Afrigopay Financial Services Limited has launched an instant Point of Sale (PoS) settlement feature for AfriGO card transactions. This move marks a significant milestone in Nigeria’s payment sector.
This new service was disclosed by the Managing Director, Nigeria Inter-Bank Settlement System Plc, Premier Oiwoh, at a press conference in Lagos State on Tuesday.
Oiwoh stated that the service allows merchants receive instant credit for transactions, thereby enhancing cash flow and reducing risks associated with delays or disputes.
He added that following the appointment of a new executive management team at Afrigopay Financial Services, a subsidiary of the Nigeria Inter-Bank Settlement System, the organisation has introduced this service on the National Domestic Card.
According to Oiwoh, this instant settlement process for real-time PoS transactions using AfriGO cards is a world-first for Nigeria, further establishing the country’s leadership in payment solutions.
He emphasized that since the launch of NIBSS Instant Payment in 2011, Nigeria has been at the forefront of digital payment innovations, and this new service continues that tradition by providing merchants with timely access to funds and reducing transaction risks.
Also speaking, Managing Director and CEO of Afrigopay Financial Services Limited, Ebehijie Momoh, highlighted the broader economic benefits of the National Domestic Card Scheme.
She noted that it reduces interchange fees, eases pressure on the Naira, and supports financial inclusion and economic growth by offering secure, efficient, and cost-effective payment options.
In her remarks, Onoshokemeh Williams, Head of Products at Afrigopay, added that the company has partnered with banks to ensure the durability and consumer-centric design of AfriGO cards, further enhancing the user experience.
“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 lead industry advancements.
“This new service will significantly benefit merchants by offering timely access to funds, improved cash flow, and reduced risk of delayed or disputed transactions. For cardholders, it guarantees a seamless and efficient payment experience with real-time transaction processing and accurate account updates,” he said.
Also speaking, the Managing Director and Chief Executive Officer, Afrigopay Financial Services Limited, Ebehijie Momoh, noted the broader benefits of the National Domestic Card Scheme, stating, “The scheme reduces interchange fees and eases pressure on the Naira. It truly symbolizes national pride amidst the country’s rapid electronic payment growth.”
She added that the scheme supports financial inclusion and economic growth by offering secure, efficient, and cost-effective payment options.
In her remarks, the head of products, AFSL, Onoshokemeh Williams, noted that as a scheme, the company partnered with banks to ensure its cards are durable and designed to meet the needs of its consumers.
