Access Bank is partnering with AfriGOPay, a financial services company aligned with the Nigeria Inter-Bank Settlement System (NIBBS) to launch Nigeria's first National Domestic Card, created to meet the payment needs of Nigerians.
The project initiated by the Central Bank of Nigeria (CBN) and the NIBBS will provide creative solutions to users of financial institutions in Nigeria, Africa and across the world.
He said:
"The launch of AfriGO is another milestone in developing 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.
"The AfriGO Card has additional benefits because it is designed to facilitate the growth of Nigeria's payment ecosystem, thereby supporting more tailored payment services. It will strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians several other benefits. Cardholders will enjoy increased affordability and more flexible payment options."
Senior Retail Advisor of Access Bank, Robert Giles said the card operates locally and is designed for Nigeria's specific needs. The bank has recorded successful purchases of PoS and ATMs beginning from March 14, 2023.
The development is touted as a significant milestone for Nigeria's national payment infrastructure, where cash demand is at its peak.
The Chief Executive Officer of NIBBS, Premier Oiwoh, said at the launch that the payments ecosystem in Nigeria has continued to grow through real-time electronic payment solutions boosted by creativity and growth in technology.
The apex bank said the card would be used for varying purposes, including payments and foreign exchange activities.
Many have seen the latest move as replacing debit cards in despite CBN's insistence that Nigerians can keep their cards issued by their respective banks.
The card is also expected to rival big industry players such as Mastercard and Visa.
Access Bank makes the first move
Access Bank's Deputy Managing Director of Retail Banking, Victor Etuokwu said the bank is the first financial institution in Nigeria to issue the first live card of the National Domestic Card in partnership with AfriGo.He said:
"The launch of AfriGO is another milestone in developing 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.
"The AfriGO Card has additional benefits because it is designed to facilitate the growth of Nigeria's payment ecosystem, thereby supporting more tailored payment services. It will strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians several other benefits. Cardholders will enjoy increased affordability and more flexible payment options."
Senior Retail Advisor of Access Bank, Robert Giles said the card operates locally and is designed for Nigeria's specific needs. The bank has recorded successful purchases of PoS and ATMs beginning from March 14, 2023.
The development is touted as a significant milestone for Nigeria's national payment infrastructure, where cash demand is at its peak.
Benefits of National Domestic Card
Giles said the card would support payments and build Nigeria as the sixth most advanced real-time payments market globally, reports say.The Chief Executive Officer of NIBBS, Premier Oiwoh, said at the launch that the payments ecosystem in Nigeria has continued to grow through real-time electronic payment solutions boosted by creativity and growth in technology.
CBN reveals the purpose for National Domestic Card
CBN launched the National Domestic Card on January 26, 2023, to boost payments in Nigeria and compete with international card providers such as MasterCard and Visa.The apex bank said the card would be used for varying purposes, including payments and foreign exchange activities.
Many have seen the latest move as replacing debit cards in despite CBN's insistence that Nigerians can keep their cards issued by their respective banks.
CBN begins implementation of a National Domestic Scheme on January 16 to unify payments in Nigeria
In partnership with the Nigeria Inter-Bank Settlement System (NIBBS), the CBN said the scheme would unify payments in Nigeria and bring in the unbanked population.The card is also expected to rival big industry players such as Mastercard and Visa.