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Access Bank Issues AfriGO Card to Customers for Robust Payment Ecosystem

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Access Bank AfriGO Card

By Aduragbemi Omiyale

Access Bank has become the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card scheme called AfriGO Card.

The card system is a product of a financial services business affiliated with the Nigeria Inter-Bank Settlement System (NIBSS), AfriGOpay, and was designed to meet the needs of the Nigerian payment industry.

The scheme is championed by the Central Bank of Nigeria (CBN) and NIBSS to provide innovative solutions to users of financial services in Nigeria, Africa, and across the global markets.

The launch of AfriGO is another milestone in the development of a vibrant and rapidly expanding payments industry.

Consumers demand value in real-time, not just transactions, and with AfriGO, Access Bank says it can provide valuable card benefits, robust loyalty rewards, and a compelling incentive to utilize electronic payments rather than cash.

“It is with excitement that we announce that Access Bank, Nigeria’s largest retail bank with over 60 million customers, is the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card scheme- AfriGO,” the Deputy Managing Director for Retail Banking at Access Bank, Mr Victor Etuokwu, said.

“The AfriGO Card has additional benefits because it is designed to facilitate the growth of Nigeria’s payment ecosystem, thereby supporting more tailored payment services.

“It will strengthen payment security, expand financial participation, guarantee data sovereignty, eliminate FX dependency, and provide Nigerians with several other benefits. Cardholders will enjoy increased affordability and more flexible payment options,” he added.

Speaking on the product launch, the Senior Retail Advisor at Access Bank, Mr Robert Giles, said, “The National card scheme operates locally, and it is tailored to the specific needs of the country. We have also recorded successful purchases on POS and ATMs, which began on March 14, 2023.

“Domestic ownership of a local card scheme eliminates demand on foreign exchange and reduces the cost of transacting.  It will also help us partner with local fintechs and payment companies to build solutions on the AfriGO scheme that solve customers’ pain points.”

According to Premier Oiwoh, the MD/CEO of NIBSS, “The payments landscape in Nigeria has continued to evolve via seamless and convenient real-time electronic payment solutions driven by innovation and advancement in technology.

“The launch of our national domestic card scheme AfriGO is very timely; AfriGO will drive our financial inclusion goals amongst many benefits, and we are thrilled that Access Bank is the first bank in Nigeria to issue AfriGO cards to its customers.

“Access Bank has demonstrated the much-needed commitment to enhancing financial inclusion, and we urge other financial institutions to commence issuing AfriGO for more accessible and convenient payments for all Nigerians, regardless of their location or financial status.”

On her part, the Executive Director for NIBSS, Ms Aminu Maida, added, “With technological advancements, there are more options for payments, and the recently launched national domestic card scheme, AfriGO, gives us assured comfort on all financial transactions. We are excited that Access Bank is the first to key into our belief of AfriGO’s immense value to the Nigerian financial ecosystem.

Banking

Airtel Smartcash Enables Seamless Upgrade of Wallets from Tier 1 to 3

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SmartCash 36.8% unbanked Nigerians

By Aduragbemi Omiyale

The Payment Service Bank (PSB) of Airtel Nigeria, Smartcash, has enabled an easier system that allows customers to upgrade their wallets from Tier 1 to Tier 3 for a smooth, cashless, and stress-free holiday experience.

Upgrading from Tier 1 wallet provides higher transaction limits and access to more features and benefits as well as security.

The Smartcash PSB provides a reliable, cashless alternative that meets the financial needs of users wherever they are, including sending money to loved ones, paying at local markets and stores, or topping up airtime and data.

The Smartcash app now enables instant verification with customers’ NIN or BVN, secure facial recognition with a selfie, and simplified address confirmation.

“As the Easter season approaches, we recognize the financial pressure and logistical challenges that often come with holiday spending and mobility. That’s why we’re committed to ensuring that our users can carry out essential transactions from bank transfers to merchant payments quickly, safely, and conveniently.

“Our goal is to eliminate the stress of cash handling, long queues, and bank branch visits, so that Nigerians can truly focus on the spirit of the season connection, community, and celebration,” the chief executive of Smartcash PSB, Mr Tunde Kuponiyi, said.

Airtel Smartcash PSB, which launched as part of Airtel’s commitment to deepen financial inclusion, has rapidly expanded its network of agents and digital wallet users, bridging access between underserved communities and the financial system.

With services available through mobile phones and human agents across Nigeria, Smartcash offers a simple and accessible entry point into the digital economy particularly for small-scale traders, artisans, rural dwellers, and other players in the informal sector.

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Banking

Access Holdings Grows Profit to N642.2bn in 2024, Customer Deposits at N22.525trn

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By Aduragbemi Omiyale

In the 2024 financial year, Access Holdings Plc excited its shareholders with a strong performance, driven by diversified income streams amid despite inflationary and macroeconomic challenges.

This resulted in a 19 per cent increase in profit before tax to N867.0 billion as the next profit went up to N642.2 billion.

Business Post observed that the company’s dynamic trading strategy spurred an 88 per cent year-on-year rise in gross earnings to N4.878 trillion from N2.594 trillion in 2023, with interest income growing by 110 per cent to N3.480 trillion and non-interest income jumping by 47.8 per cent to N1.397 trillion, supported by robust retail banking activities, and digital expansion.

In the year, total assets grew by 55.5 per cent to N41.498 trillion, and customer deposits rose by 47 per cent to N22.525 trillion, while shareholders’ funds also increased by 72 per cent to N3.760 trillion.

Last year, the group made a significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades.

Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, it reached over 21 million individuals across Africa.

Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.

The organisation’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.

In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.

The company also achieved a 13.4 per cent reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction standards.

In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.

The firm is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.

Access Bank posted significant gains across all performance metrics, with interest income growing by 110 per cent and fees and commissions rising by 81 per cent. International subsidiaries contributed 48.5 per cent to the banking segment’s PBT, demonstrating strong execution across key markets.

In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising N351 billion through a rights issue. The proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.

Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering value not just to shareholders, but to society and the environment at large.

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Stanbic IBTC Bank Tasks CEOs With ‘There Is More’ Campaign

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Stanbic IBTC Bank Logo white

By Aduragbemi Omiyale

An initiative aimed to challenge business leaders and innovators to transcend current horizons has been introduced by Stanbic IBTC Bank through a thematic campaign known as There is Possible, Then There is More.

The idea is to a mindset of amplified possibility, sustained growth, and transformative partnerships, with Stanbic IBTC Bank positioned as a pivotal enabler.

With this campaign, Stanbic IBTC Bank is positioning itself as a trusted ally for Nigerian CEOs who want to do more, become more, and achieve more.

The Executive Director for Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, said, “As a bank, our mission is to not only meet the financing needs of Nigerian CEOs, but to inspire them to reach for more.

“We understand the challenges they face and the aspirations they hold, and we are equipped to support their ambitions, and extend them even further thereby, helping them to achieve exponential growth.”

He emphasised that, “This campaign is evidence of our commitment to being more than just a bank; we want to be the partner that propels our customers beyond their goals.

“We empower our clients with the tools and resources necessary for success by fostering collaboration and mutual growth and this proactive approach underscores our commitment to supporting business leaders and inspiring them to dream bigger and achieve greater heights in their respective industries.”

Business Post reports that the campaign officially debuted with a striking teaser, with An Open Letter to All CEOs on key digital platforms, digital out-of-home screens, and social media feeds. For days, the public speculated. This week, the letter was finally revealed—and with it, a most human and resonant message.

The Open Letter to CEOs is more than just an advertising creative campaign; it is a genuine call to action.

In it, Stanbic IBTC Bank acknowledges the resilience and achievements of Nigerian business owners even in the face of adversity. But it also dares to ask: What more could be achieved with the right support, partnership, and financial foresight?

Overall, Stanbic IBTC Bank’s vision reflects a deep understanding of the crucial role that financial institutions play in the broader economic ecosystem—one where banks serve as catalysts for growth and achievement.

From trade financing to investment advice, capacity development to transactional banking, Stanbic IBTC Bank offers a suite of solutions designed specifically to meet the evolving needs of today’s CEOs — from start-ups and SMEs to established corporations and multinationals.

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