To make payment system convenient and available to all Nigerians at affordable cost, the Central Bank of Nigeria on Thursday launched the national domestic card scheme. With the launch, Nigeria has joined countries such as China, Russia, Turkey and India, which pioneered domestic card scheme to accelerate financial inclusion deliver lower-cost payments services to their nationals. Unveiling the scheme virtually yesterday, CBN Governor, Mr. Godwin Emefiele, said it would lead to ensuring a thriving and competitive payment landscape in Nigeria.
Emefiele recalled CBN’s efforts in enthroning cashless policy way back in 2012. He listed introduction of deliberate policies such as Bank Verification Number (BVN), Real Time Gross Settlement System (RTGS), Shared Agent Network Facility (SANEF), Regulatory Sandbox, Open Banking and the eNaira, which were geared towards cashless policy and financial inclusion.
He said: “You will agree with me that the cashless policy has created value, engendered competition and attracted investment into the Nigerian banking and payments ecosystem. “We have witnessed the proliferation of products, channels and participants with significantly increased foreign direct investments into the Nigerian payments space. “The CBN has also over time focused attention on robust development of financial service touchpoints including the ATMs, PoS terminals and agent networks. “The success of the Shared Agent Network Expansion Facility has led to growth in the number of agents to about 1.5 million across the federation with the capacity to accept card payments from Nigerians” According to CBN governor, whilst penetration of card payments in Nigeria had grown tremendously over the years, many Nigerians are still excluded.
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Source : From the Web