AfriGO’s instant PoS settlement empowers businesses, supports financial inclusion

Afrigopay Financial Services Limited (AFSL) has successfully launched its instant POS settlement for AfriGO card transactions, marking a significant advancement in the global payment landscape.

The pioneering service provides merchants with instant credit for transactions, thereby enhancing cash flow and reducing risks associated with delays or disputes, further solidifying AfriGO as the card scheme of choice.

Following the recent appointment of the new executive management of Afrigopay Financial Services (AFSL), a subsidiary of NIBSS, the organisation has introduced an innovative value-added service on the National Domestic Card to enhance transaction efficiency and reliability.

This development underscores the commitment of AfriGO Card in driving advancements in the card payment industry and delivering unparalleled value to all stakeholders. The instant settlement process for real-time POS transactions with the use of AfriGO Cards presents another world-first achievement for the Nigeria Payment Sector.

Premier Oiwoh, managing director & CEO of NIBSS (the parent company of AFSL), said: “Since the launch of NIBSS Instant Payment in 2011, the world’s first account-based digital payment solution providing instant value to beneficiaries, we have continued to pioneer industry advancements. This new service will provide significant benefits to merchants and enhance their overall experience by offering timely access to funds, improved cash flow and reduced risk of delayed or disputed transactions. For cardholders, it ensures a seamless and efficient payment experience with realtime transaction processing and accurate account updates.”

Reiterating on the benefits of the National Domestic Card Scheme, Ebehijie Momoh, managing director & CEO, AFSL, said: “The implementation of the AfriGO card scheme presents numerous benefits for the industry and the nation. By enhancing transaction security, ensuring data sovereignty and offering better pricing opportunities in local currency, the scheme reduces interchange fees and alleviates pressure on the Naira; it indeed symbolises a national pride amidst the country’s rapid electronic payment growth.”

She said, “The introduction of the AfriGO Card marks a significant milestone in our mission to transform the card payment landscape. This achievement not only enhances financial experiences for businesses and consumers across Nigeria and Africa but also underscores our commitment to innovation. The real-time POS transaction settlement process is a key component of our broader strategy to provide value-added services and reinforce Nigeria’s leading position in the African payment sector.”

AfriGO, Nigeria’s national domestic card scheme, is designed to empower businesses and consumers with innovative solutions tailored to local needs. The scheme supports financial inclusion and economic growth by offering secure, efficient and cost-effective payment options, reducing reliance on foreign exchange. It fosters the development of local skills and opens new opportunities within the card business ecosystem.

Responding to issues of dispute resolution, she said the instant nature of the process significantly minimises the need for dispute resolution. “However, in cases where issues do arise, we have implemented an auto-reversal feature through the Platform DCSS that we discussed earlier. Additionally, the Central Bank, in collaboration with the entire ecosystem, has established an industry dispute resolution system. This platform allows users to log issues and receive immediate resolutions. These measures are designed to ensure that disputes are handled promptly, addressing the challenge of delayed funds transfers.”