THUR. 26 JANUARY, 2023-theGBJournal| The Central Bank of Nigeria Governor Godwin Emefiele today unveiled a new payments system-AfriGo, a first African Central Bank-led National Domestic Card Scheme.
AfriGo, the CBN Governor says, will be made accessible to all Nigerians and also address Nigeria’s peculiarities.
”The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria,” Emefiele said.
According to Emefiele, the CBN’s cash-less policy has created value, engendered competition and attracted investment into Nigerian banking and payments ecosystem.
He explained that the new card system is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner.
The CBN Governor assured Nigerians that the card scheme will open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into the formal financial services.
He hailed the Nigerian banking community for rising to the challenge of strengthening the national payments system through the implementation of a domestic Card Scheme.
”This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria, but aimed at providing more options for domestic consumers whilst also promoting the delivery of services in more innovative, cost effective and competitive manner,” the apex bank governor said.
He assured that the CBN will remain committed to ”robust, efficient and safe national payments system,” and welcomes innovation from both domestic firms and foreign investors.
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