Moniepoint, Nigeria’s leading fintech unicorn, has partnered with AfriGO to introduce five million contactless payment cards. The move is expected to drive digital payment adoption across the country.
A Push Towards a Cashless Economy
Despite Nigeria’s ongoing transition to digital transactions, cash remains dominant, especially among merchants. Moniepoint’s Vice President of Corporate Affairs, Didi Uwemakpan, highlighted the challenge: “Today, over 50% of merchants still rely on cash because it’s fast and reliable. If cash is fast and reliable, what is that thing that can mimic cash and still helps the economy grow?”
By leveraging Moniepoint’s extensive network of agents and merchants, the partnership aims to bring “tap and go” convenience to businesses and consumers, aligning with the Central Bank of Nigeria’s cashless policy.
Contactless Payments Gaining Momentum
The collaboration follows a similar move by PalmPay, which recently partnered with CashAfrica to introduce tap-to-pay functionality on its POS terminals. Moniepoint, however, is taking a broader approach by rolling out its own contactless payment infrastructure and plans to launch its first batch of contactless-enabled cards by the second half of 2025.
Choosing AfriGO over international card providers was a strategic decision. “For us, it’s about how do we drive digital payments in Nigeria. At the end of the day, do my customers want this, do my customers find value in this, and is it cost efficient?” Uwemakpan explained.
With contactless payments still unfamiliar to many Nigerians, Moniepoint plans to educate both merchants and consumers. The company will also adhere to the Central Bank’s guidelines, setting a per-transaction limit of ₦15,000 and a daily cap of ₦50,000 to minimise fraud risks.
If the initiative succeeds, it could mark a turning point for Nigeria’s payment landscape, making digital transactions faster, safer, and more widely accessible.
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