The Central Bank of Nigeria, in line with its mandate to , says it has introduced
A national domestic card scheme expected to promote stability, inclusion and growth in the financial and payment system will become effective on January 16, 2023.
Announcing the new card scheme in a statement, the Director, Corporate Communications, CBN, Osita Nwanisobi, said, considering the strength and breadth of Nigeria’s banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme.
According him domesticating the nation’s card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange.
He said the scheme could also be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy.
The national domestic card scheme, he noted, would be delivered through the Nigeria InterBank Settlement Systems Plc, Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.
“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others,” he said.
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