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CBN To Stop ATM Cards

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Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), with the Bankers Committee, have resolved to float a national card scheme to enhance the payment system in Nigeria.

Managing Director of NIBSS, Premier Owoh, stated this during the Committee’s in Abuja.

He said part of the project of the apex bank is that the National Domestic Card Scheme will be designed to help accelerate acceptance and efficiency and reduce operating costs of cards in the
country.

CBN’s spokesman, Osita Nwanisobi, said the move is meant to promote inclusion and growth in the financial services sector via Nigeria’s central switch system, NIBSS. Nwaniso said the scheme will become effective in January 2023.

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