Questions As CBN, NIBSS Launch New National Card Scheme

Expectations are high in Nigeria as the new National Domestic Card Scheme expected to offer a new electronic card for local transactions and also deepen the CBN’s cashless policy takes off on Monday, January 16, 2023.

GWG.ng reports that the new card scheme is expected to augment the cashless policy that the Governor Godwin Emefiele led bank has been aiming to foist on Nigeria and also deepen financial inclusion.

However, controversy was still clouding the card scheme as the procurement cost and operational charges are still unknown.

GWG.ng reports that the Central Bank of Nigeria (CBN), in conjunction with the Nigeria Inter-Bank Settlement System Plc (NIBSS) and the Bankers’ Committee mooted the idea at a press briefing in October last year.

At that press conference, Premier Oiwoh, Managing Director of NIBSS, explained that the domestic card scheme would reduce the operating costs of cards in the country for both the issuers and users.

“The card would be optimised for local content solely for the Nigerian market and support micropayment and credit, e-government, identity management, transportation, health and agriculture regarding payment”, Owoh added.

CBN’s Director, Corporate Communications Department Mr Osita Nwanisobi, also corroborated Oiwoh’s position, explaining that Nigeria’s payment ecosystem has grown appreciably and can buoy a domestic card scheme.

“Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme”, he said.

It was reported that besides deepening the new cashless policy of the CBN that the new national card scheme would unify payments across the banking landscape.

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