AfriGopay Financial Services

What AfriGopay Financial Services does

AfriGopay Financial Services Ltd (AFSL) is a Nigerian private limited company headquartered at 10B Marina, Lagos. Founded in 2023, it operates AfriGO, Nigeria's first national domestic card scheme, which was launched by the Central Bank of Nigeria (CBN) in January 2023 in collaboration with the Nigeria Inter-Bank Settlement System Plc (NIBSS). AFSL is structured as a subsidiary of NIBSS — itself a bank-owned entity under CBN oversight — and is positioned as critical national payment infrastructure rather than a conventional venture-backed fintech.

The AfriGO platform is an EMVCo-compliant domestic card scheme supporting prepaid, debit, credit, and virtual card products. Its technology stack includes contactless NFC payments, a tokenization engine, biometric authentication integrated with Nigeria's National ID (NIMC), offline transaction capability for low-connectivity areas, and a claimed globally unique instant-merchant-settlement feature on POS transactions. Distribution runs through a network of 55+ issuing banks — including Access Bank, Unity Bank, Zenith, First Bank, Sterling, Wema, Stanbic IBTC, and Keystone — and fintech aggregators (PalmPay, Moniepoint, OPay, Flutterwave). The scheme also powers the NIMC General Multipurpose Card (GMPC), a national ID card with payment functionality, and has an ECOWAS travel card designation.

Revenue is generated from interchange fees on naira-denominated domestic transactions, card issuance and platform fees paid by issuing banks and fintechs, FX cost savings from avoiding dollar-denominated settlement, and data monetization from local payment processing. By 2025, AfriGO had processed over N70 billion in transactions and issued more than one million cards. Customer segments span unbanked and banked Nigerian populations, SMEs, diaspora Nigerians, and government program beneficiaries, with channel partnerships as the primary go-to-market motion supplemented by direct-to-consumer card requests through mobile apps.

Name

AfriGopay Financial Services

Legal name

AfriGopay Financial Services Ltd

Website

https://afrigopay.com.ng

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

AfriGopay Financial Services Ltd operates AfriGO, Nigeria's first national domestic card scheme launched by the Central Bank of Nigeria in 2023. As a NIBSS subsidiary, it delivers EMVCo-compliant debit, prepaid, credit, and virtual cards through 55+ bank and fintech partners.

Ownership category

akta.pro rank

Product category

Domestic Card Scheme

akta.pro primary industry

Domestic / National Card Schemes (FSAMAAAC)

akta.pro secondary industry

Embedded Card Issuing & Card-as-a-Service (FSAGALAC)

Keywords

• Domestic card scheme
• Payment card services
• Card payment network
• EMVCo payment cards
• Contactless payment cards

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Interchange Fees: Transaction fees earned from processing domestic card payments at POS terminals, ATMs, and online. Lower transaction fees compared to international card schemes due to naira-denominated charges.
2. Card Issuance Fees: Fees charged to issuing banks and fintechs for card production and issuance services.
3. Reduced FX Costs Savings: Cost savings from reduced demand for foreign exchange as domestic transactions are settled in naira rather than dollars.
4. Data Monetization (Local Processing): Revenue from processing and retaining payment data within Nigeria rather than sending to foreign card schemes.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

AfriGopay Financial Services Ltd (AFSL) operates AfriGO, Nigeria's first national domestic card scheme launched by the Central Bank of Nigeria in January 2023 in collaboration with NIBSS. The company provides a multi-product payment card infrastructure supporting prepaid, debit, credit, and virtual cards with instant merchant settlement, contactless NFC payments, tokenization, and offline transaction capabilities. Distribution occurs through 55+ bank partners and major fintech aggregators (PalmPay, Moniepoint, OPay, Flutterwave), targeting banked, underbanked, and unbanked Nigerian populations for financial inclusion.

Product overview

AfriGopay Financial Services Limited (AFSL) operates AfriGO, Nigeria's first national domestic card scheme launched by the Central Bank of Nigeria (CBN) in January 2023 in collaboration with NIBSS. The AfriGO platform serves as a multi-product payment card infrastructure offering four core card variants — Prepaid Cards (including Remittance, Fuel, Pension, Gift, Young, Multi-currency, and Payroll sub-types), Debit Cards (including multi-currency variants), Credit Cards (including Corporate, Multi-currency, Business, Fleet, and Lodge sub-types), and Virtual Cards — all targeted at the banked, underbanked, and unbanked Nigerian populations. The platform differentiates through instant merchant settlement, a loyalty platform, tokenisation engine, and tap-to-pay/contactless capabilities, all aligned with Nigeria's data sovereignty mandate. Strategic partnerships with Moniepoint and PalmPay drive distribution, with over 10 million cards targeted for issuance, and integration with the upcoming NIMC multipurpose national ID card. AfriGO competes with international schemes (Visa, Mastercard, Verve) in Nigeria's $22 billion cards and payments market.

Differentiator

Problem solved

Functional benefit

Brands

• AfriGO: Nigeria's national domestic card scheme offering prepaid, debit, credit, and virtual cards for the Nigerian payment ecosystem.

Products and services

• AfriGO National Domestic Card Scheme Nigeria's first national domestic card scheme offering prepaid, debit, credit, and virtual cards for domestic transactions with instant merchant settlement, targeting both banked and unbanked populations. Licensed by CBN and operated as critical national payment infrastructure.
• Prepaid Cards Payment cards not linked to a bank account, loaded with a predetermined amount of money. Includes Remittance Cards, Fuel Cards, Virtual Cards, Pension Cards, Gift Cards, Young Cards, Multi-currency Prepaid Cards, and Payroll Cards.
• Debit Cards Payment cards linked to a bank account, enabling cash withdrawals at ATMs, POS purchases, and online transactions. Includes multi-currency variants for global and online spending with spending tracking via banking apps.
• Credit Cards Payment cards providing access to a credit line, usable for purchases, services, and cash disbursements. Includes Multi-currency Credit Cards, Virtual Cards, Installment Cards, Charge Cards, Purchasing Cards, Fleet Cards, Corporate Cards, Lodge Cards, and Business Cards.
• Virtual Cards Digital payment cards created on a bank's mobile app, usable for online, in-store, and international payments without a physical card. Card details retrievable via USSD or internet banking, and via digital tokens generated from the digital wallet or bank app.
• Cowry Terminal Payment Cards Physical terminal-based payment cards designed for merchant point-of-sale transactions, showcased at Digital Pay Expo 2026 as part of AfriGO's expanded product portfolio for merchant payment acceptance.

Quantifiable outcome

• Processed N70 billion+ in transactions in 2025 with over 1 million cards issued
• +3 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

16 partnerships are on record, tiered core, flagship and minor.

• Bank of AgriculturecoreChannel Partner/ Reseller/ Distributor · 17 June 2026AfriGO-BOA Card Initiative designed to drive financial transparency and accountability within Nigeria's agricultural finance value chain. Announced at Digital Pay Expo 2026.
• Flutterwave (Send App)flagshipChannel Partner/ Reseller/ Distributor · 21 December 2025Flutterwave's Send App launched the Send App Travel Card for diaspora Nigerians returning home for festive season. Card launched in partnership with Odysy (technology partner) and AfriGO. Users can fund cards with US, EU or UK cards and receive physical cards within 24 hours.
• OPayminorChannel Partner/ Reseller/ Distributor · 24 September 2025Strategic fintech partner for expanding access to affordable, secure, and instant financial services for underserved Nigerians.
• Sterling BankminorChannel Partner/ Reseller/ Distributor · 24 July 2025Issuing partner among growing network of banks issuing AfriGO cards for their customers.
• Wema BankminorChannel Partner/ Reseller/ Distributor · 24 July 2025Issuing partner among growing network of banks issuing AfriGO cards for their customers.
• Stanbic IBTCminorChannel Partner/ Reseller/ Distributor · 24 July 2025Issuing partner among growing network of banks issuing AfriGO cards for their customers.
• Zenith BankminorChannel Partner/ Reseller/ Distributor · 24 July 2025Issuing partner among growing network of banks issuing AfriGO cards for their customers.
• First Bank of NigeriaminorChannel Partner/ Reseller/ Distributor · 24 July 2025Issuing partner among growing network of banks issuing AfriGO cards for their customers.
• Keystone BankminorChannel Partner/ Reseller/ Distributor · 24 July 2025Issuing partner among growing network of banks issuing AfriGO cards for their customers.
• Unity BankcoreChannel Partner/ Reseller/ Distributor · 6 June 2025Unity Bank made AfriGo cards a cornerstone of retail banking strategy. CEO Ebenezer Kolawole described AfriGo as having significant potential to redefine Nigeria's card payment landscape. Ranked amongst top 5 adopters of the domestic card scheme.
• PalmPaycoreChannel Partner/ Reseller/ Distributor · 18 March 2025Strategic partnership to issue over 5 million AfriGO cards. PalmPay's 500,000+ agent network provides physical touchpoints for card distribution. Cards available for request directly through PalmPay mobile app.
• MoniepointcoreChannel Partner/ Reseller/ Distributor · 3 March 2025Partnership to distribute 5 million AfriGO cards and introduce contactless tap-to-pay solutions. Leverages Moniepoint's extensive agent network for distribution to underserved communities.
• NIMC (National Identity Management Commission)coreStrategic or Co-development Partner · 6 April 2024Federal Government collaboration through NIMC, CBN, and NIBSS to launch General Multipurpose Card (GMPC) with payment functionality powered by AfriGO. Card serves as national identity and debit/prepaid payment card.
• Access BankcoreChannel Partner/ Reseller/ Distributor · 10 April 2023Access Bank, Nigeria's largest retail bank with over 60 million customers, was the first financial institution to successfully issue live AfriGO cards. First purchases on POS and ATMs recorded on March 14, 2023.
• NIBSS (Nigeria Inter-Bank Settlement System)coreStrategic or Co-development Partner · 26 January 2023AfriGopay Financial Services (AFSL) operates as a subsidiary of NIBSS. The domestic card scheme was developed through collaboration between CBN and NIBSS. Premier Oiwoh, MD of NIBSS, highlighted key benefits including reduced operating costs, secured platform, loyalty schemes, credit and virtual cards.
• CBN (Central Bank of Nigeria)coreStrategic or Co-development Partner · 26 January 2023CBN launched the domestic card scheme and provides regulatory backing. Governor Godwin Emefiele expressed commitment to ensuring a secure national payment system and financial inclusion.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• MIR: MIR is Russia's national card payment system, operated by the National Payment Card System (NSPK). MIR is a direct peer in the domestic card scheme category, designed to ensure payment sovereignty and provide an alternative to international schemes.
• RuPay: RuPay is India's domestic card scheme operated by NPCI, launched with backing from the Reserve Bank of India. As the most analogous model to AfriGO (central bank-backed national payment infrastructure targeting financial inclusion), RuPay serves as the closest comparable and a blueprint for AfriGO's potential trajectory.
• TROY: TROY is Turkey's national domestic card scheme, launched to reduce reliance on international card schemes. TROY's positioning as a national-strategic alternative to Visa/Mastercard parallels AfriGO's domestic-card mandate in Nigeria.
• Verve (by Interswitch): Verve is Africa's most successful domestic card scheme, operated by Interswitch in Nigeria. With 70M+ cards issued, Verve is the most direct competitor to AfriGO in the Nigerian market, sharing the same customer base (banks, fintechs, merchants) and product category (debit, credit, prepaid cards).
• Elo: Elo is a Brazilian domestic card scheme operated by a consortium of major Brazilian banks. Elo provides a similar model of nationally-rooted card scheme competing with Visa, Mastercard, and Hipercard in a major emerging market, making it a strong structural peer to AfriGO.

Broad incumbents

• Mastercard: Mastercard is a global card network and a direct competitor to AfriGO in Nigeria. Mastercard's installed base of issuer banks, merchant acceptance, and brand recognition make it a key incumbent that AfriGO's instant settlement and cost advantages must compete against.
• Visa: Visa is the world's largest global card network and one of AfriGO's primary competitors in Nigeria. Visa's incumbent position, extensive merchant acceptance, and international reach present the structural competition AfriGO must overcome in Nigeria's $22bn cards market.
• JCB: JCB is a Japan-based international card scheme. While not a direct competitor in Nigeria today, JCB is a relevant peer as a regional card scheme that has expanded globally while maintaining its domestic strategic position.
• Discover Financial Services: Discover operates a card network alongside its issuing and banking businesses. As a card scheme that grew from a domestic US base and pursued international partnerships, Discover provides a structural parallel to AfriGO's potential expansion from Nigeria.
• UnionPay: UnionPay originated as a domestic Chinese card scheme backed by the People's Bank of China and has grown into a global card scheme. UnionPay represents the aspirational trajectory for AfriGO - a domestic scheme that achieves international scale and acceptance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/afrigopay
• Facebookfacebook.com/100089875546935
• LinkedInlinkedin.com/company/afrigo-pay-financial-services
• Instagraminstagram.com/afrigopay

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AfriGopay Financial Services