The Central Bank of Nigeria (CBN) on Monday launched the deployment of the National Domestic Card Scheme otherwise known as CBN’s Credit Card in a bid to unify payment in the country.
With the deployment, Nigeria has now been enlisted into the growing list of countries like India, Turkey, China, and Brazil that have launched similar cards for domestic use.
In this article, we highlighted some of the key points to know about the CBN’s credit card:
1. The card designed in partnership with the Nigeria Inter-Bank Settlement System (NIBBS) seeks to unify payments in Nigeria and bring in the unbanked population.
2. It will reduce the cost and use of foreign exchange.
3. The card will make cards and payments more accessible and affordable for Nigerians.
4. It will be configured to address the unique ecosystem issues affecting Nigeria’s financial system.
5. There is currently no confirmation if the card can be enabled for international transactions as its application has been restricted to transactions within the country for now.
6. The credit card which is locally produced is set to rival other giants like MasterCard, Visa, Discovery and other such cards as Nigeria aims to improve the country’s data sovereignty and security.
7. The card will augment the CBN’s effort to ensure seamless dissemination of government-to-person payments and other social impact initiatives thus supporting the growth of a robust digital economy.