Launch of the CBN Domestic Card Program, "Arigo" learn more

Launch of the CBN Domestic Card Program, "Arigo" learn more


Launch of the CBN Domestic Card Program, "Arigo" learn more

Nigeria has launched its domestic card program in a big step toward a cashless economy.
The CBN made a significant leap toward establishing a cashless society on Thursday.
finally introduced a local card program to go up against well-known international cards like Mastercard and Visa.
to encourage a cashless culture and avoid paying fees for international transactions.

The action is anticipated to increase consumer and corporate convenience and security while also fostering economic growth in the nation.

Gov. Godwin Emefiele of the CBN made the announcement. With this approach, Nigerians' reliance on cash transactions was to be lessened, and a cashless society was to be encouraged.

CBN Governor Godwin Emefiele said that many Nigerians were still not included in the system at the virtual launch of the "AfriGo" card program, despite an increase in card use there.

The new domestic card program, he said, is an endeavor to increase financial inclusion in the nation and make transactions easier and safer for consumers.

Emefiele claims that the main obstacles preventing Nigerians from fully utilizing the card payment system are the high cost of card services brought on by the need for foreign currency by international card schemes, as well as the fact that current card products do not specifically address the needs of the Nigerian market.

He said that the launch of the AfriGo domestic card program intends to address these restrictions and provide all Nigerians access to an inclusive and reasonably priced card payment alternative.

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