Microfinance, AMMBAN Partner on AfriGo Debit Cards

Fidelis David in Akure

In a move to improve financial accessibility of more Nigerians, Kolomoni Microfinance Bank and the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN) have entered into a strategic partnership to provide AfriGO debit cards to millions of Nigerians.

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.

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.

The Managing Director of Kolomoni Microfinance Bank, Yusuf Adeojo, emphasized the importance of the partnership.

He 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.”

Speaking on the collaboration, the Managing Director and CEO of AfriGOpay Financial Services Ltd. (AFSL), Mrs. Ebehijie Momoh, 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.”

AMMBAN Chairman, Dr. Obioha Oti, stated that the goal of AMMBAN is to facilitate a wide adoption of cashless transactions in the grassroots areas of Nigeria.

He explained that the partnership is another effort geared towards achieving the goal.

Dr. 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.

Kolomoni MFB promotes financial inclusion and empowers Africans through innovative banking solutions.

With a focus on digital transformation, the bank provides secure, seamless, and rewarding banking services tailored to meet the needs of individuals and businesses across Nigeria.

Likewise, AfriGO is Nigeria’s National Domestic card scheme, launched by the Central Bank of Nigeria (CBN) in collaboration Nigeria Inter-Bank Settlement System (NIBSS) to enhance financial inclusion by providing affordable and accessible digital payment options.

AMMBAN was established to help facilitate, organize and speed-up agents’ effort towards the financial inclusion policy of the Federal Government of Nigeria.