In 2023, Nigeria to Roll Out Two Super Cards That Will Change Country's Financial Future
- The Nigerian government will, in the coming months, release two super cards into circulation
- The National Domestic Card launched by CBN will unify payments in Nigeria and help with myriads of payment issues.
- Also, the Nigerian government directed that the National Identity Management Commission merge NIN with debit cards
The Nigerian government made two pronouncements in 2022 and 2023 that might alter the future of financial transactions in the country.
Both financial tools will shape the country's future of trade, identity, and cross-border transactions.
Source: Getty Images
CBN takes the lead
In 2022, during the announcement heralding the introduction of the controversial naira redesign policy by the Central Bank of Nigeria, the apex bank’s chief, Godwin Emefiele, announced that the CBN is working to introduce National Domestic Card into the country.
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Nigeria’s apex bank, the Central Bank of Nigeria (CBN), and the Nigeria Inter-Bank Settlement System (NIBSS), including the Bankers Committee, said they will float a national card scheme to enhance the payment system in Nigeria.
Vanguard reports that the Managing Director of NIBSS, Premier Owoh, stated this during the Committee’s meeting on Thursday, October 20, 2022.
Card meant to unify payments?
Owoh said the project had been approved and is the brainchild of CBN.
He said part of the project of the apex bank is that the National Domestic Card Scheme will be designed to help accelerate acceptance and efficiency and reduce operating costs of cards in the country.
Charges on the card will be lower because it will be charged in Naira and not in foreign currency. The card would be optimized for local content solely for the Nigerian market and support micropayment and credit, e-government, identity management, transportation, health and agriculture regarding payment, Owoh said.
Owoh said it would have components like debit cards, credit cards, and non-interest cards.
On January 29 this year, CBN launched the National Domestic Card to accelerate payments.
Nigeria to merge NIN with debit cards
On Wednesday, May 24, 2023, the Federal Government directed Nigerian banks and other financial institutions to issue new debit cards to customers with National Identification Numbers (NIN).
The new card will withdraw money from Automatic Teller Machines and serve as a national identity card for Nigerians.
The Minister of Communications and Digital Economy, Isa Pantami, announced the directive during a press briefing following the valedictory Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in Abuja.
Patanmi speaks on new domestic card
According to Pantami, Nigerians can now request their banks to provide them with the new debit card for free, as reported by the Punch. It is different from the N1,000 charges for a new bank card request.
He also explained that the decision came in response to a memo from the National Identity Management Commission (NIMC) authorizing banks to print multipurpose debit cards that can function as national identity cards.
Access Bank partners AfriGOPay to provide first National Domestic Card developed by CBN
Legit.ng reported Access Bank is partnering with AfriGOPay, a financial services company aligned with the Nigeria Inter-Bank Settlement System (NIBBS), to launch Nigeria's first National Domestic Card, created to meet the payment needs of Nigerians.
The project initiated by the Central Bank of Nigeria (CBN) and the NIBBS will provide creative solutions to users of financial institutions in Nigeria, Africa, and worldwide.
Access Bank's Deputy Managing Director of Retail Banking, Victor Etuokwu said the bank is the first financial institution in Nigeria to issue the first live card of the National Domestic Card in partnership with AfriGo.
Source: Legit.ng
