The Federal Republic of Nigeria has unveiled an African Central Bank – Led National Domestic Card Scheme, AfriGo, to address local financial needs.
The governor of the nation’s central Bank, Godwin Emefiele at the event that was monitored virtually commended the Nigerian banking community for rising to the challenge of strengthening the national payments system by implementing AfriGo and, also assured international service providers that the new scheme was not designed to prevent them from operating in 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,” Emefiele said.
The governor emphasized the central bank’s commitment to a robust, efficient, and safe national payments system, welcoming innovation from both domestic firms and foreign investors.
He said the new card scheme aims at providing more options for domestic consumers while also promoting the delivery of services in a more innovative, cost-effective, and competitive manner.
The Central Bank Governor stressed that the apex bank’s cash-less policy had created value, engendered competition, and attracted investment into the Nigerian banking and payments ecosystem.
He assured Nigerian that the new card would be accessible to all citizens and is expected to strengthen the national payments system and deepen the usage of electronic platforms in the country. Adding that, the card scheme would open more opportunities for the Nigerian economy to integrate the informal sector of the economy, reduce shadow banking and bring more Nigerians into formal financial services.