The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme to boost the electronic payment system in the country.
During the launch which was done virtually on Thursday, the CBN Governor, Godwin Emefiele, said the card would help to reduce operating costs, and charges and preserve foreign exchange in the country.
Emefiele said, “Ladies and gentlemen, at this time when foreign exchange challenges persist globally, it is important that I say that we have come up with this card to ensure that all online transactions will now effective immediately begin to go on the Nigerian National Domestic Card system.
“All domestic transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”
Emefiele said Nigerians could continue to use the existing payments cards in the country for transactions.
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He added, “But given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards.
“Particularly, we would only pay dollars for charges for transactions that are done with whether they are domestic cards or foreign cards outside Nigeria”
The banking regulator said the CBN, Nigeria Inter-Bank Settlement System Plc and the Nigerian banks would work together to segregate those transactions to ensure that they would only make charges or fees for international transactions that are conducted on the cards or the Visa or MasterCard.
