CBN Set To Launch National Domestic Card Tomorrow

The Central Bank of Nigeria (CBN) will launch its domestic card scheme on Monday, January 16, 2023.

The apex bank disclosed this through Premier Oiwoh, Managing Director, NIBSS, at a Bankers’ Committee press briefing.

Oiwoh said the scheme, which had been approved, was the brain work of the apex bank.

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“Part of the proposition of the bank is that this National Domestic Card scheme will be created to help drive acceptance and efficiency and reduce operating cost of cards in the country.

“This card will be configured to address the unique eco-system that we have, to help improve payment across the nation.

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“We also expect the card to provide affordable pricing; on this card the charges will be lower because it’s expected to be charged for in Naira as against foreign currency.

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“We also expect to customise local content uniquely for the Nigerian landscape, which will support micro payment and credit, e-government, identity management, transportation, health sector and agriculture in terms of payment,” he said.

He explained that the card was expected to reduce the dependence on cash across the landscape and help promote the cashless initiative of the CBN.

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“The operational effectiveness of this card is expected to be robust and it should drive a lot of innovation, standardisation, then full end-to-end visibility to improve fraud management and better dispute resolution process around the card operating system.

“Local competence for the card and payment scheme will also be deepened within the eco-system,” said Oiwoh.

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He said the card would incorporate products ranging from debit card, credit card, and non interest card, among others.

Blaze Newz recalls that the CBN halted the use of master card for foreign transactions.