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CBN unveils National domestic card payment

The Central Bank of Nigeria has unveiled a domestic payment card.

The Governor of the CBN, Mr. Godwin Emefiele said the card scheme would further strengthen the national payment system, aid financial inclusion, ensure data sovereignty and enhance Government social intervention programmes.

He said that since the introduction of the cashless policy in 2012, a lot of investment had come into the nation’s banking and payment system but said with the coming of the domestic card, there will be more options for bank customers at a lesser cost.

He added that the domestic card would operate alongside the established international cards but that it would help to address local peculiarities and be cheaper for its users, thereby helping to bring the under-banked into the financial system.

The CBN Governor said Nigeria had now joined countries like China, Turkey, Russia, and India which had developed their domestic payment cards.

The National Domestic Card, known as AFRIGOPAY will be available upon request at deposit money banks.

Reporting by Biodun Dare, editing by Daniel Adejo