The Central Bank of Nigeria, CBN, has launched the first African Central Bank-led National Domestic Card Scheme, AfriGo, on Thursday 26th January 2023, an initiative to boost the country’s payments landscape, lower costs of transactions and address challenges in foreign exchange usage.
The CBN governor, Godwin Emefiele, said at a time when foreign exchange challenges persist globally, all card and online transactions will go on the domestic card scheme with immediate effect.
The domestic card system which presents a critical moment in the development of Nigeria’s payment system is also expected to reduce the exploitations associated with cash handling.
Speaking at the virtual launch of the card, he pointed out that going forward, all domestic transactions conducted in Nigeria will have to be done through the Nigerian domestic card as charges on foreign cards are in dollars.
“The national domestic card avails us the sovereignty of our data. Secondly, it comes at lower costs, at this time when foreign exchange challenges persist globally, it is important for me to say that we have come up with this card to ensure that all online card transactions will now, effective immediately, begin to go on the nigerian national domestic system“, the CBN governor said.
He also emphasised that, the move will drive financial inclusion and concentrate on card financial data in Nigeria, even as it serves as a symbol of national pride for its adopters.
The Apex bank said the new card will be accessible to all nigerians and will address our local peculiarities.
Story: Christy Dung
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