Nigerian fintech giant Moniepoint has partnered with AfriGO, Nigeria’s national domestic card scheme, to introduce five million contactless payment cards. This initiative aims to accelerate the adoption of tap-to-pay solutions across the country, aligning with Nigeria’s push towards a cashless economy.
With a vast network of agents and merchants nationwide, Moniepoint is in a strong position to drive contactless payment adoption. The partnership will enable merchants and customers to experience fast, secure, and convenient transactions without relying on cash or traditional PIN-based card payments. This move directly supports the Central Bank of Nigeria’s (CBN) cashless policy and extends digital payment solutions to underserved communities.
Didi Uwemakpan, Moniepoint’s VP of Corporate Affairs, highlighted the challenge of transitioning from cash to digital payments. “Today, over 50% of merchants still rely on cash because it’s fast and reliable. The question is, how do we introduce something that mimics cash’s speed while supporting economic growth?”
Moniepoint’s contactless cards will launch in H2 2025, offering a cost-effective alternative compared to international payment schemes. Uwemakpan emphasized that customer demand and cost efficiency influenced their decision to collaborate with AfriGO.
This announcement follows PalmPay’s recent partnership with CashAfrica to introduce tap-to-pay functionality on POS terminals, reflecting a broader industry shift towards contactless payments.
To ensure security, CBN guidelines cap contactless transactions at ₦15,000 per purchase and ₦50,000 daily. Moniepoint will also implement PIN authentication thresholds based on transaction value, ensuring a balance between convenience and fraud prevention.
As contactless payment gains traction globally, Moniepoint is committed to educating Nigerian merchants and consumers about its benefits. If successful, this partnership could pave the way for mass adoption of tap-and-go payments in Nigeria.
READ MORE:
Could Flutterwave’s IPO Transform Nigeria’s Stock Exchange?
84% of MTN Nigeria’s employees earn over ₦1 million monthly
