CBN Stops Dollar Charges on Domestic Card Transactions *Emefiele unveils new national card scheme, ‘AfriGo’ *Says initiative to boost financial inclusion, enhance data sovereignty, offer lower cha
*Says initiative to boost financial inclusion, enhance data sovereignty, offer lower charges, othersJames Emejo in Abuja and Nume Ekeghe, Dike Onwuamaeze in Lagos
Emefiele, however, clarified that though there was nothing wrong with existing local bank cards, customers are at liberty to continue using them. He, however, clarified that the CBN’s effort was not to prevent international service providers from continuing to provide services in Nigeria. He said given the limited usage of cards by Nigerians and in a bid to deepen penetration, the central bank actively promoted the national domestic card scheme which would be accessible to all Nigerians and also address local peculiarities.
He said the CBN had over time focused attention on the robust development of financial service touchpoints including the ATMs, POS terminals, and agent networks, explaining that the success of the Shared Agent Network Expansion Facility has led to growth in the number of agents to about 1.5 million across the federation with the capacity to accept card payments from Nigerians.
He said in line with the National Payments System Strategy, the CBN had been deliberate in collaborating with relevant stakeholders to enhance the national payments infrastructure through initiatives such as the Bank Verification Number , Real Time Gross Settlement System , Shared Agent Network Facility , Regulatory Sandbox, Open Banking, and the eNaira.
“I am convinced that the National Domestic Card Scheme will make this a reality in the coming months. We can no longer neglect the vast majority of Nigerians whose daily payments needs are micropayments.
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