CBN, NIBSS Unveil Domestic Card Scheme, To Transform African Payment Ecosystem

BY BUKOLA IDOWU, Lagos

The Central Bank of Nigeria and the Nigeria Inter Bank Settlement System is set to unveil the the new Domestic Card Scheme today, Thursday 26th January 2023.

The National Domestic Card Scheme is being launched in conjunction with the Bankers Committee and other financial ecosystem stakeholders.

With its introduction into the Nigeria financial space announced late last year, the National Domestic Card is set to be delivered to over 200 million Nigerians offers unique value propositions through enhanced data sovereignty and transaction security, better pricing opportunities, reduced demand for FX, enhanced financial access and support of the growth of a robust and inclusive digital economy, amongst others.

The new Domestic Card Scheme is a robust in-country Scheme tailored to address the specific requirements of Nigeria’s payment industry and provide innovative offerings tailored to the Nigerian market and beyond. The Scheme will transform the domestic and African payment landscape through the promotion of innovation in the payment, enhancement of interoperability domestically and internationally and improvement in the suite of products and solutions offerings by banks and other financial institutions such as debit, credit, virtual, loyalty and tokenized cards.

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The launch of the card which will be virtual is expected to have in attendance critical stakeholders in the financial ecosystem such as the Governor of the CBN, Deputy Governors of the CBN, the Director General Securities and Exchange Commission and Managing Director of the Nigeria Deposit Insurance Corporation.

Also expected at the event are representatives of multilateral agencies, Switches and Processors, Payment Service Banks, Mobile Money Operators, Payment Terminal Service Providers, Payment Solutions Service Providers, card manufacturers and industry associations.

The launch of the Scheme presents a new dawn in the Nigerian payment ecosystem and unveils the unique opportunities presented by the Nigerian retail landscape. It is indeed the beginning of a new era, charting the future of the payment landscape as the first Domestic Card Scheme to be launched on the African continent.