NIGERIA

The New Nigeria Afrigo Card, Benefits and How It Affect The Cashless Economy

The New Nigeria Afrigo Card, Benefits and How It Affect The Cashless Economy. AfriGo Is a Nigeria domestic card, anticipated to improve Nigeria’s national payment infrastructure and expand the country’s use of digital platforms. the card will be available to all Nigerians and the Central Bank of Nigerian (CBN) can now compete in Nigeria’s $18.2 billion cards and payments sector against global players like Visa, Mastercard, Verve, and Interswitch thanks to the Afrigo card.

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), unveiled AfriGo, a Central Bank-led National Domestic Card Scheme, as another first of its kind in Africa. According to Emefiele, the new policy aims to give domestic consumers more options while also encouraging the delivery of services in a more innovative, economical, and competitive way.

What distinguishes it from current debit cards?

>> The apex bank produced the new card, which will lower transaction fees. It is only used for transactions within the boundaries of Nigeria; other cards, such as naira debit/credit cards, which are produced by Visa and Mastercard through commercial banks, are used for domestic and international transactions, respectively.

>> The Afrigo card will be connected to your E-Naira and works as a debit card.

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>> It will significantly minimize fraud, enhance transactional security, lower demand for foreign exchange, put less strain on locally relevant partnerships and products, foster local card expertise, and increase financial inclusion.

>> The card program will provide the Nigerian economy with greater opportunity to integrate the unorganized sector, minimize shadow banking, and increase the number of Nigerians who use official financial services.

The AfriGo Card Image Review!!

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