The National Domestic Card Scheme launched by the Central Bank of Nigeria (CBN) last week has been aplauded for its capacity to enhance small and medium enterprises (SME) activities.
An inter-state transport operator, Godwin Akhamikor, said the scheme would facilitate activities in various value chains by making payments seamless, efficient and reliable.
A Lagos-based food processing operator, Marbel Ekwugha, said the card initiative would get help in the importation of equipment as well as export of commodities.
“When you have an efficient payment system, it makes business less cumbersome and helps you manage your time and resources profitably.
CBN Governor, Godwin Emefiele, who launched the card at a virtual ceremony on Thursday, said the initiative is aimed at creating a robust payment system that would drive financial inclusion in the country.
He said, “The National Domestic Card avails us the sovereignty of our data. Secondly, it comes at lower costs and thirdly, the issue of foreign exchange.
“At this time, when foreign exchange challenges persist globally, it is important for me to say that we have come up with this card to ensure that all card online transactions will now be effective immediately, beginning to go on the Nigerian National Domestic System.
“At some point in the next few weeks, I am sure that the CBN will come up with the cut-off. All domestic card transactions that will be conducted in Nigeria will have to be through the Nigerian Domestic Cards.
“The Nigerian market is vast and the current participants have done so in the last 12 years to transform the ecosystem. Yet, there is much ground to cover as millions of Nigerians are still without cards to consummate transactions.
“I am convinced that the National Domestic Card scheme will make this a reality in the coming months. We can no longer neglect the vast majority of Nigerians.”
In her welcome remarks, CBN Deputy Governor, Financial System Stability, Mrs Aishah. N. Ahmad, described the National Domestic Card Scheme as momentous development for a number of reasons. Not in the least the data sovereignty it confers and cost savings for the industry, it heralds a new vista of opportunities for the card business, that several countries continue to recognise and leverage as they create their own domestic card schemes to augment existing foreign payment card rails.
“This is an important platform for further innovation to solve some of the most pressing issues around financial inclusion, SME payments and trade facilitation primarily, supporting the drive for a robust digital economy for the Nigerian markets the African continent and the word.
“Robust industry engagement and collaboration was critica in getting Nigeria to this crucial miestone. We acknowledge the Board of Directors of NIBSS, particularly DMBs for their roe thus far and also other participantsin the ecosystem for their contributions.”
About the Author
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.
