Nigeria’s central bank has launched a national domestic card scheme, AfriGo.
The scheme, which was initially announced at a Bankers’ Committee press briefing in October 2022, introduces the central bank into the triopoly of card payment schemes in Nigeria’s card payments market.
The CBN governor, Godwin Emefiele, says this move will drive financial inclusion and concentrate card financial data in Nigeria, even as it serves as a symbol of national pride for its adopters.
He says the national domestic card avails us the sovereignty of data and will come at lower costs.
The CBN cites reduced operating costs and optimized foreign exchange usage as the hallmarks of its latest fintech foray.