This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos on Friday, with AfriGo’s Executive Management team.

Speaking during the session, Mr. Ebenezer Kolawole, Unity Bank’s managing director/CEO, stated: “We are committed to making the AfriGo Card a primary delivery channel for Unity Bank. As a national domestic card scheme, it deserves to be promoted both internally and externally as a local solution with significant potential to redefine Nigeria’s card payment landscape.”

Mr. Kolawole also pledged the Bank’s continued support for the adoption of AfriGo cards across its network, while urging AfriGo to intensify awareness campaigns to drive greater market acceptability.

In his remarks, the Managing Director of AfriGo, Ebehijie Momoh, commended Unity Bank for the support it has given the scheme, stating that the Bank ranks among the top five adopters of the AfriGo card and highlighted its growing impact in expanding financial inclusion and improving access to electronic payments.

He noted that AfriGo has continued to innovate with technologies that support instant payments and offline capabilities, ensuring broader access to e-payment systems across underserved markets. He added that partnerships with solutions like Tap & Go have helped boost contactless payment adoption, improving convenience for cardholders who commute for work, business, or leisure.

Momoh expressed optimism about the potential of Unity Bank’s extensive retail network to drive deeper collaboration aimed at enhancing e-banking penetration nationwide.

This collaboration underscores Unity Bank’s enduring culture of digital innovation and its commitment to financial inclusion through homegrown technology. Over the years, the Bank has introduced several digital solutions that demonstrate this commitment.

Notably, Unity Bank pioneered USSD banking, *7799#, in local languages, an initiative aimed at deepening access among underserved rural and semi-urban populations.

It also launched Unifi, a youth-focused digital banking platform designed to meet the lifestyle and financial needs of the younger demographic.

Most recently, the Bank unveiled GenFi, a gamified mobile banking solution tailored for children and teenagers to cultivate smart money habits from an early age.

• Chika Nwosu (PalmPay) – Most Innovative Fintech Company of the Year
• Olugbenga Agboola (Flutterwave) – Most SME-Supportive Fintech of the Year
• Sunil Natraj (JumiaPay) – Most Convenient Online Payment Option of the Year
• Tosin Eniolorunda (Moniepoint) – Financially Inclusive Fintech of the Year
• Dauda Gotring (OPay) – Most Customer-Friendly Fintech Company of the Year
• Dr. Mohammed Olatunji (MoreMonee) – Best Savings Fintech App of the Year

In Nigeria’s competitive fintech industry, recognizing the vision, impact, and leadership of purpose-driven companies is a way to highlight their impact on people’s lives.

This was the guiding ethos behind the 2025 Legit Business Names Awards.

Legit.ng established this prestigious, non-commercial recognition programme to honour the innovators transforming Africa’s financial future.

Now in its second year, the 2025 edition of the Legit Business Names Awards built on the success of its 2024 debut, reaffirming Legit.ng’s commitment to spotlighting transformative leadership in Nigeria’s fintech sector.

Each winner reflected how fintech is improving payments and savings, as well as reshaping how Nigerians build financial security, access opportunity, and participate in a rapidly digitising economy. The stories show what responsible, people-first fintech leadership can look like across the continent.

PalmPay’s Chika Nwosu: Championing Inclusive Digital Finance

Chika Nwosu, Managing Director of PalmPay, was recognised for expanding digital finance to Nigeria’s underserved populations. In 2024, PalmPay launched its *USSD code (861#), a game-changing feature that brought financial services to millions of users without smartphones or internet access. This innovation was central to the company’s mission of deepening financial inclusion, especially in rural and low-connectivity regions.

With its rapid growth across Nigeria, Ghana, and Tanzania, PalmPay is offering cash alternatives and building the infrastructure for a truly inclusive digital economy.

Flutterwave’s Gbenga Agboola: Building for Africa, Scaling Globally

Olugbenga “GB” Agboola, the visionary behind Flutterwave, was honoured for simplifying digital payments for businesses within and beyond Africa. In 2024, under his leadership, Flutterwave secured new payment licenses in Ghana, Uganda, and Malawi, opening up seamless cross-border transactions across these African markets. The company also widened its Money Transmitter License coverage in the United States, growing from 13 to nearly 30 states, making it easier for Africans in the diaspora to send money home.

Agboola also drove the success of Flutterwave’s Send App, a remittance platform that witnessed exponential growth in usage across the UK, US, EU, and Canada. Flutterwave’s core strength in 2024 encompassed tech-driven solutions, advocacy, enabling small businesses, and creating systems that work beyond borders.

JumiaPay’s Sunil Natraj: Expanding Access to Flexible, Everyday Digital Payments

Sunil Natraj, the strategic force behind Jumia Nigeria, was honoured for steering the transformation of JumiaPay into one of Nigeria’s most accessible and consumer-focused payment platforms. Under his leadership, JumiaPay introduced Buy Now, Pay Later (BNPL) options in partnership with credit platforms like EasyBuy and CredPal, empowering Nigerians to shop online with greater flexibility and financial ease.

The platform also rolled out zero-fee payment services for essential utilities like electricity, cable TV, and mobile top-ups, helping users save money while managing their daily expenses seamlessly. These innovations positioned JumiaPay as a go-to tool for digital living in Nigerian homes. His leadership highlighted the power of partnerships with brands, with customers, and with underserved communities.

Moniepoint’s Tosin Eniolorunda: Financing Nigeria’s Informal Economy

Tosin Eniolorunda, CEO of Moniepoint, has been transforming Nigeria’s informal sector. In 2024, Moniepoint processed over $22 billion in transactions, reaching millions of small businesses and market traders who operate outside the traditional banking system. The company’s services have become a lifeline for these entrepreneurs, enabling them to receive payments, access credit, and grow their operations securely.

Under his leadership, Moniepoint also raised $110 million in fresh funding to deepen its reach and invest in infrastructure that supports everyday business owners.

Eniolorunda championed financial literacy through a nationwide campaign and partnered with SMEDAN and the Federal Ministry of Industry, Trade, and Investment to publish Nigeria’s first Informal Economy Report, a groundbreaking study that shed light on the needs and realities of millions of unregistered and underserved businesses.

OPay’s Dauda Gotring: Bridging Fintech and Social Good

When Dauda Gotring took the reins at OPay in 2023, he brought the precision of a former Central Bank director and a people-first mindset that has since reshaped the company’s mission. In 2024 alone, OPay rolled out NightGuard and Large Transaction Shield, two advanced security features that strengthened user protection through biometric verification and smart fraud detection.

Simultaneously, Gotring led the expansion of over 21 physical service centres across Nigeria, combining tech innovation with on-the-ground customer support.

Through its Play4aChild initiative, the company raised ₦30 million to fund scholarships for students at the University of Ibadan and Ahmadu Bello University, benefiting nearly 60,000 youths nationwide.

OPay also partnered with female-led SMEs and rolled out inclusive financial literacy campaigns in underserved areas. By initiating secure transactions and investing in education and gender empowerment, Gotring has repositioned OPay as a fintech catalyst for social good in Nigeria’s digital economy.

MoreMonee’s Dr. MO: Banking for the Next Generation

Dr. Mohammed Olatunji, the youngest Nigerian bank CEO, was recognised for MoreMonee’s explosive rise as the best savings fintech app of the year for impacting the way young Nigerians approach saving and managing money. In 2024 alone, MoreMonee introduced a high-interest savings feature called FutureBox, tailored to help everyday users build wealth sustainably.

It also became one of the first platforms in Nigeria to launch a domestically issued debit card in partnership with the Central Bank of Nigeria, AfriGO, and NIBSS, bringing localised control and cost savings to users.

Apart from digital innovation, MoreMonee launched the “Operation Feed the Nation” initiative, its flagship social impact programme aimed at tackling food insecurity in underserved communities, directly linking financial inclusion to real-world needs.

The Power of Purpose, a Celebration with a Message

The Legit Business Names Awards aims to highlight the impact of these innovators. Each winner has led real, measurable change in how Nigerians access, use, and benefit from financial services. These companies solve problems, improve lives, and accelerate economic inclusion across the country.

Rahaman Abiola, Editor-in-Chief of Legit.ng, remarked:

“What we’re witnessing in Nigeria’s fintech space is indeed innovative. These leaders are building enterprises and designing the future of how we transact, save, invest, and interact with money through the help of technology. The Legit Business Names Awards is our way of telling these stories with intention and shining light on innovations that cater to real human needs. We believe that amplifying these voices will help open doors to more opportunities for growth, impact, and transformation in the sector.”

Adding to this, Felix Imoh, Public Relations Manager at Legit.ng and coordinator of the Awards, shared:

“These impactful stories are a reminder that fintech should be people-focused and mission-driven. As these leaders are building systems that work for everyday Nigerians, we are deeply joyful to give prominence to their successes and impact. We also hope to ignite courage and creativity in the next generation of tech entrepreneurs.”

As Nigeria continues to emerge as a powerhouse of digital innovation, the 2025 Legit Business Names Awards reaffirms a vital truth: the future of finance is being built boldly and brilliantly by Nigerians.

At the heart of this transformation is Legit.ng, using the power of storytelling and tech-driven, ethical journalism to spotlight changemakers, amplify underrepresented voices, and inspire a new generation of entrepreneurs.

This award series is an initiative celebrating success and shaping the story of a continent on the rise.

The lobbying, aimed directly at President William Ruto, shows the level of interest Kenya’s financial infrastructure upgrade is receiving lately.

In a letter seen by Techeconomy, Ceva formally requested a meeting with Ruto, proposing to introduce NIBSS as a strategic partner for the project. 

The letter, signed by Ceva’s Managing Director, Yatin Mehta, suggested holding the meeting on 20th or 21st March 2025. “We are writing to formally request a meeting with you at your earliest convenience,” the letter stated. “The purpose of the meeting is to introduce our partner, the Nigerian Interbank Settlement Systems (NIBSS).”

The proposed meeting, including NIBSS CEO Premier Oiwoh, head of Partnerships Yvonne Ige, and Mehta himself, also expected David Kiprono, director of Webmasters Kenya Ltd—the company behind the development of Kenya’s e-Citizen platform.

NIBSS, owned by the Central Bank of Nigeria (CBN) alongside commercial banks, is the backbone of Nigeria’s financial transactions. Ceva, an international payments firm operating in India, Nigeria, Kenya, and Brazil, claims to process $40 billion annually. Their pitch? A solid system designed for Africa, by Africa.

“Our robust infrastructure is developed in Africa, for Africa,” Ceva wrote in its letter. “AfriGo is NIBSS’ answer to Africa having its own card processing, driving our economic independence and efficiency. India has done it with Rupay, China has done it with UnionPay, UAE has done it with Jaywan, Brazil has done it with PIX.”

The bid, however, is being resisted. Local financial heavyweights, including mobile money giant Safaricom and the Kenya Bankers Association (KBA), argue that instead of building a new FPS from scratch, the government should upgrade the existing PesaLink system. 

According to them, a fresh system could cost up to $200 million and take four years to complete, whereas improving PesaLink—a platform handling $8.5 billion annually—would be faster and cheaper.

The Central Bank of Kenya (CBK) has yet to decide on the FPS upgrade, but the competing interests show the high stakes. While NIBSS and Ceva see an opportunity to boost Kenya’s payment sector, others warn of potential disruptions and unnecessary costs.

For now, the ball is in CBK’s court. If the Nigerian-backed proposal gains traction, it could completely change digital transactions in Kenya, enhancing interoperability across banks, SACCOS, mobile money operators like M-Pesa, and fintech firms. 

But if Safaricom and the KBA succeed in their counter-lobbying, Kenya may opt for an upgrade rather than a full-scale overhaul.

Through this initiative, PalmPay and AfriGO are set to empower underserved communities, drive financial inclusion, and strengthen Nigeria’s digital economy.

AfriGO Card, powered by Afrigopay Financial Services Limited, a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), is a homegrown payment solution designed to bolster financial sovereignty. By leveraging AfriGO’s infrastructure, PalmPay is creating more payment options by providing solutions tailored specifically to local market needs.

PalmPay’s commitment to issuing 5 million AfriGO cards underscores its dedication to bridging the financial gap for the unbanked and underserved populations in Nigeria.

The AfriGO card, built on EMVCo standards, ensures secure transactions with tokenization and contactless payment capabilities. PalmPay seamlessly integrates these features into its robust digital ecosystem, offering users a frictionless and secure payment experience.

A Commitment to Innovation and Financial Accessibility

Managing Director of PalmPay Nigeria, Chika Nwosu, expressed enthusiasm about the partnership:

“At PalmPay, we are committed to creating financial solutions that are not only innovative but also inclusive. Partnering with AfriGO allows us to deliver secure, cost-effective, and localized payment options that empower Nigerians and strengthen the digital economy. This is a milestone in our mission to redefine financial accessibility in Nigeria.”

Similarly, Ebehijie Momoh, managing director/CEO of Afrigopay Financial Services Limited (AFSL), highlighted the broader impact of the partnership:

“We are excited to partner with PalmPay to revolutionize financial services and expand access to digital payments across Nigeria. Through this collaboration, AfriGO and PalmPay will provide enhanced access to digital payments—particularly in underserved areas—drive financial inclusion, and support the rapidly growing digital economy in Nigeria

AfriGO cards will enable users to perform seamless transactions, including physical and online purchases, ATM withdrawals, money transfers, and cashless payments via Agent POS terminals.

The AfriGO Instant Settlement service ensures that merchants and agents benefit from immediate transaction finalization, leading to greater efficiency, improved cash flow, and reduced risk.”

For merchants, the AfriGO cards promise reduced transaction fees and instant settlement times, Consumers will enjoy a secure, affordable, and locally supported payment solution that enhances their daily financial interactions.

As PalmPay and AfriGO move forward with this ambitious initiative, they pave the way for fintech innovation and collaboration, fostering a more inclusive and dynamic financial ecosystem in Nigeria.

This partnership underscores PalmPay’s dedication to expanding digital financial services and positioning Nigeria at the forefront of payment innovation.

Industry watchers believe the partnership is a significant move to further enhance the availability of digital payment services to Nigerians and to further enhance the government’s digital payment agenda.

This collaboration will also leverage Moniepoint’s extensive reach and robust infrastructure to avail an innovative solution which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices.

Moniepoint, already a leader in driving digital payments and financial inclusion in Nigeria, will utilize its vast network and technological expertise to facilitate the rapid scaling of the AfriGO cards.

Known for its innovative solutions that empower small and medium-sized enterprises (SMEs) and individuals, Moniepoint has consistently demonstrated its commitment to bridging the financial inclusion gap and has committed to deploying 5 million AfriGO cards.

AfriGO aims to deepen financial inclusivity by utilizing innovative products, a customer-focused approach, and cutting-edge technology. By reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.

“Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency and security with contactless payments,” stated, Tosin Eniolorunda, CEO Moniepoint Inc. “The Moniepoint/AfriGO card is not just a product; it’s a vital tool that will extend our reach, particularly to those who have been traditionally excluded from the formal financial system. Building on Moniepoint’s impressive track record, this partnership will offer Nigerians a more affordable payment option while ensuring instant transaction settlement through AfriGO. Additionally, it will further drive financial inclusion across the country”.

He continues, “the benefits of contactless payments are far reaching and will be great for our ecosystem. There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions.”

Speaking on the collaboration, Mrs. Ebehijie Momoh, the managing director & CEO of Afrigopay Financial Services Ltd. (AFSL),  stated,

“This partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions. With AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk. Backed by robust technology infrastructure and effective liquidity management, AfriGO ensures smooth and secure operations, further enhancing accessibility and driving financial inclusion”.

She added,

“Moniepoint’s extensive agent network will play a key role in expanding this reach, supporting local businesses and delivering essential banking services, including purchases, deposits, withdrawals and money transfers. Together, we are creating a more connected and inclusive financial ecosystem, making transactions faster, more reliable and widely accessible to Nigerians.”

This partnership reinforces the industry’s commitment to offering advanced, efficient payment solutions while significantly giving a boost to digital payment adoption in Nigeria, offering a secure, local alternative to international payment cards and shaping the future of payments in Nigeria.

Moniepoint has been instrumental in transforming Nigeria’s financial landscape by providing reliable and accessible digital payment solutions.

Their agent network, spanning across the country, has significantly contributed to bringing financial services closer to underserved communities.

The company’s focus on empowering SMEs with reliable point-of-sale (POS) terminals and digital banking tools has fostered economic growth and financial stability.

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The Central Bank of Nigeria (CBN), in conjunction with the Nigeria Inter-Bank Settlement System Plc (NIBSS), recently introduced the card scheme known as AfriGO. In order to enable cardholders to use their payment cards to make purchases and access cash at businesses around the world, payment networks and financial institutions form a system known as a card scheme.

The widely used card schemes are Visa, Mastercard, American Express, and Discover. These schemes develop standards and processes for card issuance, authorization, and security, among other things, to ensure a simple and secure experience for both cardholders and merchants. AFRIGO was launched on January 26, 2023 to unify all banking technologies in one card like UnionPay of China, RuPay of India, etc.

ALSO READ: CBN, NIBSS Unveil Afrigo Card; Nigerian National Domestic Card Scheme

AfriGo is believed to address the core difficulties by releasing foreign exchange reserves and promoting easy cross-border trade in the wake of the economic crisis in Nigeria. AfriGO will address the drawbacks of previous card systems like Mastercard.

The central bank of Nigeria (CBN) anticipates that AfriGO will lessen the costs connected with the existing card systems and the requirement for keeping multiple cards by paying with local currency.

The CBN believes that the data kept on each AfriGO card will help to improve the economy by reducing laundering. Furthermore, through data sovereignty, AfriGO seeks to shield customers from the monopolistic regulations of international card schemes.

Nigeria’s AfriGO card scheme seeks to give both consumers and businesses a safe and practical way to make payments.

In order to provide a widely used and effective form of electronic payment in place of conventional cash transactions, this system was created.

To accommodate varied consumers’ demands, the AfriGO card scheme offers a range of payment methods, including debit cards, credit cards, and prepaid cards. Also, it makes it possible for users to transact both domestically and globally, which facilitates business operations and financial management for users. AfriGO’s overarching goal is to foster financial inclusion and spur economic development in Nigeria by offering a safe and convenient payment mechanism.

Ease of Commerce

The new domestic card initiative from the Central Bank of Nigeria (CBN) aims to improve small and medium-sized enterprises’ (SMEs) access to financial services by providing them with a more straightforward and safe method of handling payments. Safe payment methods increase client loyalty and buy their faith, helping businesses expand.

Foreign Exchange Control

AfriGo will help balance the fluctuations in rate of exchange during trade. This domestic card scheme will help in seamless importation and exportation of products as well prevent the continual increase in commodity prices brought on by fluctuations in foreign exchange rates. Customers’ perception that they are being exploited has made it difficult for SMEs over time to gain their loyalty.

Financial Inclusion

The CBN considers that because many Nigerians don’t hold cards, they haven’t kept up with financial improvements throughout time. The domestic card scheme would promote the adoption of many cards in a less expensive and cashless way.

This can support the expansion of SMEs by lowering their dependency on cash transactions and increasing their capacity to participate in the formal economy.

In essence, the AfriGo card scheme intends to reduce expenses, gain data sovereignty, and address foreign exchange problems, all of which, when implemented, have a triple positive impact on the growth of SMEs.

The CBN has accomplished a great deal and AfriGo’s status as the continent’s first project of its kind is commendable. In general, the new domestic card from the CBN might give Nigerian SME growth the much-needed boost.

About the writer

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.