NIBSS firm, AfriGo, unveils PoS settlement for card transactions

Afrigopay Financial Services Limited (AFSL) has launched an instant point of sale (PoS) device to improve card transactions.

During the launch, the managing director of Nigeria Inter-Bank Settlement System (NIBSS), the parent company of AFSL, Mr Premier Oiwoh, said the new POS for AfriGO card transactions was geared towards advancing the global payment landscape. 

“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.

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“For cardholders, it ensures a seamless and efficient payment experience with real-time transaction processing and accurate account updates,” he said. 

Also, the Managing Director of AFSL, Mrs Ebehijie Momoh, described the innovation as a fundamental shift to foster financial inclusion, advance the country’s payment industry, and contribute to its economic stability.

“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 national pride amidst the country’s rapid electronic payment growth.” 

She added that the firm has moved to extend its value proposition to over 181 countries in a bid to cross beyond the shores of Nigeria.

“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,” she stated.