CBN unveils national domestic card scheme, AfriGo

By Cynthia Ezekwe

• *bans dollar charges On domestic transactions

The Central bank of Nigeria(CBN), has unveiled the national domestic card scheme, AfriGo, to boost  financial inclusion and ensure that online transactions go on the Nigerian national domestic system.

Godwin Emefiele, the governor of CBN disclosed this recently, while stating that transaction charges on all cards would henceforth be paid in naira, except for international transactions.

According to  Emefiele, the CBN will  come up with a deadline for the existing card schemes in the country after which they will no longer be eligible for domestic transactions.

Speaking on the economic benefits of AfriGo,Emefiele said, “The national domestic card gives us the sovereignty of our data. Secondly, it comes at lower costs.

Also at this time when foreign exchange challenges persist globally, it is important for me to say that we have come up with this card to ensure that all card online transactions will now effective immediately, begin to go on the Nigerian national domestic system.’’

The CBN boss emphasised that  the introduction of AfriGo was not an attempt to discourage international investors’ operations in the Nigerian payments space, nor  an attempt to prevent international service providers from continuing to provide services in Nigeria. He explained that it  is aimed at providing more options for domestic consumers, while also promoting the delivery of services in a more cost-effective and competitive manner.

Emefiele further disclosed that the  CBN will bar domestic charges from the Nigerian  foreign exchange market in the nearest future, while reaffirming its commitment  to a robust and safe payment system.