The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele launched the National Domestic card on January 16, 2023.
The card was launched through the Nigeria Inter-Bank Settlement Systems (NIBSS) in partnership with the Bankers Committee.
Emefiele stated that dollar charges on foreign cards for domestic transactions conducted within Nigeria will be stopped.
All domestic card transactions that will be conducted in Nigeria will have to be through the Nigerian Domestic Cards
National Domestic card will bar domestic charges from the Nigerian foreign exchange market at some point in the very near future.
The Domestic card scheme will reduce costs in foreign exchange, and protect data sovereignty.
The Nigerian domestic card scheme shall be delivered through the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.
The Domestic card will help to foster dissemination of government-to-person payments and other social impact initiatives, ultimately enhancing financial inclusion and supporting the growth of a robust digital economy.
It will foster innovation within the Nigerian domestic market and the African continent allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenised cards amongst others.
