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🇳🇬 Nigeria /Economy & Trade

AfriGO Card Aims to Boost Financial Inclusion for Nigerian Microfinance Banks

From ThisDay · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • AfriGO is promoting its national payment card scheme to Nigerian microfinance banks to boost financial inclusion.
  • The AfriGO card offers a secure, domestic payment option for unbanked Nigerians and aims to reduce operational costs for microfinance institutions.
  • Industry stakeholders, including the National Association of Microfinance Banks, see collaboration on secure payment rails as vital for sustainable growth.

Afrigopay Financial Services Limited is urging Nigerian microfinance banks to collaborate and innovate to expand financial inclusion, particularly through its national payment card, AfriGO. At the 16th Annual General Meeting of the National Association of Microfinance Banks (NAMB) in Abuja, AfriGO's Chief Commercial Officer, Ugo Obasi, presented the card as a secure, domestically developed gateway into formal payments for underserved Nigerians.

AFRI GO offers underserved and unbanked Nigerians a simple, highly secure, and domestically built entryway into the formal payment ecosystem.

— Ugo ObasiChief Commercial Officer and Executive Director at Afrigopay Financial Services Limited, explaining the purpose of the AfriGO card.

Obasi emphasized the business advantages for microfinance banks, highlighting potential savings on operational and transaction costs compared to existing card networks. He noted that AfriGO is designed to overcome historical integration challenges for smaller financial institutions by providing comprehensive support.

AFRI GO addresses the historic integration barriers faced by smaller financial institutions by offering turnkey support.

— Ugo ObasiChief Commercial Officer and Executive Director at Afrigopay Financial Services Limited, detailing the benefits of the card for microfinance banks.

The meeting, themed "Beyond 20 Years: Engineering Sustainable Microfinance for the Next Generation," gathered operators, regulators, and payment experts. NAMB National President Dr. Adenrele Oni recognized AfriGO's commitment to the sector, stating that collaborative efforts around secure payment infrastructure are crucial for driving industry growth.

institutional collaboration around secure payment rails remains critical to driving sustainable growth across the industry.

— Dr. Adenrele OniNational President of NAMB, commenting on the importance of partnerships for the microfinance sector.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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