The apex bank of Nigeria, CBN has introduced a national domestic card scheme to facilitate financial inclusion and grow Nigeria’s payment system which would take effect from January 16, 2023.

No information has been provided regarding the procurement cost and operational charges, however, Nigerians as of Monday, January 16, will start receiving a new electronic card for domestic transactions that will be charged in Nigeria.

The CBN payment scheme will begin processing payments using both debit and credit cards as it is expected that this card will compete with other debit/credit card payment options like MasterCard and visa used by Nigerians.

This new payment scheme which was announced in a press briefing in October last year was CBN in conjunction with the Nigeria Inter-Bank Settlement System Plc and the Banker’s Committee.

The Managing Director of NIBSS, Premier Oiwoh, disclosed at the conference that the domestic card scheme would reduce the operating costs of cards in Nigeria for both issuers and users.

He added that “The card would be optimized for local content solely for the Nigerian market and support micropayment and credit, e-government, identity management, transportation, health, and agriculture regarding payment,”.

While the CBN’s Director, of the Corporate Communications Department, Mr. Osita Nwanisobi, also agreed with Mr. Osita’s comment saying that “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”.


It is expected that the new card will unify payments across the banking sector, and is crucial at this time when Nigerians are having issues with commercial banks over unnecessary card charges on their cards. While the card will be delivered to Nigerians through Nigeria’s central switch, the NIBSS in partnership with the Bankers Committee and other stakeholders in the financial ecosystem.

This development puts Nigeria among the list of countries that have launched similar cards for domestic use, which includes India, Turkey, China, and Brazil.

The CBN also disclosed in their statement that “The domestic card scheme will be an important game changer for financial inclusion in Nigeria.

“The plan is to deliver Africa’s first central bank-driven, domestic card scheme that combines a fully domestic infrastructure with international interoperability. Our plans will enable us to pivot into the largest card scheme in Africa, and amongst the biggest globally.”

SOURCE:https://brandspurng.com/2023/01/18/cbn-launches-its-own-debit-card/

This guy is always in the news.

Good

Commendable, Enough money for Master. ard visa and the likes has given insight to what we can do for ourselves

Great

We're still deliberating if it's necessary to accept this fake new notes that stains, you're busy introducing another fake debit card that will most likely give incessant network issues.

CBN, pls face your work and stop meddling in activities that's unrelated to your scope just because you're perceived to be autonomous!

Interesting....

Ok

Wow

For your website check signature

Atleast Emefiele is now doing his Part to Redeem Nigeria.

But what took him this Long?

Good development

Good

Cash out for cbn governor loading

Nice

CBN sha dey press necks

C

Smart moves

C

Somebody should explain how this is different from the ATM card in my wallet.

That's good, let's use our population to our advantage, that's what serious countries do.

This is a brilliant idea if used properly. If exchange rates on this card are at official prices and there's a reasonable withdrawal limit per month, then black market rates will crash significantly....... Meanwhile,


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I think we should support this man on this.
This is a very good idea.

N

Launch it with zero fee card maintenance levy and see it grow.

The way banks dey deduct money these days...e get as e be

I see

So if I get failed transaction now, where I dey go?

No tell me CBN office where police dog dey for gate

But the apex bank is not suppose to delve into retail banking components ie any services that relates with final customers directly, they are the banker's bank for a reason

Lol, I heard this over a radio program few days ago but the man that called in went off as his network failed.
So CBN is planning to venture into banking operations like NNPC.
This Emefiele needs to be stoned

Why is CBN attempting to reinvent a wheel.........

CBN should simply concentrate on making the payment systems we presently have, work efficiently + upgrading infrastructure ........

So what happens to international transactions

How do we get it.