CBN, NIBSS Move to Unify Payments Through National Domestic Card Scheme

• CBN is making moves to introduce the National Domestic Card scheme

• The apex bank, in conjunction with the Nigeria Inter-bank Settlement System, said the move is to unify payments in the country

• Also, the card is being developed with the participation of Nigeria Bankers; Committee to boost payments

The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, in conjunction with Bankers’ Committee will soon float a national card scheme to improve the payment system in Nigeria.

Vanguard report said that the Managing Director of NIBSS, Premier Owoh, stated this during the Committee’s meeting on Thursday, October 20, 2022. 

Mr Premier Oiwoh, Managing Director, NIBSS, said this at a Bankers’ Committee press briefing on Thursday.

He said the scheme, which had been approved, was the brain work of the apex bank.

“Part of the proposition of the bank is that this National Domestic Card scheme will be created to help drive acceptance and efficiency and reduce operating cost of cards in the country.

“This card will be configured to address the unique eco-system that we have, to help improve payment across the nation.

“We also expect the card to provide affordable pricing; on this card the charges will be lower because it’s expected to be charged for in Naira as against foreign currency.

“We also expect to customise local content uniquely for the Nigerian landscape, which will support micro payment and credit, e-government, identity management, transportation, health sector and agriculture in terms of payment,” he said.

He explained that the card was expected to reduce the dependence on cash across the landscape and help promote the cashless initiative of the CBN.

“The operational effectiveness of this card is expected to be robust and it should drive a lot of innovation, standardisation, then full end-to-end visibility to improve fraud management and better dispute resolution process around the card operating system.

“Local competence for the card and payment scheme will also be deepened within the eco-system,” said Oiwoh.

He said the card would incorporate products ranging from debit card, credit card, and non interest card, among others.

The News Agency of Nigeria (NAN) reports that the committee also discussed the outcome of the last meeting of the Monetary Policy Committee meeting, particularly some of the key decisions that were taken to rein in inflation.

The meeting also discussed the ongoing implementation of the RT200 FX policy and the key initiatives of the CBN in collaboration with the Bankers’ Committee to set up a National Fusion Centre.

The centre is an industry response aimed to address Cyber Security and safeguard the critical information infrastructure.