery

    The cooperation emphasises financial services accessibility in underprivileged areas. Afrigopay Financial Services Ltd. MD/CEO Ebehijie Momoh said, “This collaboration will transform financial service delivery, especially in underserved areas. Expanding agent networks will support local businesses by offering essential banking services such as deposits, withdrawals, money transfers, and purchases, which will help promote greater financial inclusion.”

    In this agreement, merchants and agents can settle transactions in real-time using AfriGO’s Instant Settlement service. Local firms will significantly benefit from this innovation in cash flow, operational efficiency, and transaction risk. With solid technology and liquidity management, the OPay/AfriGO Card strives to make payments easy, secure, and reliable for individuals and companies.

    Read also: AfriTECH 4.0: Blockchain and AI key to Africa’s digital future, says NITDA DG

    AfriGO and OPay are changing the financial services sector by encouraging local innovation and developing Nigeria-specific solutions. OPay/AfriGO is expected to increase digital payment usage in Nigeria by offering households and companies a safer, more local alternative to overseas payments.

    OPay and AfriGO’s alliance could change Nigeria’s payment systems and the African payment ecosystem. As OPay expands, this cooperation will shape Nigeria’s future digital payments, promoting financial inclusion, local companies, and new opportunities for Nigerians.

    Through collaborations like this, OPay is revolutionising Nigeria’s financial environment by providing innovative and inclusive solutions for all Nigerians, especially those excluded from mainstream banking. OPay and AfriGO will empower individuals and companies to power African digital financial services.

  • AfriGo to Substitute Visa and Mastercard in Nigeria

    AfriGo to Substitute Visa and Mastercard in Nigeria

    On January 26, 2023, the Central Bank of Nigeria (CBN) introduced a domestic card scheme known as AfriGo to compete with international cards such as Mastercard and Visa. With this move, the bank hopes to advance its initiative to make Nigeria a cashless society and save the country money on fees associated with international transactions.

    Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), made the announcement following the bank’s decision from the previous year to eliminate older banknotes with greater denominations gradually.

    The Governor of the Central Bank of Nigeria (CBN) stated during the virtual launch of the “AfriGo” card system that despite the fact that the use of card payments in Nigeria has increased over the years, many citizens are still unable to participate.

    Emefiele said, “The challenges that have limited the inclusion of Nigerians include the high cost of card services as a result of foreign exchange requirements of international card schemes and the fact that existing card products do not address local peculiarities of the Nigerian market.”

    Read also: Africa’s Yellow Card launches “Yellow Pay” services

    The Impact of AfriGo

    Emefiele stated that Nigeria would be joining China, Russia, India, and Turkey in implementing a domestic card scheme. AfriGo is owned by the Central Bank of Nigeria (CBN) as well as Nigerian banks.

    He went on to say that international card services providers such as Mastercard and Visa will not be prevented from operating in Nigeria.

    “Rather, it (AFRIGO) is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost effective and competitive manner,” he added.

    The majority of people in Nigeria, the country with the most inhabitants on the African continent, still conduct their financial transactions using cash since they reside in rural areas in which there are no banks.

    Early Announcement

    On Friday, October 21, 2022, the Central Bank announced to the public during a press briefing hosted by the Bankers’ Committee that the Central Bank of Nigeria (CBN) will begin accepting applications for its domestic card scheme (Afridi) on Monday, January 16, 2023.

    Premier Oiwoh, Managing Director of Nigeria Inter-Bank Settlement System Plc (NIBSS), highlighted at the press conference that the domestic card scheme would cut the running expenses of cards in the country while also assisting the country in achieving its goals regarding financial inclusion.

    The card is anticipated to improve data sovereignty in Nigeria. In addition to easing the transition to a cashless economy, it would also help facilitate. According to a statement released by the Central Bank of Nigeria (CBN), the rapid expansion of Nigeria’s payment landscape enables the government to initiate a domestic card programme.

    Why Nigeria is Issuing a Domestic Card Scheme (AfriGo)

    One of the goals of the new card system is to cut down on the expenses associated with running credit and debit cards in the country, which will benefit both card issuers and customers.

    The apex bank also cited the fact that this would facilitate financial inclusion as a justification for their position. Because banks will have fewer operating costs, they will be able to drop the fees they charge for issuing cards, which may lead to an increase in the number of people who use cards. The cost that banks charge to issue debit cards presently may be drastically reduced in the near future.

    Also, financial institutions would never have to deal with forex issues because payments to the card payment scheme would be paid in naira. This could provide some relief to the country as it deals with a severe shortage of forex at a time when it is desperately needed.

    How to Buy Gift Cards in Nigeria

    The card payment scheme

    A payment network that handles transactions carried out using debit and credit cards is referred to as a card payment scheme. Visa and Mastercard are two of the most widespread and widely used card payment systems all over the world. Generally speaking, financial institutions like banks and credit unions will sign up for a card payment system in order to be able to issue credit cards to their consumers for a charge.

    The services of a card payment scheme are required not just by financial institutions but also by other types of businesses. These services may be required by any company that plans to provide their clients with credit or debit cards. A grocery store that offers a customer loyalty programme may, for instance, hand out punch cards to repeat buyers. On the other hand, it is highly likely that a financial institution will stand behind these cards.

    With the introduction of a domestic card payment system, Nigeria will be in the same league as other countries, such as India, Brazil, and Turkey, which all have their own domestic card payment systems.