Finance & EconomyNews

CBN Introduces Unified ATM Cards from Monday 16th January 2023 

The Central Bank of Nigeria (CBN), in line with its mandate, to promote stability, inclusion, and growth in the financial and payment system partnered with the Nigeria Inter-Bank Settlement System (NIBSS), Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders, to rollout the National Domestic Card scheme. The system, which is to commence on January 16th, 2023, would effectively suspend ATM cards and unify payments by bringing in the unbanked population. CBN disclosed that the new card will reduce demand for foreign exchange as more banks discontinue the use of Naira cards for international transactions. This improvement will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty, and tokenized cards. Analysts believe that the card will rival big industry players such as Mastercard and Visa. 

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