Nigeria’s Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), has introduced an instant settlement process for AfriGO card transactions at point-of-sale (POS) terminals.
This service enables merchants to receive immediate transaction credit, improving cash flow and minimizing risks associated with payment delays or disputes.
Following the appointment of a new executive team at AFSL, this service was introduced. The instant settlement for real-time POS transactions not only marks a significant milestone for Nigeria’s payment sector but also sets a new standard in transaction processing.
Managing Director and CEO of NIBSS, Mr. Premier Oiwoh, said the new service will significantly benefit merchants and enhance their overall experience by offering timely access to funds, improved cash flow, and reduced risk of delayed or disputed transactions.
This service ensures a seamless and efficient payment experience for cardholders. It provides a reliable and convenient payment solution with real-time transaction processing and accurate account updates.
AFSL’s Managing Director and CEO, Mrs. Ebehijie Momoh, called the AfriGO card scheme a “national pride “and emphasized its benefits, including enhanced transaction security, data sovereignty, and better pricing opportunities in local currency.
“This milestone achievement with AfriGO Card is a testament to our mission to revolutionize the card payment landscape and improve the financial experiences of businesses and consumers across Nigeria and Africa.
“The instant settlement process for Real-time POS transactions is part of our broader strategy to offer value-added services and ensure the payment system in Nigeria retains its leadership role in the African payment space,” she added.
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