CBN and NIBSS Launch AfriGo Domestic Card to Boost Nigeria’s Payments System and Increase Financial Inclusion.
The CBN and NIBSS have launched AfriGo, a Nigerian National Domestic Card Scheme, aimed at improving the payments system and increasing financial inclusion in the country. Governor Godwin Emefiele announced during the virtual launch that charges on card transactions within the country will soon be paid in Naira, except for international transactions. He highlighted the benefits of the card, including increased data sovereignty, lower costs, and reduced dependence on foreign exchange.
The CBN, in partnership with NIBSS, has introduced the AfriGo National Domestic Card to enhance the payment system and promote financial inclusion. Governor Emefiele stated that transaction charges on all cards, excluding international transactions, will now be payable in Naira. The card offers data sovereignty, lowers costs, and addresses foreign exchange challenges. In the coming weeks, all domestic card transactions in Nigeria must be done via the National Domestic Card. Existing cards can still be used, but charges by foreign cards will no longer be paid in dollars. The CBN, NIBSS, and Nigerian banks will work together to segregate international transactions and bar domestic charges from the Nigerian forex market soon.
According to CBN Governor Emefiele, the introduction of AfriGo was not meant to hinder international investment in the Nigerian payment sector but was deemed necessary due to its benefits. Andrew Walden of Aquila Payment Consulting, the technical consultant for AfriGo, praised Nigeria for being a trailblazer in global payment trends and being ready to embrace the opportunities offered by the domestic card scheme.
Source: Vanguard News