Central Bank Of Nigeria Unveils The First African Central Bank-led National Domestic Card Scheme – AfriGo
Central Bank Of Nigeria Unveils The First African Central Bank-led National Domestic Card Scheme – AfriGo. The Central Bank of Nigeria (CBN), took to Twitter to announce that it has launched the first African central bank-led national domestic card scheme. The Governor Mr. Godwin Emefiele says the new card scheme will be accessible to all Nigerians and also address its local peculiarities.
The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria. CBN Governor, Emefiele says the Bank’s Cash-less Policy has created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem. He says the new card scheme 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.
The CBN Governor assures Nigerians that the card scheme will open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services. Governor Godwin Emefiele hails the Nigerian Banking Community for rising to the challenge of strengthening the national payments system through the implementation of a Domestic Card Scheme.
“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 the Nigerians whose daily payments needs are micropayments. We need to capture them in national statistics to further understand their transaction dynamics and properly target interventions in that sector of the economy.” Emefiele concluded.
