The Central Bank of Nigeria (CBN) has launched the first African Central Bank-led National Domestic Card Scheme- AfriGo.
AfriGo, according to the CBN is aimed at creating a more robust payment system that would drive financial inclusion in the country.
The CBN Governor Mr. Godwin Emefiele while unveiling the card on Thursday said, the new card scheme will be accessible to all Nigerians and also address the local peculiarities.
He stated that the new policy is aimed at providing more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective and competitive manner.
“CBN is committed to a robust, efficient and safe national payments system and welcomes innovation from both domestic firms and foreign investors.
“We can no longer neglect the vast majority of the Nigerians whose daily payments needs are micropayments. We need to capture them in national statistics to further understand their transaction dynamics and properly target interventions in that sector of the economy,” Emefiele said.
The CBN Governor posited that, transaction charges on all cards would henceforth be paid in Naira, except for international transactions.
“At some point in the next few weeks, I am sure that the CBN will come up with the cut-off. All domestic card transactions that will be conducted in Nigeria will have to be through the Nigerian Domestic Cards.
“Your existing cards are fine. You can continue using them but given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards,” he added
The Governor explained further, “We will only pay dollars for charges on transactions that are done outside Nigeria. NIBSS, the CBN and Nigerian banks will work together to see how to segregate those transactions. To ensure that we pay fees or charges for international transactions that are conducted on both domestic cards, Visa or Master Cards, as they are known today.”
Emefiele commended the Nigerian Banking Community for rising to the challenge of strengthening the national payments system through the implementation of a Domestic Card Scheme.
“This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria.
“The Nigerian market is vast and the current participants have done so in the last 12 years to transform the ecosystem. Yet there is much ground to cover as millions of Nigerians are still without cards to consummate transactions.” He stated
