A CREDIT card designed by the Central Bank of Nigeria (CBN) for domestic use has been scheduled for deployment, it was learnt yesterday. The card is expected to compete with other debit cards, including Mastercard, Discovery and Visa cards. Following its introduction, local banks and other financial institutions will be in a position to offer payment solutions like debit, credit, virtual, loyalty and tokenised cards, non-interest card, identity card. The CBN said it introduced the National Domestic Card because of its belief that Nigeria has achieved “significant transformation in its payments system over the past decade. The apex bank added that this has been driven by rapid digital and technological innovation, increasing mobile penetration and the proactive policy initiatives of the CBN which have spurred unprecedented adoption of digital financial services.” It listed the benefits of the card scheme to include among others •Reduction of cost and use of foreign exchange…
A CREDIT card designed by the Central Bank of Nigeria for domestic use has been scheduled for deployment, it was learnt yesterday.
The apex bank added that this has been driven by rapid digital and technological innovation, increasing mobile penetration and the proactive policy initiatives of the CBN which have spurred unprecedented adoption of digital financial services.”•Reduction of cost and use of foreign exchange•Making cards and payments more accessible and affordable for Nigerians.
Today’s deployment will enlist Nigeria into the growing list of countries like India, Turkey, China, and Brazil that have launched similar cards for domestic use. “Our plans will enable us to pivot into the largest card scheme in Africa, and amongst the biggest globally.”
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