Sterling Bank has launched the “Independence Reward Program” in collaboration with AfriGO and the Nigeria Inter-Bank Settlement System (NIBSS), fusing fintech innovation with national celebration.
In celebration of Nigeria’s 64th anniversary of independence, this program intends to provide 100,000 free AfriGO debit cards to all of the nation’s essential service providers.
The program recognizes the contributions made by Corps Members, Teachers, Healthcare Workers, and Armed Forces personnel to the country while also encouraging financial inclusion and the use of digital payments. It’s a calculated move toward Nigeria’s cashless society, veiled in the garb of national festivity.
Chief Product Officer at Sterling Bank Mustapha Otaru, 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), emphasised 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 synergise 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 program’s success may establish a standard for upcoming fintech public-private partnerships, opening the door for more creative approaches to addressing Nigeria’s financial inclusion issues. All eyes will be on the program’s adoption rates and effects on the volume of digital transactions among service providers as it develops.
