Finance

CBN, NIBSS launch National Domestic Card Scheme for Nigeria

3.2% growth projection not enough for Nigeria –CBN

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.

Read:  Microfinance banks’ assets hit N856.3bn on recapitalisation

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.

Read:  Greenbond Finance boosts economy with loan services

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.

Read:  Windows 11 available for free upgrade on window 10 PCs, others

Leadership

Related posts

Five new partners join PwC Nigeria

NigGal

Seplat chairman steps down, to exit May 2022

NigGal

Banks commence N6.98 USSD charge, customers kick

NigGal

Two FG savings bonds are available for subscription through the DMO

NigGal

Mutual Fund Industry In Nigeria Grows To N1.52 Trn.

NigGal

CBN Communique 152 of Monetary Policy Committee Meeting held May 2024

NigGal

Leave a Comment