The National Domestic Card which offers unique value propositions through enhanced data, sovereignty and transaction security will be delivered to and used by over 200 million Nigerians giving them better pricing opportunities, reduced demand for forex, enhanced financial access and support of the growth of a robust and inclusive digital economy, amongst others.
However, there have been questions about how the new card will affect the daily life of the average Nigerian who has depended on the older debit cards offered by banks in Nigeria.
While speaking on the issue, the CBN Governor, Godwin Emefiele noted that the national domestic card scheme will not stop the usage of the existing cards but the difference will be an operational one as Nigerians will stop paying for the card charges in dollars.
The apex bank chief further stated that the banking regulator will not allow dollar payment for charges on transactions made in Nigeria either with the newly introduced National Domestic Card scheme, Afrigopay or existing debit cards, produced by foreign firms like Mastercard, Verve, Visa etc.
“We will only pay dollars for charges on transactions that are done with domestic or foreign cards outside Nigeria,” Emefiele added.
Speaking further, he noted that financial inclusion in Nigeria has always had one major challenge which is the high cost of card services as a result of foreign exchange requirements of international card schemes.
One other issue is the inability of existing card products to address the local peculiarities of the Nigerian market, a matter which has been readily addressed by the recently launched domestic card.
According to the NIBSS Managing director, Premier Oiwoh, the card will support micropayment and credit, e-government identity management, transportation, health sector and agriculture in terms of payment.
On the lifeline of the older cards, the CBN according to Leadership Newspaper, is in talks with its partners on a deadline for the existing card schemes in the country after which they will no longer be eligible for domestic transactions.