CBN, NIBSS Move To Scrap ATM, Unify Payments Through National Domestic Card Scheme

From January next year, Nigerians will queue at their banks for a new card.

The new card is being introduced by the CBN to unify payments across the banking industry.

It will also track spending and will be denominated in Naira.

The Central Bank of Nigeria is making moves to introduce the National Domestic Card scheme The apex bank, in conjunction with the Nigeria Inter-bank Settlement System, said the move is to unify payments in the country Also, the card is being developed with the participation of Nigeria Bankers; Committee to boost payments.

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According to him, the card will be configured to manage the payment ecosystem and improve payment across Nigeria. It will also provide affordable pricing. Charges on the card will be lower because it will be charged in Naira and not in foreign currency. 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 said.

Explaining further, Owoh stated that the card is expected to reduce reliance on cash across the landscape and promote the cashless policy of the Central Bank of Nigeria.

it will have components like debit cards, credit cards and non-interest cards. CBN’s spokesman, Osita Nwanisobi, said the move is meant to promote inclusion and growth in the financial services sector via Nigeria’s central switch system, NIBSS. Nwaniso said the scheme will become effective in January 2023.