The Central Bank of Nigeria (CBN) has unveiled the features of Domestic Card which is meant to serve as both credit card and debit card, among other functions.
The National Domestic Card is expected to compete with other industry players like Mastercard, Discovery and Visa cards.
Local banks and other financial institutions will offer payment solutions like credit, debit, virtual, loyalty, tokenised cards, non-interest and identity card.
Benefits and features of National Domestic Card as stated by the CBN include;
Reduction of cost and foreign exchange use
Protection of data sovereignty
Making cards and payments more accessible and affordable for Nigerians.
The National Domestic Card would ensure improved sovereignty and security of data of Nigerians and its operations since Mastercard and other major industry players control such cards from overseas.