CBN head office
The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, in conjunction with Bankers’ Committee will soon float a national card scheme to improve the payment system in Nigeria, Political Economist NG reports.
Mr Premier Oiwoh, Managing Director, NIBSS, announced this development at a Bankers’ Committee press briefing on Thursday, describing the scheme as the brain child of the CBN.
Political Economist NG reports that when implemented, the new card scheme will reduce operating costs of card transactions, will enhance efficiency in cad operations as well as offer the flexibility of being customized for the Nigerian environment.
Oiwoh said: “Part of the proposition of the bank is that this National Domestic Card scheme will be created to help drive acceptance and efficiency and reduce operating cost of cards in the country.
“This card will be configured to address the unique eco-system that we have, to help improve payment across the nation.
“We also expect the card to provide affordable pricing; on this card the charges will be lower because it’s expected to be charged for in Naira as against foreign currency.
“We also expect to customise local content uniquely for the Nigerian landscape, which will support micro payment and credit, e-government, identity management, transportation, health sector and agriculture in terms of payment.
“The operational effectiveness of this card is expected to be robust and it should drive a lot of innovation, standardisation, then full end-to-end visibility to improve fraud management and better dispute resolution process around the card operating system.
“Local competence for the card and payment scheme will also be deepened within the eco-system,” Oiwoh explained.
He said the card would incorporate products ranging from debit card, credit card, and non interest card, among others.
The committee also discussed the outcome of the last meeting of the Monetary Policy Committee meeting, particularly some of the key decisions that were taken to rein in inflation.
The meeting also discussed the ongoing implementation of the RT200 FX policy and the key initiatives of the CBN in collaboration with the Bankers’ Committee to set up a National Fusion Centre to address Cyber Security issues and safeguard the critical information infrastructure ecosystem.
