PalmPay and AfriGO Join Forces to Enhance Financial Inclusion in Nigeria
PalmPay has partnered with AfriGO to issue over 5 million AfriGO cards aimed at enhancing financial inclusion in Nigeria. The initiative focuses on empowering underserved communities, providing secure and affordable payment solutions, and strengthening Nigeria’s digital economy. Together, they aim to revolutionize financial services, ultimately supporting both consumer and merchant needs.
PalmPay has convened a strategic alliance with AfriGO, targeting the transformation of Nigeria’s payment systems through the distribution of over 5 million AfriGO cards. This initiative aims to serve underserved communities and enhance financial inclusion, thus fortifying Nigeria’s digital economy.
The AfriGO Card, developed by Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), represents a homegrown payment solution that aims to strengthen financial sovereignty in Nigeria. By utilizing AfriGO’s advanced infrastructure, PalmPay is dedicated to broadening its range of tailored payment solutions to meet local market demands.
PalmPay’s commitment to issuing these 5 million AfriGO cards reflects its mission to alleviate financial disparities affecting the unbanked and underserved populations. The AfriGO card’s architecture is rooted in EMVCo standards, ensuring secure transactions through features such as tokenization and contactless payment capabilities, facilitating a seamless user experience within PalmPay’s digital ecosystem.
Chika Nwosu, Managing Director of PalmPay Nigeria, remarked on the partnership, stating that the firm is devoted to fostering financial solutions that are both innovative and inclusive. He expressed that this collaboration with AfriGO enables them to offer safe, cost-effective, and community-oriented payment options, advancing their mission to enhance financial accessibility in Nigeria.
Ebehijie Momoh, Managing Director/CEO of Afrigopay Financial Services Limited, emphasized the partnership’s positive implications for financial services in Nigeria. He articulated his excitement about the collaboration, asserting that the combined efforts of AfriGO and PalmPay will significantly broaden access to digital payments, particularly in underserved regions. The AfriGO cards will facilitate smooth transactions including purchases, withdrawals, and cashless payments, while the Instant Settlement service guarantees immediate transaction finalization for merchants and agents.
The initiative presents substantial advantages to merchants such as diminished transaction costs and expedient settlements, while consumers will benefit from a secure, affordable, and locally supported payment option that simplifies daily financial transactions. This partnership signifies PalmPay’s resolve to lead advancements in digital financial services and establish Nigeria as a pioneer in payment innovation.
In conclusion, the strategic partnership between PalmPay and AfriGO aims to significantly enhance financial inclusion in Nigeria by distributing over 5 million AfriGO cards. This collaboration is designed to empower underserved populations, provide secure payment solutions, and support the growth of Nigeria’s digital economy. As the initiative rolls out, it promises to revolutionize the financial landscape, benefitting both consumers and merchants alike.
Original Source: www.thisdaylive.com
