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On January 16th, 2023, the Central Bank of Nigeria (CBN) is launching a new domestic card payment scheme aimed at facilitating financial inclusion and growth in Nigeria’s payment system.
With the introduction of this new scheme, Nigerians will be able to pay for goods and services with both debit and credit cards instead of other cards such as MasterCard and Visa.
This scheme is being launched in partnership with the NIBSS (Nigeria Inter-Bank Settlement System Plc.) and the Banker’s Committee.
It is hoped that this card will reduce operating costs for issuers and users while unifying payments across different banking sectors.
This would therefore help ease Nigerians’ issues regarding unnecessary card charges.
The CBN believes that with this launch, Nigeria can become one of the biggest international card schemes globally as well as Africa’s own first central bank-driven card system combined with domestic infrastructure and interoperability.
This article was updated 8 months ago