Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS) has launched an instant settlement process for AfriGO card transactions at point-of-sale (POS) terminals.
Afrigopay unveiled this yesterday, at a press briefing noting that this service enables merchants to receive immediate credit for transactions, a move expected to improve cash flow and minimise risks linked to payment delays or disputes.
The introduction of the service followed the recent appointment of a new executive team at AFSL.
The upgrade was part of a broader strategy to enhance the efficiency and reliability of the National Domestic Card, underscoring AfriGO's role in advancing the country's card payment industry. The instant settlement for real-time POS transactions marks a significant milestone for Nigeria's payment sector, setting a new standard in transaction processing.
Speaking on this, Managing Director & CEO of NIBSS, Mr. Premier Oiwoh, 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."
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Reiterating the benefits of the National Domestic Card Scheme, Managing Director CEO, AFSL, Mrs. Ebehijie Momoh 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 symbolizes a national pride amidst the country's rapid electronic payment growth."
She added: "This milestone achievement with AfriGO Card is a testament to our mission to revolutionise the card payment landscape and improve the financial experiences of businesses and consumers across Nigeria and Africa.
"The instant settlement process for Real-time POS transactions is part of our broader strategy to offer value-added services and ensure the payment system in Nigeria retains its leadership role in the African payment space."
AfriGO, Nigeria's national domestic card scheme was 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.
