has announced the introduction of a National Domestic Card Scheme effective January 16, 2023. The bank said the move is line with its mandate to promote stability, inclusion and growth in the financial and payment system.
Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services.
Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, the bank believes that Nigeria is ideally positioned to successfully launch a national card scheme.
CBN said it’s building on this platform to accelerate financial inclusion, which requires infrastructure that can deliver lower cost payments services that are more accessible and affordable for Nigerians.
“Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange,” the bank’s spokesman Osita Nwasinobi said in a statement.
He said the scheme can 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.