Revisiting The CBN’s National Domestic Card Scheme

Recently, the Nigerian media space brimmed with various reportage and analysis sequel to the announcement by the Central Bank of Nigeria (CBN) to launch national domestic cards in January 2023.

The launch date of the national domestic card scheme is January 16, 2023.

In a statement released by the CBN spokesperson, Osita Nwanisobi, the CBN stated that the scheme would accelerate financial inclusion and deliver lower cost payments services that are more accessible and affordable for Nigerians.

Visa and MasterCard are the leading players

“Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services,” the statement read.

The CBN has since explained that the scheme would allow banks to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others.

The scheme will be launched through the Nigeria Inter-Bank Settlement Systems (NIBSS) in partnership with the Bankers Committee.

The launch of the scheme, according to CBN would bring Nigeria to join countries like India, Turkey, China, and Brazil who have used this means to service the underbanked areas in their jurisdiction.

This national domestic card will be expected to be a versatile alternative to Visa and Mastercard who are the market’s biggest players.