CBN Domestic Card

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday, unveiled an African Central Bank-led National Domestic Card ...

We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages. “We can no longer neglect the vast majority of Nigerians whose daily payments needs are micropayments,” the CBN governor said. [Agriculture](https://gazettengr.com/poultry-farmers-warned-against-using-antibiotics-for-chickens/) [Poultry farmers warned against using antibiotics for chickens](https://gazettengr.com/poultry-farmers-warned-against-using-antibiotics-for-chickens/) [Economy](https://gazettengr.com/emefiele-banks-blame-cbn-for-scarcity-of-recoloured-naira-notes/) [Emefiele: Banks blame CBN for scarcity of recoloured naira notes](https://gazettengr.com/emefiele-banks-blame-cbn-for-scarcity-of-recoloured-naira-notes/) “This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria. [NationWide](https://gazettengr.com/23550-cholera-cases-recorded-in-nigeria-in-2022-ncdc/) [23,550 cholera cases recorded in Nigeria in 2022: NCDC](https://gazettengr.com/23550-cholera-cases-recorded-in-nigeria-in-2022-ncdc/)

The move is part of the central bank's moves to reduce cash flow within the borders of Africa's biggest economy.

[announced](https://www.cbn.gov.ng/Out/2023/CCD/CBN%20launches%20Cash%20Swap%20Programme.pdf) last week the launch of a cash swap programme introducing a redesigned version of the local currency, the naira. “The challenges that have limited the inclusion of Nigerians include the high cost of card services as a result of foreign exchange requirements of international card schemes and the fact that existing card products do not address local peculiarities of the Nigerian market,” he said. Nigeria’s central bank has launched a domestic card scheme to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to make Africa’s biggest economy a cashless society and save the country foreign transaction fees.

Speaking at the launch, the CBN governor, Godwin Emefiele, said the event signals another major step in the drive to ensure a thriving and competitive payment ...

“The CBN is committed to a robust, efficient and safe national payments system and welcomes innovation from both domestic firms and foreign investors. According to him, many Nigerians are still excluded despite the penetration of card payments in Nigeria over the years. The success of the Shared Agent Network Expansion Facility has led to growth in the number of agents to about 1.5 million across the Federation with the capacity to accept card payments from Nigerians”. [](https://nnn.ng/#:~:text=blogger outreach company) Visa and Mastercard have dominated the card payment market in Nigeria. “The Cash-less Policy which commenced in 2012, signposts our common drive to strengthen the national payment system and deepen the usage of electronic platforms in Nigeria.

ABUJA – Nigeria's central bank on Thursday launched a domestic card scheme to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to ...

AfriGo is owned by CBN and Nigerian banks and Emefiele said that Nigeria was joining China, Russia, India and Turkey in launching a domestic card scheme. “The challenges that have limited the inclusion of Nigerians include the high cost of card services as a result of foreign exchange requirements of international card schemes and the fact that existing card products do not address local peculiarities of the Nigerian market,” said Emefiele. Emefiele told a virtual launch of the “AfriGo” card scheme that although penetration of card payments in Nigeria had grown over the years, many citizens remained excluded.

Nigeria's Apex bank CBN has gone full throttle on its plans for a national debt card scheme as it launches AfriGo. The scheme was earlier announced at a ...

Countries like India, make use of Ruepay, which is a government-backed card payment scheme that has taken over India’s market due to its efficiency, low cost, and policy backing, to which 600 million Ruepay cards have been issued in India. The CBN in conjunction with the Nigeria Inter-bank Settlement System (NIBSS) is hoping to break this system by establishing a card payment scheme that could quickly dominate the fast-growing Nigerian market. Nigeria is one of the biggest markets for card payments, with the latest annual figures for card transactions in Nigeria hitting $18.2 bn in 2021.

The Central Bank of Nigeria on Thursday launched the Nigerian National Domestic Card Scheme to further expand the electronic payment system in the country.

“The OPSN and Nigerian people are the ones who bear the brunt of economic hardships in Nigeria, so why go to Chatham House London to discuss domestic challenges that are domiciled in Nigeria? The implication of this, Udeagbala said, is that economic activities are contracting, and businesses are dying. Many companies are struggling to adjust to that and now the same is being raised to three per cent. He also said, “But given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards. There are yet other tax bills currently at the National Assembly seeking to impose taxes and levies on business establishments and companies, such as the NITDA levy, National Social Insurance Trust Fund, Company Income Tax among others. Considering the various challenges and economic difficulties faced by the OPSN.”

A new national card scheme has been initiated to boost financial inclusion, enhance data sovereignty and offer lower charges.

Emefiele said, “It is important to note that the establishment of National Domestic Card Schemes is in line with global trends. “The 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 Nigerians whose daily payments needs are micropayments. This is to deepen financial inclusion.” He said that the challenges that have limited the inclusion of Nigerians included the high cost of card services as a result of foreign exchange requirements of international card schemes and the fact that existing card products do not address local peculiarities of the Nigerian market. Speaking at the virtual launch of the card scheme, the CBN governor pointed out that at a time when foreign exchange challenges have persisted globally, the central bank came up with the domestic card scheme to, “ensure that all card transactions, online transactions where you’re using cards will now effective immediately, begin to go on the Nigerian National Domestic Card system.”

By Chinenye Anuforo. The Central Bank of Nigeria (CBN) yesterday officially unveiled the Nigerian National Domestic Card Scheme – AFRIGO, in conjunction ...

According to him, “one of the major values of the scheme is the reduced operating cost as well as other benefits such as a secured platform, loyalty scheme, credit cards, and virtual cards amongst others”. It is a monumental development for several reasons, not in the least is the fact that it gives us sovereignty over our data, saves cost for the industry, and presents a new vista of opportunities for the card business”. Other advantages include a boost to financial inclusion, value retention, flexibility not to mention it is a source of national pride.