a bold move towards a cashless economy, Nigeria has rolled out its domestic card scheme.
On Thursday, CBN took a big step towards becoming a cashless society.
Finally launched domestic card scheme to compete with popular foreign cards like Mastercard and Visa.
In an effort to promote a cashless society and save on foreign transaction fees.
The move is expected to boost convenience and security for consumers and businesses and help the country’s economy grow.
The announcement was made by CBN Governor Godwin Emefiele. This move aimed to reduce Nigerian dependence on cash transactions and promote cashless society in the country.
During the virtual launch of the “AfriGo” card scheme, CBN Governor Godwin Emefiele highlighted that despite an increase in the usage of card payments in Nigeria, many citizens were still excluded from the system.
He added that the new domestic card scheme is an effort to improve financial inclusion in the country and make transactions more convenient and secure for people.
According to Emefiele, the main challenges that have limited the inclusion of Nigerians in the card payment system are the high cost of card services due to foreign exchange requirements of international card schemes and that existing card products do not cater to the specific needs of the Nigerian market.
He further stated that the introduction of the AfriGo domestic card scheme aims to tackle these limitations and provide an inclusive and affordable card payment option for all Nigerian citizens.