CBN Launches Nigerian Domestic Card, Bans Dollar Charges On National Transactions

• The CBN has launched the Nigerian Domestic Card and banned dollar charges on transactions within the country.

• Launching the card virtually, Emefiele said: “all domestic transactions that are that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”

• Noting that the domestic card scheme avails the country “the sovereignty of our data.”

EKO HOT BLOG reports that 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, on Thursday 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.

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Emefiele said: “All domestic transactions that are that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”

Noting that the domestic card scheme avails the country “the sovereignty of our data” in addition to coming at a lower cost, Emefiele added that “at this time when foreign exchange challenges persist globally, it is important that we have this card to ensure that all card transactions, online transactions where you’re using cards will now effectively immediately begin to go on the Nigerian National Domestic system.

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“At some point in the next few weeks, I’m sure that the CBN will come up with the cut-off. We will no longer pay dollars for those cards, for the charges on those cards.”

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