– advertisement –
Nigeria Central Bank Today, together with the Nigerian Inter-Bank Settlement Systems (NIBSS) Plc, the Banking Commission and other stakeholders in the financial ecosystem, we officially announced AFRIGO, a domestic domestic card scheme in Nigeria. Afrigo Card is operated by AFSL (AfrigoPay Financial Services Limited) and is a domestic card system officially licensed by the Central Bank of Nigeria.
The Nigerian Domestic Domestic Card Scheme is a robust domestic scheme tailored to address the specific needs of the Nigerian payments industry and deliver innovative offerings that empower Africa’s payments ecosystem. The implementation of the plan will give the industry benefits including transaction security, data sovereignty, better pricing opportunities, reduced exchange fees, reduced demand for FX, and reduced pressure on Naira while developing local technologies in the card and payments space. will get Other benefits include increased financial inclusion, value retention and flexibility – a source of national pride.
At the event, Central Bank of Nigeria Governor Godwin Emefiele expressed the central bank’s commitment to ensuring a secure national payment system in Nigeria. he said ‘Millions of Nigerians are still unable to use their payment cards to complete transactions. We can no longer ignore the majority of Nigerians who require microtransactions on a daily basis. We need to capture them in national statistics to better understand their trading dynamics and to properly target interventions.’ Indeed, Afrigo provides an opportunity to integrate the informal sector of our economy and bring more Nigerians into the formal financial services system.
Deputy Governor of Financial System Stability, Central Bank of Nigeria and President of NIBSS PLC Mrs Aishah Ahmad was enthusiastic. “Today is a strategic turning point for payments in Nigeria and a source of deep national pride. Afrigo is the most promising domestic card scheme in Africa, given the rapid growth of electronic payments in Nigeria, the continent’s most populous country. It’s a monumental step forward for many reasons, and at least the fact that it gives us sovereignty over data, reduces industry costs, and opens the door to new opportunities for the card business.” In her presentation, she elaborated on the rationale behind the name Afrigo. Afrigo represents the continent’s ethnic diversity combined with progress, empowerment and inclusivity combined with Africa’s predominantly Nigerian green.
Prime Minister Oiwoh, MD of NIBSS also highlighted the key benefits of the system for Nigerians. According to him, “One of the main values of the scheme is the reduction in operational costs, as well as other benefits such as a secure platform, loyalty schemes, credit and virtual cards.”
The launch of the Nigerian National Domestic Scheme will usher in a new payments era for the Nigerian payments ecosystem and unveil the unique opportunities presented by the Nigerian financial industry.
– advertisement –