Godwin Emefiele, CBN Gov.
BY NKECHI NAECHE-ESEZOBOR —- The Central Bank of Nigeria (CBN) on Thursday launched the national domestic card scheme known as AfriGo.
According to Godwin Emefiele, governor of the CBN, the national domestic card scheme is aimed at creating a more robust payment system that would drive financial inclusion in the country.
The Governor of the CBN, Godwin Emefiele, made this known on Thursday at a virtual launch of the National Domestic Card Scheme (AfriGo).
“I am gratified that the Nigerian banking community has risen up to the challenge of the national payment system through the implementation of a National Domestic Card Scheme.
” The cashless policy which commenced in 2012 signposts our core drive to strengthen the national payment system and the usage of electronic platforms in Nigeria.
” In line with the National payment system strategy, the CBN has been deliberate in collaborating with relevant stakeholders to enhance the national payments infrastructure through initiatives such as the Bank Verification Number (BVN).
“We will all agree that the cashless policy has created value and gender competition, attracted investments into the Nigerian banking and payments ecosystem.”
He said while the penetration of card payments in Nigeria had grown tremendously over the years, many Nigerians were still excluded.
Emefiele noted that the challenges financial inclusion in the country are the high cost of card services as a result of foreign exchange requirements of international card schemes, as well as the inability of existing card products to address local peculiarities of the Nigerian market.
