ADVERTISEMENT

CBN, NIBSS set to transform African payment ecosystem with brand unveil of domestic card scheme

#FeaturedByNIBSS: The Central Bank of Nigeria announced in 2022 that it will be launching a National Domestic Card Scheme in conjunction with the Nigeria Inter Bank Settlement Systems (NIBSS) Plc, the Bankers Committee and other financial ecosystem stakeholders.

CBN, NIBSS set to transform African payment ecosystem with brand unveil of domestic card scheme.
ADVERTISEMENT

The Scheme will transform the domestic and African payment landscape through the promotion of innovation in 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.

The National Domestic Card 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 brand unveil of the new Domestic Card Scheme by CBN and NIBSS will take place on Thursday 26th January at a virtual event that will be graced by 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 this historic 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.

#FeaturedByNIBSS

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

2000 jobs created by $16 million solar project endorsed by Nigerian president

2000 jobs created by $16 million solar project endorsed by Nigerian president

Power Forward celebrates Ninth year anniversary

Power Forward celebrates Ninth year anniversary

Here's how much weddings cost in these 5 African countries

Here's how much weddings cost in these 5 African countries

PENGASSAN wades into petrol price increment, targets erring outlets as price hits N650 per liter

PENGASSAN wades into petrol price increment, targets erring outlets as price hits N650 per liter

Redesigned notes: Black market sales skyrocket despite DSS clampdown on illegal currency racketeers

Redesigned notes: Black market sales skyrocket despite DSS clampdown on illegal currency racketeers

Here are some tips and tricks for managing a Gen Z workforce in Africa

Here are some tips and tricks for managing a Gen Z workforce in Africa

German firm invests Sh350 million in Kenya to make the country a leading distributor of its product

German firm invests Sh350 million in Kenya to make the country a leading distributor of its product

UBA appoints Abiola Bawuah as first female CEO for Africa Operations

UBA appoints Abiola Bawuah as first female CEO for Africa Operations

Wakanow Partners with ValueJet to boost local flight inventory

Wakanow Partners with ValueJet to boost local flight inventory

ADVERTISEMENT
ADVERTISEMENT