Nigeria-based Afrigopay has announced the launch of instant POS settlement for AfriGO card transactions, with the move supporting the development of the global payment environment. By launching the new service, Afrigopay intends to equip merchants with instant credit for transactions, thus working towards optimising cash flow and minimising risks normally associated with delays or disputes.

In addition, the current move aims to further solidify AfriGO’s position as a card scheme in the region. When it comes to the launch, representatives from Nigeria Interbank Settlement System (NIBSS), the parent company of Afrigopay, underlined that the newly added service is set to provide substantial benefits to merchants whilst improving their overall experience by delivering timely access to funds. In terms of customers, the instant credit for POS transactions service focuses on ensuring a simplified and efficient payment experience through real-time transaction processing and precise account updates.

How will the launch support Nigeria’s payment landscape? As mentioned by officials, since the launch of NIBSS Instant Payment in 2011, the company has been working on introducing optimised solutions to the market and advancing the overall industry. Also, the AfriGO card scheme focuses on offering several benefits, including increased transaction security, data sovereignty, and improved pricing opportunities in local currency. The scheme was developed to assist  businesses and customers and allow them to gain access to solutions customised to their local needs.

AfriGO supports financial inclusion and economic growth by delivering cost-effective payment options and minimising reliance on foreign exchange, therefore fostering the development of local skills and opening prospects within the card business ecosystem. Moreover, the announcement supports Afrigopay’s commitment to advancing and scaling the card payment landscape while improving the financial experiences of businesses and consumers across Nigeria and Africa. Additionally, the instant settlement process for real-time POS transactions contributes to a broader strategy to provide value-added and optimised services and ensure the payment system in Nigeria maintains its position in the African payment sector. .