Moniepoint and Afrigopay Unite to Accelerate Contactless Payments in Nigeria

Nigeria’s push toward a cashless economy gains momentum as two major financial players, Moniepoint and Afrigopay Financial Services Limited (AFSL), announce a strategic partnership to roll out 5 million contactless AfriGo cards and expand tap-to-pay solutions nationwide. This collaboration aims to enhance financial inclusion, reduce reliance on foreign payment systems, and align with the Central Bank’s cashless policy objectives.

Driving Financial Inclusion Through Innovation

Moniepoint, a leading African fintech platform serving over 10 million businesses and individuals, will leverage its robust technological infrastructure and extensive agent network to deploy AfriGo’s NFC-enabled payment solutions. The initiative enables Nigerians to execute transactions swiftly by tapping AfriGo cards or NFC-compatible devices on point-of-sale terminals. Unlike international card schemes, AfriGo operates within Nigeria’s financial ecosystem, ensuring data sovereignty and lower transaction costs—critical for small businesses and underserved communities.

Leadership Perspectives

In a statement, Moniepoint CEO Tosin Eniolorunda highlighted the partnership’s alignment with the company’s mission: “This collaboration is about engineering financial happiness. The AfriGo card isn’t just a tool; it’s a gateway to inclusivity, offering affordable, secure, and instant settlements for millions.” He emphasized the potential to empower SMEs, which form the backbone of Nigeria’s economy, by improving liquidity and operational efficiency.

Ebehijie Momoh, CEO of Afrigopay, underscored the transformative impact of merging Moniepoint’s rural-urban agent network with AfriGo’s technology: “This partnership bridges gaps in financial access. Agents will now offer seamless services—from deposits to instant transfers—bringing banking closer to Nigeria’s unbanked populations.”

The Surge of Contactless Payments

Contactless technology is rapidly reshaping global transactions, with smartphone-based payments dominating over 50% of revenue streams. Forbes predicts contactless methods will eclipse cash and traditional cards by 2030, a trend echoed in Nigeria as businesses report shorter queues and higher customer satisfaction. Key benefits driving adoption include:

1. Operational Efficiency: 84% of merchants note faster checkouts and reduced fraud risks due to encryption and tokenization.
2. Consumer Preference: 45% of global users favor contactless over cash, citing convenience and hygiene.
3. Market Growth: Projected to hit $164 billion by 2030, the sector’s expansion reflects shifting consumer trust in digital solutions.

A Forward-Looking Ecosystem

This partnership positions Moniepoint and Afrigopay at the forefront of Nigeria’s digital finance revolution. By prioritizing accessibility and security, the initiative not only supports SMEs but also strengthens national economic resilience. As Momoh noted, “Instant settlements and seamless transactions are no longer luxuries—they’re necessities for growth.”

With 27% of Nigerian businesses already observing increased contactless usage, the stage is set for a broader transformation. As these technologies penetrate rural areas, millions stand to gain entry into the formal economy, marking a pivotal step toward inclusive prosperity.

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