Fintech company OPay has partnered with Afrigopay Financial Services Limited, the operator of Nigeria’s National Domestic Card Scheme, AFRIGO, to unveil the OPay/AfriGO card. This collaboration aims to provide secure, cost-effective, and accessible payment solutions, enhancing financial inclusion across the country.
The OPay/AfriGO card offers a local alternative to international payment cards, reducing the reliance on foreign exchange for transactions. This development comes as Nigeria continues to emphasize localized financial solutions to strengthen its economy and expand access to banking and payment services for underserved communities.
“Our partnership with AfriGO aligns perfectly with our goal of simplifying financial services for every Nigerian,” said Mr. Dauda Gotring, MD/CEO at OPay. “The OPay/AfriGO card is not just a product; it’s a powerful tool that will enable us to reach more Nigerians, particularly those who have been 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.”
The introduction of the OPay/AfriGO card aligns with the Nigerian government’s drive toward financial inclusion and cashless payment systems. By eliminating the need for foreign exchange in local transactions, the card is expected to make digital payments more affordable for Nigerians, particularly in rural and underserved areas.
Speaking on the collaboration, the Managing Director & CEO of Afrigopay Financial Services Ltd. (AFSL), Mrs. Ebehijie Momoh said “This partnership is set to transform financial service delivery, particularly in underserved areas. Agent networks expand coverage by supporting local businesses and offering key banking services, such as purchases, deposits, withdrawals, and money transfers, thus enhancing accessibility and promoting financial inclusion.”
One of the standout features of the OPay/AfriGO card is its instant settlement capability, which promises to improve cash flow and operational efficiency for merchants and agents. Unlike international cards, which often involve longer settlement times and higher transaction fees, the OPay/AfriGO card is designed to provide swift and secure transactions.
“With AfriGO Instant Settlement service, merchants and agents will benefit from the immediate finalization of transactions, leading to greater efficiency, improved cash flow, and reduced risk. Supported by robust technology infrastructure and effective liquidity management to ensure smooth and secure operations, together, we will make financial services faster and more accessible,” she added.
Despite Nigeria’s robust fintech ecosystem, a large portion of the population remains unbanked or underbanked. According to the World Bank, only 45% of Nigerian adults had access to formal financial services in 2021. Another 2021 study shows that nearly one in two adults don’t use any formal financial services. And more than one in three Nigerian adults are completely financially excluded.
This collaboration is set to redefine digital payments in Nigeria by providing a secure, local alternative to international payment cards and expanding access to underserved communities.
By offering an affordable and widely accepted payment card, the OPay/AfriGO partnership aims to close this gap and bring more Nigerians into the financial fold. This feature is expected to be particularly beneficial for small and medium-sized enterprises (SMEs) in Nigeria, a sector that accounts for a significant portion of the country’s economy.
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