Kolomoni Microfinance Bank and the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have mapped out a strategic plan towards providing AfriGO debit cards to millions of Nigerians in order to improve their financial accessibility.
Yusuf Adeojo, Managing Director of Kolomoni Microfinance Bank, who emphasised the importance of the partnership, said; “through this collaboration, Kolomoni users and AMMBAN members will benefit from AfriGO’s advanced debit card technology. What this means, by extension, is faster transactions, enhanced security features, exclusive rewards, and unparalleled convenience.
“This partnership underscores Kolomoni’s commitment to redefining financial services in Nigeria while driving financial empowerment.
“The collaboration leverages Kolomoni’s expertise as a leading digital banking platform and AMMBAN’s extensive network of mobile money and bank agents to drive financial inclusion across the country.
“AfriGO card, Nigeria’s first National Domestic Card Scheme, is designed to enhance financial inclusion by providing the 35.9 percent financially excluded individuals with access to essential financial services and government interventions.
“With the recently introduced value proposition of instant settlement for POS transactions, AfriGO offers a seamless and efficient payment experience, reducing transaction delays for merchants and consumers alike.
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“The debit card also empowers local businesses, strengthens the domestic financial ecosystem, and creates new opportunities within Nigeria’s expanding card payment in banking subsector.
“Enhancing Financial Innovation and Access (EFInA) recent report revealed that 35.9 percent of Nigerians remain financially excluded, with the northern region disproportionately affected.
“Therefore, in response to the discovery, Kolomoni and AMMBAN have joined forces to bridge this gap, ensuring that more unbanked and underserved individuals gain access to essential financial products, including AfriGO debit cards.
“Leveraging on both companies’ networks of agents, the partnership is targeting millions of Nigerians with a view to ultimately reducing the number of financially excluded Nigerians.”
Ebehijie Momoh, the Managing Director and CEO of AfriGOpay Financial Services Ltd. (AFSL), who spoke on the collaboration, explained that “AfriGO’s partnership with Kolomoni MFB underscores our commitment to driving financial inclusion by providing secure, accessible, and affordable payment solutions to the unbanked and underbanked segments in Nigeria.
“With AfriGO cards, customers can enjoy seamless, secure and convenient access to digital financial services, including cash withdrawals, physical and online payments.
“Our partnership with Kolomoni MFB further strengthens Nigeria’s financial ecosystem, fostering sustainable economic growth and self-reliance. Together, we are reshaping the financial landscape for a more inclusive and digital future.”
Obioha Oti, AMMBAN Chairman, stated that the goal of AMMBAN is to facilitate a wide adoption of cashless transactions in the grassroots areas of Nigeria, explaining that the partnership was another effort geared towards achieving the goal.
Oti said: “This collaboration will not only benefit AMMBAN members but will also extend to more small and medium-sized business owners, particularly in rural and suburban areas.
“By equipping them with AfriGO debit cards and other financial tools from Kolomoni, we are fostering economic growth and expanding financial access across the country and this has always been our vision.
“Moreover, the partnership is a significant step towards reducing financial exclusion in Nigeria, ensuring that more individuals and businesses could participate in the digital economy with confidence and ease.”
