CBN launches Nigerian Domestic Card, AfriGo, bans dollar charges on domestic transactions
Written by City Radio on January 26, 2023
The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme, AfriGo, aimed at creating a more robust payment system that would drive financial inclusion in the country.
Launching the card virtually, this morning, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, said that transaction charges on all cards would henceforth be paid in Naira, except for international transactions.
According to him, AfriGo would be cheaper and would be a matter of national pride, with potential to boost financial inclusion.
The governor said that the introduction of AfriGo was not an attempt to discourage international investors’ operations in the Nigerian payments space but that it had become necessary owing to its obvious advantages.
He said, “This effort is not an attempt to prevent international service providers from continuing to provide services in Nigeria. Rather, it aimed at providing more options for domestic consumers, while also promoting the delivery of services in a more cost-effective and competitive manner.
“The CBN is committed to a robust and safe payment system and welcomes innovations from domestic and foreign investors.
“The Nigerian market is vast and the current participants have done so in the last 12 years to transform the ecosystem. Yet there is much ground to cover as millions of Nigerians are still without cards to consummate transactions.
“I am convinced that the National Domestic Card scheme will make this a reality in the coming months. We can no longer neglect the vast majority of Nigerians
CityRadio 89.7FM
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