When last did you use your MasterCard or Visa card for an online transaction or ATM withdrawal?
Your debit cards will soon be rendered useless in Nigeria, as the nation is introducing its domestic payment card.
AfriGo, is set to become the card all Nigerians will now carry.
It is a domestic card scheme which will compete with the foreign cards, hoping to make Nigeria a cashless society and save the country from foreign transaction fees.
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele announced the move on Thursday, January 26, 2023. At the virtual launch of the AfriGo card scheme, Emefiele explained how card payment in Nigeria has grown over the years yet many citizens remained excluded.
“The challenges that have limited the inclusion of Nigeria include the high cost of card service as a result of foreign exchange requirements of international card scheme and the fact that existing card product do not address local peculiarities of the Nigerian market.”
According to him, with the AfriGo card, Nigeria has joined countries like China, Russia, India and Turkey which have their own local payment card.
On the benefit of the national card, the CBN governor said it will reduce the need for forex to acquire foreign cards.
“With the implementation of the National Domestic Card Scheme, the industry will reap potential benefits which include improved transaction security, better pricing opportunities, reduce demand for forex and less pressure on Naira, locally relevant partnerships and offering developing local skills in card and payment space.”
The twist of the story is that the international card service providers like MasterCard and Visa card would not be stopped in Nigeria, rather AfriGo will provide more options for domestic consumers while also promoting the delivery of services in a more innovative, cost- effective and competitive manner.
