CBN, NIBSS To Introduce National Payment Card

Image

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.

Share
Related Stories
Image
30-January-2024

Ecobank Offers SuperSavers Account Holders 9% Interest Rate

By Modupe Gbadeyanka Holders of Ecobank SuperSavers accounts will enjoy an interest rate of 9 per cent, the financial institution has said. The Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayodele Osolake, explained that this high-yield savings account type is tailored for customers who wish to maximize their returns on savings while benefiting from a customer-focused banking experience. The 9 per cent interest is a six-month reward programme that runs between January and June 2024, and it is part of the lender’s strategic initiatives to continuously encourage a savings culture enabling customers of the bank to

Image
11-February-2024

Profile of Late Access Holdings CEO Herbert Wigwe

By Modupe Gbadeyanka Dr Herbert Wigwe was a visionary leader, philanthropist, and the founder of Wigwe University. In his professional life, he was the Group Chief Executive Officer of Access Holdings Plc (also known as Access Corporation), a multi-national financial services organization that offers commercial banking, lending, payment, pension, insurance, and asset management services. Access Corporation is headquartered in Lagos, Nigeria and operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and 50+ million customers managed by over 28,000 employees. Access Bank, the corporation’s banking business, is one of Africa’s largest retail

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
13-February-2024

Tunisia Joins Nigeria, Others to Adopt PAPSS

By Adedapo Adesanya Tunisia, through its central bank, Banque Centrale de Tunisie (BCT), has joined the Pan African Payment and Settlement System (PAPSS), making it the first North African country and 13th country to be boarded on the platform. PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent. The platform unites central banks from across Africa and seeks to address the existing challenges faced by African businesses and individuals in accessing

More Stories
Image
07-February-2020

UBA, USAID Sign Deal on Trade, Investment

By Adedapo Adesanya Top sub-Saharan Africa financial institution, United Bank for Africa (UBA) Plc, and the United States Agency for International Development (USAID) will be working together to increase a two-way trade and investment between Africa and the United States. The partnership, which will be done through the Prosper Africa initiative, will ensure that businesses are equipped with the technical and financial tools they need to enter into new trading and investment relationships. This was revealed in a statement which said USAID will provide technical assistance and advisory services to prospective businesses through its Trade and Investment platforms, and connect

Image
18-November-2020

Russia to Build Naval Facility in Sudan

By Kester Kenn Klomegah Emerging from the first Russia-Africa Summit held in Sochi a year ago, Russia will make one huge stride by establishing a naval facility in Sudan. This marks its maritime security presence in the Mediterranean and the Red Sea region. Sharing a northern border with Egypt, Sudan is located on the same strategic coastline along the Red Sea. According to the executive order, the published document says “the proposal from the government of the Russian Federation to sign an agreement between the Russian Federation and the Republic of Sudan on creating a facility of the Navy of

Image
26-January-2020

FG Insists New Finance Act Will Stimulate Economy

By Adedapo Adesanya  Federal government has reiterated that the Finance Act 2020 signed earlier this month by President Muhammadu Buhari will help stimulate the country’s economy towards path to growth. This disclosure was made by Vice President Yemi Osinbajo at the Inspiration Conference 2020 of the Redeemer’s Men Fellowship themed Galvanised for Geometric Growth in Lagos on Saturday. Speaking about the bill, the VP said that the act was aimed at boosting revenue so that all levels of government will be able to meet up with their expenditure. “The challenges of growing the economy border on creating an environment favourable

Image
22-October-2020

CBN Unveils Financing Steps for Meter Manufacturers, DisCos

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has outlined the operational modalities for the financing of the National Mass Metering Programme (NMMP) which aims to provide support to power distribution companies (downstream) and local meter manufacturers (upstream). The programme is part of efforts to close the existing metering gap, enhance the efficiency of revenue collection by distribution companies and also facilitate meeting their obligations to other market participants. The apex bank, in the guidelines it unveiled, said that the introduction of the service-based tariff (SBT) in the Nigeria Electricity Supply Industry (NESI) in September 2020 has put amplified

Image
14-September-2022

Quick Cleaning Hacks for a Tidier Space

By SweepSouth Having a clean home is what everyone desires irrespective of who you are, but taking time out to clean up your house could be frustrating, especially when it comes to cleaning every corner of your home. If this is the case for you, you need not worry – here are fast and effective tips from Awazi Angbalaga, Country Manager for a cleaning services company, SweepSouth on how your domestic workers can give your home a sparkly facelift. Kitchen cleaning tricks Give coffee and tea mugs a refresh by removing old stains. Fill the mug halfway with white vinegar,

Image
01-July-2023

5 Fascinating Aspects Of Shaka Ilembe

From ancient culture and ancestor-based traditions to the allure of unique fashion and the art of wooing, Shaka Ilembe invites you to immerse yourself in the captivating world of Zulu Tradition like never before. Brace yourself for an extraordinary journey through time and culture as we explore five intriguing aspects of this thrilling series. 1. Explore the Fascinating Zulu Culture: Shaka Ilembe takes you on a captivating journey through the life of the legendary Zulu King and warrior, King Shaka. This series delves into the significant events that shaped his extraordinary life, offering a glimpse into the rich culture of

Image
27-August-2021

Zenith Bank Proposes Interim Dividend as HY’21 PBT Hits N117bn

By Dipo Olowookere The results of Zenith Bank Plc for the first half of 2021 have been released to the Nigerian Exchange (NGX) Limited. The financial statements were filed on Friday by the lender. Though the gross earnings decreased in the period under consideration, the pre-tax profit moved up to N117.1 billion from N114.1 billion in the same period of last year. After an income tax of N10.9 billion, slightly higher than the N10.3 billion paid a year ago, the company posted a profit after tax of N106.1 billion versus N103.8 billion recorded in HY’20. A look at the top

Image
07-March-2018

Coronation Merchant Bank Staff in Kirikiri Prison for N700m Fraud

By Modupe Gbadeyanka A former Relationship Officer of Coronation Merchant Bank, Mr Nsa Ayi, has been remanded in Kirikiri prison, Lagos pending the hearing of his bail application. The suspect was arraigned on Monday, February 26, 2018, by the Economic and Financial Crimes Commission (EFCC) at the Lagos State High Court sitting in Ikeja. The anti-graft agency dragged Mr Ayi before Justice Mojisola Dada on an 11-count charge bordering on fraudulent false accounting to the tune of N700 million, an offence contrary to Section 335(a) of the Criminal Law of Lagos State of Nigeria, 2011. The defendant was alleged to

Ad
Ad
Recent Stories
Image
29-February-2024

Africa Beyond Russia’s Grains Partnerships

By Kestér Kenn Klomegâh Until sustainable food security is established through modernizing agriculture and ensuring adequate support for local farmers, Russia’s grain supply would be a soft geostrategic bait (i) to reinforce the existing time-tested relationships with Africa and (ii) to solicit an endorsement for the unprovoked war in Ukraine. In a speech delivered on March 20, 2023, during the interparliamentary conference ‘Russia-Africa’ held in Moscow, President Vladimir Putin described six African countries as the least developed and poorest in the world that are urgently in need grains, alternatively referred to as humanitarian aid, to feed its population. The beneficiary

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
29-February-2024

Russia, Mali Review Military Partnership

By Kestér Kenn Klomegâh  Russian Foreign Minister Sergey Lavrov has offered an increased military partnership during the latest bilateral talks held on February 28, 2024, with his Malian counterpart Abdoulaye Diop in Moscow. The significance of Russian support is directed at fighting terrorism and enhancing the combat effectiveness of the Malian army and law enforcement agencies, including the training of soldiers and police officers The interim military government has maintained a well-developed multifaceted nature of bilateral relations with Russia since the military ascended into political power. Russian leader Vladimir Putin and Mali’s Interim President Assimi Goita on the sidelines of

Image
29-February-2024

Anthropics Unveils Zyler Virtual Try-On for Menswear

By Modupe Gbadeyanka One of the global leaders in virtual fashion try-on technology, Anthropics, has moved to transform the future of online shopping with the introduction of the Zyler Virtual Try-On for menswear. The new initiative will improve the way consumers shop for clothes, providing a realistic virtual try-on experience. With it, customers can upload a headshot, enter some measurements, and then see themselves on the screen wearing the outfit. Powered by the latest research in Artificial Intelligence, Zyler creates a lifelike virtual representation of the user, allowing them to see how different garments fit and look on their unique

Image
29-February-2024

Aradel Holdings, CSCS, FrieslandCampina Sink NASD Exchange by 0.79%

By Adedapo Adesanya Profit taking in the trio of Aradel Holdings Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange close the midweek session further in the red territory on February 28 by 0.79 per cent. Aradel Holdings Plc lost N20.50 to close at N2,500.00 per share compared with the previous day’s N2,520.50 per share, CSCS Plc depreciated by N1.35 to end the day at N18.65 per unit versus the N20.00 per unit it was traded on Tuesday, and FrieslandCampina Wamco Plc declined by 63 Kobo to N70.25 per share