Nigeria launches New Payment Card Afrigo to boast Economy

All about Afrigo

The card, Afrigo, is a national domestic card scheme, created by the Central Bank of Nigeria (CBN) to perform domestic transactions within Nigeria like existing debit cards. It is the first of its kind in Africa and joins RuPay, Unionpay, Elo card scheme, and JCB card schemes as some card schemes launched by national governments.

The CBN’s decision to launch a card scheme has left a few people puzzled and led to several questions. Nevertheless, the Afrigo card would allow the CBN to compete with international payment companies like Visa, Mastercard, Verve, and the Interswitch in the valued $18.2 billion Nigerian cards and payments market.

According to the former CBN governor, Godwin Emefiele, the new card scheme is aimed at providing more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective and competitive manner.

He said that the CBN’s cashless policy had created value, engendered competition and attracted investment into Nigerian banking and payments ecosystem.

The former CBN governor had assured Nigerians that the card scheme would open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services.

Common features of the Afrigo Card

The Afrigo card functions as a debit card and will be linked to your E-Naira. It will greatly address fraud, improve transactional security, reduced demand for FX and less pressure on locally relevant partnerships and offerings, develop local skills in cards and boost financial inclusion.

SEE ALSO: NIGERIA SPENDS N3.5 TRILLION ON FUEL IMPORTATION SINCE SUBSIDY REMOVAL

Difference between Afrigo and existing debit cards?

The new card will be produced by the CBN and offers cheaper transaction fees. It is for only transactions within the shore of Nigeria, while existing cards like the Naira debit/credit cards perform domestic transactions while domiciliary cards perform international transactions and are all produced by Visa and Mastercard through commercial banks.

Benefits of the Afrigo card payment system

The Afrigo card functions as a debit card and will be linked to your E-Naira. It will greatly address fraud, improve transactional security, reduced demand for FX and less pressure on locally relevant partnerships and offerings, develop local skills in cards and boost financial inclusion.

The card scheme will open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services.

The Afrigo card scheme is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective, and competitive manner.

How will the Afigo card Scheme affect the cashless economy?

Despite the penetration of card transactions for over a decade, cash transactions are still very predominate in Nigeria. The Afrigo card is aimed at reaching the unbanked thereby increasing financial inclusion and strengthening the cashless policy society through its promises of cheaper charges.

It will also address the majority needs of Nigeians which are micropayments and the card is set to capture the dynamics of such transactions.

How to apply and get your Afrigo card in Nigeria

Anyone in Nigeria with a bank account can apply for the Afrigo card. The Afrigo card will function in the same way as existing cards. Users must request the cards from their banks.

Visit any of the Nigerian Bank and request to get the Afrigo card and you will be given a form to fill. Transactional charge will be applied and you will be issued the plastic Afrigo card.

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