CBN unveils national domestic card scheme, AfriGo
January 26, 2023207 views0 comments
By Cynthia Ezekwe
- *bans dollar charges On domestic transactions
The Central bank of Nigeria(CBN), has unveiled the national domestic card scheme, AfriGo, to boost financial inclusion and ensure that online transactions go on the Nigerian national domestic system.
Godwin Emefiele, the governor of CBN disclosed this recently, while stating that transaction charges on all cards would henceforth be paid in naira, except for international transactions.
According to Emefiele, the CBN will come up with a deadline for the existing card schemes in the country after which they will no longer be eligible for domestic transactions.
Speaking on the economic benefits of AfriGo,Emefiele said, “The national domestic card gives us the sovereignty of our data. Secondly, it comes at lower costs.
Also at this time when foreign exchange challenges persist globally, it is important for me to say that we have come up with this card to ensure that all card online transactions will now effective immediately, begin to go on the Nigerian national domestic system.’’
The CBN boss emphasised that the introduction of AfriGo was not an attempt to discourage international investors’ operations in the Nigerian payments space, nor an attempt to prevent international service providers from continuing to provide services in Nigeria. He explained that it is aimed at providing more options for domestic consumers, while also promoting the delivery of services in a more cost-effective and competitive manner.
Emefiele further disclosed that the CBN will bar domestic charges from the Nigerian foreign exchange market in the nearest future, while reaffirming its commitment to a robust and safe payment system.