Boosting Financial Inclusion With National Domestic Card Scheme

Source: New Telegraph

The recent launch and brand unveiling of the national domestic card scheme, known as "AfriGo," by the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS), is a significant development given that it will further enhance financial inclusion in the country.

In her address at the Zenith Bank Tech Fair held in November, the Director of Information Technology at the Central Bank of Nigeria (CBN), Rakiyat Mohammed, stated that about 36 million Nigerians have zero access to financial services. Mohammed, whose department spearheaded the development and deployment of the CBN’s digital currency (the eNaira), explained that the development of the digital currency was born out of the need to provide "financial inclusion to the 36m Nigerians who currently lack access to financial services. "Noting that the apex bank was the first Central Bank in Africa and second in the world to launch a Central Bank Digital Currency (CBDC), she said: "Nigeria has the 6th most advanced retail payment system. This was according to a report by ACI."