CBN: Domestic card scheme to become effective January

 

Recently the Central Bank of Nigeria, in line with its mandate to promote stability, inclusion and growth of the financial and payment system in Nigeria says; they have introduced a national domestic card scheme that will become effective on January 16, 2023.

A statement from the Director, Corporate Communications, CBN, Osita Nwanisobi, said Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN, had driven the accelerated adoption of digital financial services.

He also added that, “Considering the strength and breadth of the country's banking sector, rapid growth and transformation of its payments system over the last decade. Nigeria is ideally positioned to successfully launch a national card scheme.

Building on this platform to accelerate financial inclusion requires infrastructure that can deliver lower-cost payments services that are more accessible and affordable for Nigerians in their country.

In to this statement, he said; Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange.”

Saying the scheme could also be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy.

The national domestic card scheme, he noted, would be delivered through the Nigeria InterBank Settlement Systems Plc, Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.

It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others,” he said.

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