Sterling Bank has partnered with AfriGO and the Nigeria Inter-Bank Settlement System (NIBSS) to launch an “Independence Reward Programme” initiative to distribute 100,000 free AfriGO debit cards to essential service providers across the country to celebrate Nigeria’s 64th independence anniversary.
The initiative targets corps members, teachers, healthcare workers, and members of the armed forces, recognising their contributions to the nation while promoting financial inclusion and digital payment adoption.
Mustapha Otaru, chief product officer at Sterling Bank, said, “We are leveraging fintech solutions to honour our nation’s backbone – the service providers. This program is not just about rewards; it’s about accelerating the shift towards a digital economy.”
According to the firms, cardholders receive N5,000 upon activation, with an additional N5,000 bonus for completing 10 transactions within a month.
They added that “High-volume users can win up to N300,000 in monthly cash prizes. The programme will run from October to December 2024, providing a significant window for adoption and usage.”
On her part, Ebehijie Momoh, MD/CEO of Afrigopay Financial Services Limited (AFSL), spoke on the program’s potential impact on digital payment adoption. “By gamifying card usage, we are making digital transactions more attractive and accessible to a crucial segment of Nigerian society,” Momoh explained.
Read also: Sterling Bank adopts new banking solution to enhance financial services to customers
According to new data from the Nigeria Interbank Settlement System (NIBSS), total cashless transactions rose by 84.37 percent to N572.63 trillion, in the first seven months of 2024.
As of the end of 2023, cashless payments grew to N611.06trn from N395.38trn in 2022, and experts have said the numbers will hit unprecedented levels in 2024.
This collaboration marks a significant milestone in Nigeria’s digital landscape. It demonstrates how banks, payment processors, and tech companies can synergise to drive financial inclusion and digital transformation.
The firms noted that the success of this programme could set a precedent for future public-private partnerships in the fintech space, potentially paving the way for more innovative solutions to Nigeria’s financial inclusion challenges.
“As the programme unfolds, all eyes will be on its adoption rates and its impact on digital transaction volumes among service providers,” it noted.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
