Nigeria has launched an African Central Bank-led National Domestic Card Scheme, AfriGO, to boost the nation’s economy. See more details about how the new card will work below.
The Governor of the Central Bank of Nigeria, Godwin Emefiele disclosed this at the unveiling ceremony on Thursday.
The new card, AfriGO, would be accessible to all Nigerians and is expected to strengthen the national payments system and deepen the usage of electronic platforms in Nigeria, Emefiele stated.
According to him, the new card scheme is aimed at providing more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective and competitive manner.
He said that CBN’s cashless policy had created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem.
The CBN Governor assured Nigerians that the card scheme would open more opportunities for the Nigerian economy to integrate the informal segment of the economy, reduce shadow banking and bring more Nigerians into formal financial services.
He commended the Nigerian banking community for rising to the challenge of strengthening the national payments system through the implementation of AfriGo.
Emefiele also assured international service providers that the new scheme was not designed to prohibit them from Nigeria.
“This effort is not a quest to prevent international service providers from continuing to provide services in Nigeria.
“It is aimed at providing more options for domestic consumers whilst also promoting the delivery of services in a more innovative, cost-effective and competitive manner,” he said. He added that Nigeria would no longer neglect the vast majority of Nigerians whose daily payment needs are micro-payments.