The Central Bank of Nigeria (CBN) has unveiled the Nigerian national domestic card scheme.
The apex bank stated that Thursday’s action is a part of attempts to reshape the nation’s payment landscape.
The domestic card program, according to CBN Governor Godwin Emefiele, “is intended to boost the national payments system and deepen the use of electronic platforms in Nigeria.”
He insisted that the new plan will increase domestic consumers’ options and encourage more creative, economical, and competitive service delivery.
Emefiele is also assuring Nigerians that the move will bring more opportunities to integrate the informal segment of the country’s economy, reduce shadow banking and bring more people into formal financial services.
The apex bank chief lauded the Nigerian banking community for rising to the challenge of strengthening the national payments system through the implementation of a Domestic Card Scheme.
“This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria,” he added.
According to him, the policy targeted at providing more options for domestic consumers will also promote the delivery of services in a more innovative, cost-effective, and competitive way.
“CBN is committed to a robust, efficient, and safe national payments system and welcomes innovation from both domestic firms and foreign investors,” he said.