CBN has announced a domestic card program

The CBN has announced a domestic card program.

The top bank stated that Thursday’s action is part of attempts to alter the country’s payment landscape.

The Nigerian national domestic card programme has been introduced by the Central Bank of Nigeria (CBN).

The top bank stated that Thursday’s action is part of attempts to alter the country’s payment landscape.

The CBN Governor, Godwin Emefiele, stated at the virtual launch that “the domestic card scheme is intended to boost the national payments system and deepen the adoption of electronic platforms in Nigeria.”

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He insisted that the new programme is designed to give domestic consumers more choices and to encourage the delivery of services in a more creative, economical, and competitive way.

Emefiele is promising Nigerians that the change will increase chances for the informal sector of the economy to be integrated, minimise shadow banking, and encourage more individuals to use official financial services.

The head of the central bank praised the Nigerian banking industry for taking up the issue of enhancing the country’s payment infrastructure by implementing a domestic card scheme.

“This endeavour is not intended to stop foreign service providers from providing services in Nigeria,” he continued.

He claims that the policy aimed at giving domestic consumers more options will also encourage the delivery of services in a more creative, economical, and competitive manner.

He declared, “CBN is committed to a strong, effective, and secure national payments system and invites innovation from both domestic enterprises and foreign investors.”