National Economy
Thursday, February 9, 2023
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Money Guide

What To Know About The National Domestic Card

by Bukola Idowu
2 weeks ago
in Money Guide, Lead-In
Reading Time: 2 mins read
CBN
Share on FacebookShare on TwitterShare on Telegram

Last week, Nigeria joined the number of countries which have launched domestic card schemes as the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter Bank Settlement System (NIBSS) deployed the National Domestic Card, which is meant to serve as both a credit card and debit card, among other functions.

With the domestic card, Nigeria follows the example of countries such as China, Turkey and Brazil whcih have harnessed the transformative benefits for their respective payments and financial systems particularly for the unbanked.

A card scheme is a central payment network that uses credit and debit cards to process payments. Its primary role is to manage payment transactions, including operations and clearing.

Visa and MasterCard, two of the largest global brands, offer credit and debit cards that have become synonymous with a payment type that is accepted around the world; these two huge brands are known as card schemes.

You May Like

Fraud Technics In Banks You Should Know

N9trn Loss In A Decade: Poor Commitment Slows Nigeria’s Quest To Ending Gas Flaring

Card schemes have four players, the cardholder, the card issuer, the merchant and the acquirer, all of which together make up an open-loop system that allows consumers to seamlessly purchase items or services from merchants by letting the banks do all the work on their behalf.

Asides these four primary players in the card scheme, there are also intermediaries that facilitate the transaction, including the payment gateway and the payment processor.

Nigeria’s National Domestic Card is expected to compete with other industry players like Mastercard, Discovery and Visa cards which have dominated the card payment market in Nigeria. While they remain convenient especially for international transactions, domestic cards are expected to better serve the unbanked market and increase competition within the payment landscape.

According to the CBN, the domestic card is expected to have the capacity to reduce Nigeria’s reliance on foreign-owned financial services companies.

The CBN said it introduced the National Domestic Card because of its belief that Nigeria has achieved significant transformation in its payments system over the past decade.

It furthered that the move was been driven by rapid digital and technological innovation, increasing mobile penetration and the proactive policy initiatives of the CBN which have spurred unprecedented adoption of digital financial services.

CBN spokesperson, Osita Nwanisobi, said the scheme would accelerate financial inclusion and deliver lower cost payments services that are more accessible and affordable for Nigerians.

“Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services.

“Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme,” he said.

The bank said apart from fostering innovation within the Nigerian domestic market, the scheme would allow banks to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others.

“The CBN recognises the significant benefits from delivering Africa’s first central bank-driven, domestic card scheme, which when delivered at scale has the potential to become the largest in Africa, and one of the largest in the world.”

 

 

ShareTweetShare
Previous Post

A Great Meal Starts and Ends with LG Dishwashers

Next Post

From Surviving To Thriving: The Place Of Convenience In Businesses

ANOTHER GOOD READ

CBN-makes-new-appointment
Money Guide

Fraud Technics In Banks You Should Know

3 days ago
Gas-flaring
Cover

N9trn Loss In A Decade: Poor Commitment Slows Nigeria’s Quest To Ending Gas Flaring

3 days ago
Aisha-Dahir-Umar
Lead-In

Dissecting Impacts Of Pension Enhancement On Retirees

3 days ago
Fintech
Lead-In

How Some New Applications May Makeover Fintech

3 days ago
Godwin-Emefiele-1 (1)
Lead-In

Why Banks Should Step Up Security Against Fraud

3 days ago
Jaji-Sambo
Lead-In

Experts Lament Non-linkage Of Lagos, Abuja Airports To Rail

3 days ago
Next Post
Dr-Timi-Olubiyi-PhD

From Surviving To Thriving: The Place Of Convenience In Businesses

Most Recent

NLC  Issues 7-day Ultimatum To FG, CBN To Address Naira Scarcity

NLC  Issues 7-day Ultimatum To FG, CBN To Address Naira Scarcity

February 8, 2023
Renewed Confidence In Aviation Sector Increases  Local Airlines Participation 

Renewed Confidence In Aviation Sector Increases Local Airlines Participation 

February 8, 2023
Customs Intercepts Military Wares, 450 Drums Of Explosive In Lagos

Customs Intercepts Military Wares, 450 Drums Of Explosive In Lagos

February 8, 2023
Naira Scarcity: ASSBIFI Warns Of Attacks On Banks, Staff

Naira Scarcity: ASSBIFI Warns Of Attacks On Banks, Staff

February 8, 2023
Consolidated Hallmark Sensitises Nigerians On Insurance Of Assets 

Consolidated Hallmark Sensitises Nigerians On Insurance Of Assets 

February 8, 2023
OPEC Expresses Optimism On Oil Demand Over Reopening Of China 

OPEC Expresses Optimism On Oil Demand Over Reopening Of China 

February 8, 2023
Emefiele (1)

Naira Redesign, Cashless Policy And Nigeria’s Economy

February 6, 2023
Why Nigerian Women Entreprenuers Need Business Skills

Why Nigerian Women Entreprenuers Need Business Skills

February 6, 2023
Advertise with us

© 2022 | National Economy | Part of Leadership Media Group

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2022 | National Economy | Part of Leadership Media Group