Nigerian fintech giant Moniepoint has joined forces with AfriGo, the country’s national domestic card scheme, to introduce five million contactless payment cards and expand tap-to-pay solutions nationwide. This collaboration aligns with Nigeria’s increasing shift toward cashless transactions and could drive widespread adoption of contactless payments across the country.
By leveraging Moniepoint’s extensive network of agents and merchants, the initiative aims to provide “tap and go” convenience, particularly in underserved communities where cash remains the dominant payment method. The partnership is expected to accelerate digital payments adoption, reinforcing the Central Bank of Nigeria’s cashless economy agenda. “Today, over 50% of merchants still rely on cash because it’s fast and reliable,” said Didi Uwemakpan, Vice President of Corporate Affairs at Moniepoint. “If cash is fast and reliable, what can mimic cash while also supporting economic growth?”
This development follows a similar move by Palmpay, which recently partnered with CashAfrica to introduce tap-to-pay functionality on 1,000 pilot POS devices, with plans for a nationwide rollout by March 2025.
Moniepoint’s own contactless payment infrastructure is in development, with plans to launch contactless-enabled cards in the second half of 2025. The company chose AfriGo as a card scheme partner due to its cost efficiency compared to international alternatives. “While we may onboard other card scheme partners in the future, our priority is driving digital payments in Nigeria,” Uwemakpan explained. “Ultimately, the key questions are: do customers want this, do they find value in it, and is it cost-effective? AfriGo allows us to reach an untapped segment of the market.”
Despite the popularity of contactless payments in Europe and China, many Nigerians are still unfamiliar with the technology. Moniepoint recognizes the need for merchant and customer education to ensure widespread adoption.
The company will also adhere to the CBN’s contactless payment guidelines, which include risk management measures such as a ₦15,000 per-transaction limit and a ₦50,000 daily transaction cap. “These limits introduce just enough friction to protect customers from fraud,” Moniepoint stated.
Additionally, Moniepoint will establish thresholds for PIN authentication, with the median transaction value for card payments set at ₦5,000. If successful, the Moniepoint-AfriGo partnership could mark the beginning of a major shift toward contactless payments in Nigeria, offering faster, safer, and more efficient transactions for businesses and consumers alike.
