By John Ikani
The Central Bank of Nigeria (CBN) has unveiled the Nigerian National Domestic Card Scheme, a move which analysts say will change the game for domestic payments.
The revolutionary step, according to CBN Governor Godwin Emefiele, is set to reshape the country’s payment landscape and bring more options for domestic consumers.
The domestic card scheme, a first of its kind in Nigeria, “aims to strengthen the national payments system and deepen the usage of electronic platforms,” said Emefiele at the virtual launch.
With this new scheme, consumers can expect more innovative, cost-effective, and competitive ways to access services.
Not only that, it also brings opportunities to “integrate the informal segment of the country’s economy, reduce shadow banking and bring more people into formal financial services.”
Emefiele reassured that the move is not to prevent international service providers from continuing to provide services in Nigeria, but rather to welcome innovation from both domestic firms and foreign investors.
“CBN is committed to a robust, efficient, and safe national payments system and welcomes innovation from both domestic firms and foreign investors,” he said.
He also praised the Nigerian banking sector for rising to the challenge of strengthening the national payments system through the implementation of the scheme.
