The Nigerian Central Bank (CBN) Governor, Godwin Emefiele on Wednesday unveiled the country’s first National Domestic Card Scheme, aimed at ensuring all Nigerians can access financial services at an affordable cost and expand payment options within the local banking system.
The Governor said the initiative would reduce payments charges and make card usage accessible to all Nigerian citizens – regardless of their income level or geographical location.
He continued to explain how this scheme would help address foreign exchange requirements for international card transactions, as well as local peculiarities that further restrict access.
Emefiele added that such measures create value and competition, ending in increased foreign direct investments into Nigeria’s payment space.
Also, he noted the success of CBN’s Shared Agent Network Expansion Facility which now includes over 1.5 million agents who are able to accept card payments from any Nigerian citizen.
According to the CBN Deputy Governor for Financial System Stability, Aishah Ahmad, the new scheme will revolutionize Africa’s payment landscape by lowering operating costs and increasing participation in formal financial services; a step forward towards integration of Nigeria’s informal economies.
Article updated 4 months ago. Content is written and modified by multiple authors.
