Explore 2023’s big change in Nigeria’s finance with two new Super Cards coming in 2023. Understand how they’ll make trading, payments, and ID checks easier across the nation and make Nigeria one more step toward technology.
Nigeria’s Future Financial Landscape: Unveiling Two Transformative Super Cards in 2023
The upcoming months in Nigeria are anticipated to unveil a revolutionary shift in the country’s financial future.
The Nigerian government is gearing up to launch two Super Cards – the National Domestic Card and a revamped debit card unified with National Identification Numbers (NIN).
These tools are predicted to significantly modify the country’s financial transactions, paving the way for a more streamlined future in trade, identity verification, and cross-border transactions.
CBN’s Initiative: Leading the Way Forward
The Birth of the National Domestic Card
The Nigerian government in 2022 and 2023 made a series of announcements that are expected to transform the country’s financial future.
In 2022, Godwin Emefiele, the head of the Central Bank of Nigeria (CBN), revealed plans to introduce a National Domestic Card during the declaration of the contentious naira redesign policy.
A Collaboration for Enhanced Payment Systems
CBN, in conjunction with the Nigeria Inter-Bank Settlement System (NIBSS) and the Bankers Committee, expressed their intent to establish a national card scheme to improve Nigeria’s payment system.
Premier Owoh, the Managing Director of NIBSS, announced this collaborative initiative during a Committee meeting on October 20, 2022.
An Attempt to Unify Payments
Owoh confirmed that the CBN had approved this project, which aims to enhance acceptance, boost efficiency, and curtail the operational costs associated with cards in the country.
The National Domestic Card is intended to support micropayment, credit, e-government, identity management, transportation, health, and agricultural payments, addressing the unique needs of the Nigerian market.
Launch of the National Domestic Card
The National Domestic Card, boasting features like debit cards, credit cards, and non-interest cards, was officially launched by CBN on January 29, 2023, marking a crucial step towards accelerating payment processes.
Introducing the Combined NIN and Debit Card
On May 24, 2023, the Federal Government issued a directive to Nigerian financial institutions to distribute new debit cards unified with National Identification Numbers (NIN) to customers.
Serving a dual purpose, this new card will not only facilitate ATM withdrawals but will also function as a national identity card for Nigerians.
Insights from Minister Isa Pantami
Isa Pantami, the Minister of Communications and Digital Economy, announced this directive during a press briefing following a Federal Executive Council (FEC) meeting led by President Muhammadu Buhari.
Pantami emphasized that Nigerians can now request their banks for this new debit card free of charge, differing from the usual N1,000 fee charged for new bank cards.
A Strategic Collaboration: Access Bank and AfriGOPay
In a noteworthy development, Access Bank partnered with AfriGOPay, a finance services company in sync with the NIBSS, to launch the first National Domestic Card in Nigeria, catering to the specific payment requirements of the Nigerian populace.
First-of-its-Kind Endeavor by Access Bank
Victor Etuokwu, Access Bank’s Deputy Managing Director of Retail Banking, stated that the bank is the pioneer financial institution in Nigeria to issue the first active card of the National Domestic Card in association with AfriGOPay.
This endeavor aims to provide innovative solutions to users of financial institutions across Nigeria, Africa, and beyond.
The introduction of the National Domestic Card and the merged NIN and debit card are pivotal developments in Nigeria’s financial landscape.
These Super Cards are expected to revolutionize financial transactions, offering a holistic and convenient solution to identity management, domestic and cross-border transactions, thereby shaping the future of Nigeria’s financial sector.