The reason your Automated Teller Machine, ATM cards might not work again is there would be a new option by the Central Bank of Nigeria, CBN, to foster all domestic transactions.
CBN linked with Nigeria Interbank Settlement System, NIBSS, to come up with Africa’s first National Domestic Card Scheme, AfriGO.
It would be noted that the Nigerian National Domestic Card Scheme is a homegrown card scheme launched to address the requirement of the Nigerian Payment Industry and fast-track financial inclusion in the country.
Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, while reading the keynote address at the virtual product launch, said the launch of the Nigerian National Domestic Card Scheme signals a major step in ensuring a thriving and competitive 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, Turkey 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.
Emefile added that “All domestic transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”