The Central Bank of Nigeria (CBN) on Thursday virtually launched the much-touted National Domestic Card, aimed at creating a strong payment system and driving financial inclusion in Nigeria.
The multipurpose National Domestic Card, AfriGo will signal the suspension of charges on all cards, according to CBN governor, Mr Godwin Emefiele, who said all payments in the country would be made in Naira, except international transactions.
The card, Emefiele said, would be cheaper and project national pride with the possibility to strengthen financial inclusion.
He said the card avails Nigeria data sovereignty and lower costs and issues foreign exchange.
The apex bank boss stated that foreign exchange is a global challenge and the CBN came up with the card to ensure all online transactions become effective immediately.
He said: “Your existing cards are fine. You can continue using them but given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards”.
Emefiele said that the CBN would pay dollar charges on transactions done outside Nigeria and that CBN, NIBBS, and banks will work together to see how to enable the transactions and segregate them.
“Indeed, the National Domestic Card Scheme bodes opportunities for our economy to integrate the informal segment of our economy, reduce shadow banking, bring more Nigerians into the formal financial services with attendant diversification of deposit portfolio which will further strengthen the stability of the banking industry”, he said.
