The Central Bank of Nigeria has launched a national domestic card scheme which will rival current players including Mastercard, verve and Visa in Nigeria.
Premium Times reports that CBN spokesperson, Osita Nwanisobi, said the scheme would accelerate financial inclusion and deliver lower cost payments services that are more accessible and affordable for Nigerians.
This hints that high card charges Nigerians are currently experiencing will be reduced, which will attract more people to CBN’s cashless policy.
Many Nigerians are already complaining about the high charges they experience when transferring money especially between different banks. CBN’s answer is Nigeria’s national ATM card.
There are also promises on how this card will make international transactions possible for Nigerians, especially at a time when banks have completely suspended the use of Naira Mastercard for international payments. Nigerians can currently make international payments only if they have domicilliary account.
“Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme,” CBN spokesperson, Osita Nwanisobi said.
“The CBN recognizes the significant benefits from delivering Africa’s first central bank-driven, domestic card scheme, which when delivered at scale has the potential to become the largest in Africa, and one of the largest in the world”.