The Central Bank of Nigeria (CBN) in a bid to rejig the country’s payment system has on Thursday introduced a national domestic card scheme.
“The domestic card scheme is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria,” the CBN Governor Godwin Emefiele said at the virtual launch.
Emefiele revealed that the new scheme would offer more innovative and cost-effective domestic financial service delivery to consumers.
He, thereby, gave assurance that the move will as well incorporate the informal financial system of the country’s economy and also stem the tide of illegal banking system.
The governor, however, commended the country’s banking community for supporting 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,” he added.
“CBN is committed to a robust, efficient, and safe national payments system and welcomes innovation from both domestic firms and foreign investors,” he said.