HomeBusiness and Economy7 things to know about CBN’s credit card

    7 things to know about CBN’s credit card

    Date:

    Share post:

    - Advertisement -

    The Central Bank of Nigeria (CBN) on Monday launched the deployment of the National Domestic Card Scheme in a bid to unify payment in the country.

    With the deployment, Nigeria has now been enlisted into the growing list of countries like India, Turkey, China, and Brazil that have launched similar cards for domestic use.

    In this article, Tribune Online highlighted some of the key points to know about the CBN’s credit card:

    1. The card designed in partnership with the Nigeria Inter-Bank Settlement System (NIBBS) seeks to unify payments in Nigeria and bring in the unbanked population.

    - Advertisement -

    2. It will reduce the cost and use of foreign exchange.

    3. The card will make cards and payments more accessible and affordable for Nigerians.

    ALSO READ: CBN Gov, Emefiele resumes duty after annual leave

    4. It will be configured to address the unique ecosystem issues affecting Nigeria’s financial system.

    5. There is currently no confirmation if the card can be enabled for international transactions as its application has been restricted to transactions within the country for now.

    - Advertisement -

    6. The credit card which is locally produced is set to rival other giants like MasterCard, Visa, Discovery and other such cards as Nigeria aims to improve the country’s data sovereignty and security.

    7. The card will augment the CBN’s effort to ensure seamless dissemination of government-to-person payments and other social impact initiatives thus supporting the growth of a robust digital economy.

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    In case you missed it..

    Related

    China central bank policymaker insists fintech needs regulation just like banks

    The central Chinese government is making it clear that fintech companies like Ant Group fall under the same...

    Inclusive digital economy: POS terminals may soon vanish in Africa; As Mastercard adopts tap on phone technology

    By Prince Osuagwu, In the early days of mobile payment, payment processing providers offered banks and merchants free legacy...

    Naira Redesign: CBN Pledges To Protect Nigerians In Rural Areas

    The CBN had on October 26, 2022 said it will redesign the N200, N500, and N1,000 notes in...

    CBN introduces N500m grant for undergraduates, graduates

    By Nike Popoola The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants...