AfriGO unveils PoS settlement for card transactions
opay Financial Services Limited has unveiled an instant Point of Sale settlement feature for AfriGO card transactions.
This was disclosed by the Managing Director, Nigeria Inter-Bank Settlement System Plc, Premier Oiwoh, at a press conference held at the Victoria Island area of Lagos State on Tuesday.
Oiwoh stated that the service allows merchants to receive instant credit for transactions, thereby improving cash flow and mitigating risks linked to 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.
Oiwoh further highlighted AfriGO’s commitment, stating that the instant settlement process for real-time PoS transactions using AfriGO cards represents a world-first achievement for Nigeria’s payment sector.
“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.
