Afrigopay Financial Services Limited (AFSL) has announced the successful launch of instant POS settlement for AfriGO card transactions, which, according to the company, marks a significant advancement in the global payment landscape.
In a statement, the company said that, “this pioneering service provides merchants with instant credit for transactions, thereby enhancing cash flow and reducing risks associated with delays or disputes, further solidifying AfriGO as the Card Scheme of choice.”
The statement further said: “Following the recent appointment of the new executive management of Afrigopay Financial Services (AFSL), a subsidiary of NIBSS, the organisation introduces an innovative value-added service on the National Domestic Card to enhance transaction efficiency and reliability.
“This development underscores the commitment of AfriGO Card in driving advancements in the card payment industry and delivering unparalleled value to all stakeholders. The instant settlement process for real-time POS transactions with the use of AfriGO Cards presents another world-first achievement for the Nigeria payment sector.”
Speaking on the new service, Mr. Premier Oiwoh, the Managing Director & CEO of NIBSS (the parent company of AFSL), stated: “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 real time transaction processing and accurate account updates.”
Harping on the benefits of the National Domestic Card Scheme, Mrs. Ebehijie Momoh, Managing Director & CEO, AFSL, 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 symbolises a national pride amidst the country’s rapid electronic payment growth.”