Nigeria: Sterling Bank Partners with NIBSS and AfriGO on Independence Reward Programme

Sterling Bank has partnered with AfriGO and the Nigeria Inter-Bank Settlement System (NIBSS) to launch the “Independence Reward Programme,” aimed at promoting digital payment adoption across Nigeria. Announced in celebration of Nigeria’s 64th Independence anniversary, the programme will distribute 100,000 complimentary AfriGO debit cards to essential service providers nationwide.

In a statement, Sterling Bank noted that the initiative aligns with Nigeria’s ongoing cashless policy, reflecting both national pride and the increasing shift towards a digital economy. The bank’s Chief Product Officer, Mustapha Otaru, highlighted the programme’s significance, stating, “We are leveraging fintech solutions to honour the service providers who are the backbone of our nation. This initiative goes beyond rewards; it’s about accelerating Nigeria’s journey towards a digital economy.”

Cardholders will benefit from a range of incentives, including bonuses upon card activation and additional rewards for completing 10 transactions within a month. Additionally, the programme will feature a league campaign where 10 high-volume users will have the chance to win cash prizes. Running from October to December, the programme aims to encourage widespread participation.

Ebehijie Momoh, Chief Executive Officer of Afrigopay Financial Services Limited, emphasized the impact this programme could have on digital payment adoption, particularly among service providers. “By gamifying card usage, we are making digital transactions more appealing and accessible to a crucial segment of Nigerian society,” she said.

Olusegun Adeoye, Head of Engineering at Peerless, praised the role of local technology and innovation in the programme, stating, “After successfully deploying SeaBaaS for Sterling Bank, we are proud to collaborate on this initiative, further showcasing our commitment to advancing Nigeria’s technological capabilities.”

Sterling Bank described the partnership between itself, NIBSS, and AfriGO as a milestone in Nigeria’s digital transformation. The collaboration also sets a benchmark for future public-private partnerships in the fintech space, with the programme serving as a prime example of efforts to integrate financial technology into everyday transactions.

According to The PUNCH, Afrigopay Financial Services has also introduced an instant Point of Sale (POS) settlement feature for AfriGO card transactions, further enhancing the usability of the cards in the digital payment ecosystem.