CBN unveils AfriGO, Nigeria’s National Domestic Card Scheme to reduce FX demand
By Ibiyemi Mathew
The Central Bank of Nigeria (CBN) in conjunction with the Nigeria Interbank Settlement System (NIBSS) has unveiled AfriGo, Africa’s first National Domestic Card Scheme.
The Nigerian National Domestic Card Scheme is a home grown card scheme launched to address the requirement of the Nigerian Payment Industry and fastrack financial inclusion in the country.
Delivering the keynote address at the virtual product launch, CBN Governor, Mr Godwin Emefiele said the launch of the Nigerian National Domestic Card Scheme signals a major step in ensuring a thriving and competitve payment landscape in Nigeria.
According to him, “The scheme is an important plug in the gap of payments and has remained with us since the launch of the cashless policy in 2012.
“Nigeria will be joining China, Tukery and India to harness the transformative benefits for their payment systems and particularly to the underbanked.”
The CBN Governor however noted that the card scheme is not to chase away international payments providers but to provide payment services peculiar to Nigerians.
“We welcome innovations from both Domestic and local investors,” Emiefele said.
Speaking further on the use of the card, Emiefele said, “NIBSS and CBN will work together to make sure foreign exchange is charged for only international transactions made on Visa and Mastercards as we have it now.
“This is so as many of the cards we use currently charge in foreign currency. However, with the launch of the National Domestic Card, all Domestic transactions are to be carried out on the National Domestic Card.
“With the implementation of the National Domestic Card Scheme, the industry will reap potential benefits which include improved transactional security, reduced demand for FX and less pressure on the Naira, locally relevant partnerships and offerings, developing local skills in card and payment space,” he said.
According to the Deputy Governor of the Central Bank, Financial System Stability amd Chairman of the baord of NIBSS, Mrs Aisha Ahmad, “Other advantages include a boost to financial inclusion, value retention, flexible & innovative scale, source of national pride.
“This scheme was birthed with continental aspirations to make AfriGO a payment beacon for the African continent,” she added.
The Technical Consultant on the Nigerian National Domestic Card Scheme, Andrew Walden added that, “Nigeria has been a regional leader in many of the Global payment trends and now stands ready to adopt the opportunities of the domestic card scheme.
“Nigeria has played an enviable role in advancing the forefront of revolution in the payment industry. This scheme provides an opportunity for Nigeria to cement its place at the forefront of digital payments innovation.”
Managing Director/CEO of the NIBSS, Mr Premier Oiwoh noted that the scheme was developed to promote a robust in-country Domestic Card Payment Scheme tailored to address the specific requirements of Nigeria’s payment industry and provide innovative offerings tailored to the Nigerian market and beyond.
AfriGOpay Financial Services Limited (AFSL) is an affiliate of the Nigeria Inter-Bank Settlement System (NIBSS) will be responsible for deploying and managing the National Domestic Card Scheme for Nigeria.
