CBN News

Visa and Mastercard have dominated the card payment market in Nigeria. While they remain convenient, especially for international transactions, domestic cards ...

“The CBN is committed to a robust, efficient and safe national payments system and welcomes innovation from both domestic firms and foreign investors. Rather, it is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner. According to him, many Nigerians are still excluded despite the penetration of card payments in Nigeria over the years. “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. Visa and Mastercard have dominated the card payment market in Nigeria. “The CBN has also over time focused attention on robust development of financial service touch points including the ATMs, POS terminals and agent networks.

The Central Bank of Nigeria (CBN) has said it will no longer allow payment for dollar charges on transactions made within Nigeria either with the newly.

“The company Afrigopay Financial Services is a domestic Card Scheme. “We will only pay dollars for charges on transactions that are done with domestic or foreign cards outside Nigeria,” CBN governor Godwin Emefiele said at the virtual launch of the card scheme yesterday. I think it is important to also explain what the corporate structure for delivering this card looks like.

*Emefiele unveils new national card scheme, 'AfriGo'. *Says initiative to boost financial inclusion, enhance data sovereignty, offer lower charges, others.

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. This is to deepen financial inclusion.” We can no longer neglect the vast majority of Nigerians whose daily payments needs are micropayments. He said given the limited usage of cards by Nigerians and in a bid to deepen penetration, the central bank actively promoted the national domestic card scheme which would be accessible to all Nigerians and also address local peculiarities. He said: “All domestic card transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic card.

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

He added, “But given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards. “I thought it important for me to say so not because there’s any preference for the domestic card but what is most important is that we do not have foreign exchange and we will bar payment of charges for domestic transactions from the Nigerian foreign exchange market at some point in the very near future,” he said. Emefiele said, “Ladies and gentlemen, at this time when foreign exchange challenges persist globally, it is important that I say that we have come up with this card to ensure that all online transactions will now effective immediately begin to go on the Nigerian National Domestic Card system.