CBN, NIBSS To Introduce National Payment Card
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, in conjunction with the Bankers’ Committee, will soon float a national card scheme to improve the payment system in Nigeria.
Speaking on Thursday at a Bankers’ Committee press briefing, Mr Premier Oiwoh, Managing Director, NIBSS, said the national payment card, which has been approved, was the brainchild 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 ecosystem 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 micropayment 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 ecosystem,” said Mr Oiwoh.
He said the card would incorporate products ranging from debit cards, credit cards, and non-interest cards, among others.
The committee also discussed the outcome of the last meeting of the Monetary Policy Committee meeting, particularly some of the key decisions that were taken to rein in inflation.
The meeting also discussed the ongoing implementation of the RT200 FX policy and the key initiatives of the CBN in collaboration with the Bankers’ Committee to set up a National Fusion Centre.
The centre is an industry response aimed at addressing cyber security and safeguarding critical information infrastructure.