The Central Bank of Nigeria (CBN) has barred the payment of dollar charges on domestic transactions through its newly launched Nigerian National Domestic Card Scheme, AfriGo.
Domestic transaction fees on all cards would now be paid in naira, except for international transactions.
Remember that the CBN announced in October 2022 that it would launch a national domestic card scheme on January 16, 2023.
CBN Governor, Godwin Emefiele said AfriGo would help reduce operating costs and charges while preserving foreign exchange.
“Your existing cards are fine. You can continue using them, but given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards,” Emiefele said
According to him, AfriGo attempts to provide more options for domestic consumers and not discourage international investors from operating in the Nigerian payments space.
He also said it would be less expensive and increase financial inclusion.
For context, please, read: CBN wants to end the use of VISA and Mastercard for local payments
January 27, 2023 - BY Admin