It was discovered yesterday that a credit card created by the Central Bank of Nigeria (CBN) for domestic use is about to be deployed. It’s anticipated that the card would go up against other debit cards, including Mastercard, Visa, and Discover cards. Once it is available, local banks and other financial institutions can provide payment options such as debit, credit, virtual, loyalty, tokenized cards, non-interest cards, and identification cards.
According to the CBN, Nigeria has seen a “significant transformation in its payments system over the past decade,” which is why it introduced the National Domestic Card. The Bankers Committee and other participants in the financial ecosystem would work together to provide the card through Nigeria’s central switch, Nigeria Inter-Bank Settlement Systems (NIBSS) Plc. With the debut of these cards today, Nigeria will join a growing number of nations, including Brazil, China, India, Turkey, and Turkey, that have introduced similar cards for domestic usage.
In particular, for the underbanked, the nations have used the radical advantages of the programs to power their payment and financial systems. Premier Oiwoh, the managing director of NIBSS, stated at the Bankers’ Committee meeting where the decision to launch the card was made that the program is “being deployed to help improve the payment landscape across the ecosystem in Nigeria.