In a move that combines fintech innovation with national celebration, Sterling Bank has partnered with AfriGO, and the Nigeria Inter-Bank Settlement System (NIBSS) to launch the “Independence Reward Program.”
This initiative, coinciding with Nigeria’s 64th Independence Anniversary, aims to distribute 100,000 free AfriGO debit cards to essential service providers across the country.
The program targets Corps Members, Teachers, Healthcare Workers, and Armed Forces personnel, recognizing their contributions to the nation while simultaneously promoting financial inclusion and digital payment adoption. It’s a strategic push towards Nigeria’s cashless policy, wrapped in the flag of patriotic celebration.
Mustapha Otaru, Chief Product Officer at Sterling Bank, stated “We are leveraging fintech solutions to honour our nation’s backbone – the service providers. This program is not just about rewards; it’s about accelerating the shift towards a digital economy.”
The rewards are substantial: cardholders receive a bonus upon activation, with an additional incentive for completing 10 transactions within a month. Ten high-volume users will also win cash prizes in a Sterling/AfriGo league campaign. The program will run from October to December 2024, offering a significant window for adoption and usage.
On her part, Ebehijie Momoh, MD/CEO of Afrigopay Financial Services Limited (AFSL), emphasized the program’s potential impact on digital payment adoption. “By gamifying card usage, we are making digital transactions more attractive and accessible to a crucial segment of Nigerian society,” Momoh explained.
Olusegun Adeoye, Head of Engineering at Peerless, highlighted Peerless’ commitment to local technology, stating, “Following the successful deployment of SeaBaaS for Sterling Bank, and their support for indigenous technology, we are collaborating on this program to further demonstrate our dedication to advancing Nigeria’s technological capabilities. The growth of domestic expertise is the driving force behind this partnership.”
This collaboration marks a significant milestone in Nigeria’s digital landscape. It demonstrates how banks, payment processors, and tech companies can synergize to drive financial inclusion and digital transformation.
Eligible participants can access the program by requesting an AfriGO card through the OneBank App or by visiting any Sterling Bank branch. Verification of service status is required to ensure the rewards reach their intended recipients.
The success of this program could set a precedent for future public-private partnerships in the fintech space, potentially paving the way for more innovative solutions to Nigeria’s financial inclusion challenges. As the program unfolds, all eyes will be on its adoption rates and its impact on digital transaction volumes among service providers.
