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The Nigerian bank Unity Bank has pledged to make AfriGo cards a cornerstone of its retail banking strategy.
AfriGo cards were launched by the Central Bank of Nigeria (CBN) as a national domestic card scheme, to promote a cashless economy and offer a local alternative to international card providers like Visa and Mastercard. Unlike existing debit cards, AfriGo is exclusively for domestic transactions and offers lower transaction fees.
Unity Bank chief executive Ebenezer Kolawole described AfriGo as having “significant potential to redefine Nigeria’s card payment landscape”.
“We are committed to making the AfriGo Card a primary delivery channel for Unity Bank,” Kolawole said. “As a national domestic card scheme, it deserves to be promoted both internally and externally as a local solution.”
The aim of this partnership is to support indigenous financial technology while reducing reliance on foreign payment infrastructure and currency for payment systems.
AfriGo managing director Ebehijie Momoh praised Unity Bank’s support, noting that the lender ranks amongst the top five adopters of the domestic card scheme. The partnership has helped expand electronic payment access across underserved markets, he said.
Both parties have committed to expanding card usage across Nigeria’s retail sector through awareness campaigns and network integration.
Nigeria ranks fourth in terms of GDP in Africa, and 39th in the world. But despite development indicators pointing towards a wide range of electronic payments, card is struggling to usurp cash as the dominant payment method. Nigeria ranks 115th in terms of card penetration: low, for such a sizeable population.
While less than 2% of Nigerian adults own a credit card, 52% have a bank account with a financial institution, representing the significant opportunity in this space.
