The Central Bank of Nigeria (CBN) has unveiled the first African Central Bank-led National Domestic Card Scheme known as AfriGo.
TheNewsGuru.com (TNG) reports CBN and the Nigeria Inter-Bank Settlement Systems (NIBSS) unveiled AfriGo at a virtual event on Thursday.
According to the CBN, AfriGo will be accessible to all Nigerians, which the apex bank said is expected to address Nigeria’s local peculiarities.
“The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria,” CBN Governor, Mr Godwin Emefiele said.
According to Emefiele, says the CBN’s Cash-less Policy has created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem.
The CBN Governor stressed the new card scheme is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner.
He assured Nigerians that the card scheme will open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services.
The CBN Governor hailed the Nigerian Banking Community for rising to the challenge of strengthening the national payments system through the implementation of a Domestic Card Scheme.
“This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria,” Emefiele said.
He further stressed the new policy aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner.
“CBN is committed to a robust, efficient and safe national payments system and welcomes innovation from both domestic firms and foreign investors,” Emefiele said.
TNG reports AfriGo card was developed by AfriGopay Financial Services Limited, an affiliate of NIBSS licensed by the CBN.
The Company is responsible for deploying and managing the National Domestic Card Scheme for Nigeria.