By There is a growing adoption of card technology across the globe not just to drive and deepen financial inclusion but for the easy of business transaction, however for Nigeria the trend seems slow.
And to leapfrog that, the Chief Executive Officer (CEO), AfriGoPay Financial Services Limited (a financial services business affiliate of the Nigeria Inter-Bank Settlement System), Mrs Ebehijie Momoh recommended that there is the need for stakeholders and key-players to tour the line of collaboration and partnership stressing that her company had gone that line and it did worked.
Delivering a paper at the Africa Tech Alliance Forum 2024 with the theme: Leapfrogging Digital Transformation for Future of Africa’s Economy, she stated that the partnership of AfriGopay Financial Services with the Lagos State Government in the deployment of the Cowry Card in the State’s transport sector attest to the essence of collaboration and partnership in card technology business by the Fintech just like the one it had with a Fintech company.
Momoh who spoke on the topic: “The Future of Cards Payment: Navigating Innovation, Regulation and Financial Inclusion”, shared her company’s partnership experience with the Lagos State Government and how it has transformed transportation in the State, and which has made life easy for the citizens.
According to her, for the fintech story of Nigeria to be really, there is the need for the players and stakeholders to embrace partnership and collaboration stressing that “partnership is where we see the fintech market becoming really effective.”
She recalled that decision to use technology to manage the water and transport services in the State was so transformational that the operations of the card technology transport solution can be replicated in and across the whole of Africa adding that in the United Kingdom, the bus service system runs on card technology.
Momoh explained that the partnership with a fintech provided the technology that makes it possible to have options to work offline in the market with the motorist as well as online stressing that the partnership in the card business technology will drive efficiency and the way people make payment thereby reducing the time that commuters take pay for services. by cash.
Describing the partnership as very significant, she said that the fight in the financial ecosystem against cash base transaction can only be overcome by the fintech companies through partnership and collaboration, and then introducing innovation into the business model.
.It will recalled that Access Bank had partnered with AfriGOpay, to launch the first Nigerian national domestic card designed to meet the needs of the Nigerian payment industry.
The scheme championed by the Central Bank of Nigeria (CBN) and the Nigerian Interbank Settlement System (NIBSS) provided innovative solutions to users of financial services in Nigeria, Africa, and across the global markets.
