Moniepoint, AfriGo to Roll Out Contactless Payment Cards in Nigeria
TLDR
- Nigerian fintech Moniepoint has partnered with AfriGo to issue five million contactless payment cards
- The company plans to launch contactless-enabled cards in H2 2025 and selected AfriGo for cost efficiency
- Contactless payments remain relatively uncommon in Nigeria, where over 50% of merchants still prefer cash due to speed and reliability
Nigerian fintech Moniepoint has partnered with AfriGo, Nigeria’s national domestic card scheme, to issue five million contactless payment cards and introduce tap-to-pay solutions across the country. The initiative aims to accelerate digital payments and reduce cash dependence, particularly among merchants and underserved communities.
Moniepoint, which has a vast distribution network, will leverage its agents and merchants to drive adoption. The company plans to launch contactless-enabled cards in H2 2025 and selected AfriGo for cost efficiency compared to international card schemes.
Contactless payments remain relatively uncommon in Nigeria, where over 50% of merchants still prefer cash due to speed and reliability. The move follows a similar initiative by PalmPay, which recently partnered with CashAfrica to introduce contactless functionality on 1,000 POS terminals, with plans for nationwide expansion.
Moniepoint will comply with CBN’s contactless payment guidelines, setting transaction limits at ₦15,000 ($23.73) per tap and a ₦50,000 ($79.11) daily cap. The fintech will determine PIN authentication thresholds based on transaction patterns.
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Points clés à retenir
The partnership between Moniepoint and AfriGo signals a push toward wider contactless payment adoption in Nigeria. With the Central Bank of Nigeria (CBN) promoting digital transactions, fintech players are stepping in to bridge infrastructure and awareness gaps. While Europe and China have fully embraced contactless payments, Nigerian consumers and merchants remain unfamiliar with the technology. Moniepoint acknowledges that education will be key to driving usage. Security measures, including transaction limits and PIN authentication thresholds, aim to balance convenience with fraud prevention. If successful, this rollout could mark a major shift in Nigeria’s payments landscape, increasing financial inclusion and modernizing the country’s cash-heavy economy.
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