The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, on Thursday, unveiled the first African Central Bank-led National Domestic Card Scheme, ‘AfriGo’.
Emefiele said the new card scheme will be accessible to all Nigerians and also address our local peculiarities.
This was posted on the apex bank’s Twitter handle on Thursday.
According to the tweet: “The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria.”
Emefiele said the Bank’s Cash-less Policy has created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem.
He said 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.
“The effort is not a quest to prevent international service providers from continuing to provide services in Nigeria,” Emefiele.
The CBN Governor 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 tweet reads: “Emefiele hails 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 says 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.”