CBN, NIBSS, set to introduce national card scheme
State Correspondent
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.
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 Vanguard News
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.
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.
(Vanguard NG)
