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Fri, Dec

AfriGo: CBN Launches National Domestic Card

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In its bid to enhance electronic payment in the country and address the challenges associated with foreign exchange usage, the Central Bank of Nigeria (CBN) on Thursday launched the Nigerian National Domestic Card, AfriGo. Speaking virtually during the launch, the CBN governor, Godwin Emefiele said the card would reduce operating cost and charges.

He said, “Ladies and gentlemen, at this time when foreign exchange challenges persist globally, it is important that I say that we have come up with this card to ensure that all online transactions will now effective immediately begin to go on the Nigerian National Domestic system.

“All domestic transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”

According to him, Nigerians could continue using their existing payment cards for transactions.

He further said, “But given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards. Particularly, we would only pay dollars for charges for transactions that are done with whether they are domestic cards or foreign cards outside Nigeria.

“I thought it is important for me to say so not because there’s any preference for the domestic card but what is most important is that we do not have foreign exchange and we will bar payment of charges for domestic transactions from the Nigerian foreign exchange market at some point in the very near future.”