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CBN, NIBSS Move To Unify Payments Through National Domestic Card Scheme January 2023

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The Central Bank of Nigeria (CBN) yesterday announced the introduction of a National Domestic Card Scheme which is effective January 16, 2023.

The move is aimed at promoting stability, inclusion, and growth in the financial and payment system and will be delivered through the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, which is the country’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.

The card scheme was also expected to 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 amongst others.

Nigeria remains Africa’s largest and most vibrant economy and the pace of digitization and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services.
Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme.

Building on this platform to accelerate financial inclusion requires infrastructure that can deliver lower-cost payment services that are more accessible and affordable for Nigerians.

The central bank, in a statement issued by CBN Director, Corporate Communications, Mr. Osita Nwanisobi, pointed out that the scheme could also be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy.

The bank also said domesticating the card scheme would further enhance data sovereignty, enabling the development of locally relevant products and services and reducing demands on foreign exchange.

Nigeria joins a growing list of countries including India, Turkey, China, and Brazil as leading examples – which have launched domestic card schemes and harnessed the transformative benefits for their respective payments and financial systems, particularly for the underbanked.

Osita said, “The CBN recognizes the significant benefits from delivering Africa’s first central bank-driven, domestic card scheme, which, when delivered at scale, has the potential to become the largest in Africa, and one of the largest in the world.”

BIG STORY

IGP Egbetokun Finally Approves Hunger Protest, Asks Organisers To Submit Names, House Addresses, Others

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On Friday, Inspector-General of Police Kayode Egbetokun requested that all groups planning to participate in the upcoming nationwide protest provide their details to the Commissioners of Police in their respective states.

During a press briefing at the Force Headquarters in Abuja, Egbetokun explained that this request is aimed at ensuring a peaceful protest.

Additionally, Egbetokun revealed that the police have received intelligence indicating that foreign mercenaries are involved in the planned protest.

This information has raised concerns about potential violence and unrest, prompting the police to take proactive measures to maintain public safety and order.

By submitting their details, protest groups can help the police to better understand their plans and take necessary steps to prevent any potential disruptions or security threats.

He said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest. However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.

“To facilitate a successful and incident-free protest, they should please provide the following information.”

Other guidelines, according to him, are “stating the proposed protest routes and assembly points. 2. Expected duration of the protest. 3. Names and contact details of protest leaders and organizers.

“Measures to prevent hijacking by criminal elements, including key identifiers for possible isolation of potential troublemakers. By providing this information, the police will be enabled to deploy adequate personnel and resources to ensure public safety.

“Designate specific routes and areas for the protest to avoid conflicts with other events or activities. Establish clear communication channels with protest leaders to address any concerns or issues that may arise.

“Minimize the risk of violence, property damage, or other criminal activity. We encourage all protestors to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.”

The top cop said they have been monitoring development surrounding protest threats, saying while some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations.

“We commend patriots who have withdrawn from the protest due to the apparent sinister motives and ignorance of those calling for violence. We note those who have spoken out against any form of protest at this critical juncture, fearing enemies of our country may be manipulating the process.

“We confirm their fears are genuine, as we have credible intelligence on foreign mercenaries’ involvement in this planned protest. The Nigerian police urge all Nigerians to exercise caution and think twice before joining any protest group.”

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BREAKING: Foreign Mercenaries Involved In Planned Hunger Protest — IGP Egbetokun

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On Friday, the Inspector General of Police, Kayode Egbetokun, revealed that intelligence gathered by the Force indicates that foreign mercenaries are involved in the planned nationwide protest.

During a press briefing in Abuja, Egbetokun warned Nigerians to exercise extreme caution and carefully consider the consequences before participating in any protest group.

Egbetokun said, “We have been monitoring development surrounding protest threats. While some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations. We commend patriots who have withdrawn from the protest due to the apparent sinister motives and ignorance of those calling for violence.

“We note those who have spoken out against any form of protest at this critical juncture, fearing enemies of our country may be manipulating the process. We confirm their fears are genuine, as we have credible intelligence on foreign mercenaries’ involvement in this planned protest. The Nigerian police urge all Nigerians to exercise caution and think twice before joining any protest group.”

He urged citizens to think twice before joining the protests, citing the potential risks and unknown motivations of external influences.

 

More to come…

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Alaba Traders Oppose Planned Hunger Protests, Reaffirm Belief In Tinubu’s Governance

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Chief Camilus Amajuoyi, President General of Alaba International Market in Ojo, Lagos, has announced that the market’s members will not participate in the planned nationwide protests.

This decision, he explained, is not due to a lack of awareness of the current economic hardships, but rather a belief that mass protests may not be the most effective solution at this time. Amajuoyi emphasized that many traders in the market rely on daily income and cannot afford to disrupt their business activities.

He highlighted the struggles of the informal sector, which includes many market members, who have been severely impacted by the tripling of business costs without receiving any government palliatives, incentives, or interest-free loans to alleviate their difficulties.

He however expressed his confidence in President Bola Ahmed Tinubu’s ability to address the nation’s pressing issues.

“The fluctuating exchange rates and high costs of duties at national ports, coupled with increased transportation expenses, have made it nearly impossible for business owners to plan effectively. These factors have contributed to the sharp rise in the prices of goods and services across the country.

“These are realities staring Nigerians in the face, from the North, East west and South of the nation. Even at that, we members of Alaba International market unequivocally state that we are not going to partake in any planned protest in Nigeria, we are not closing our market in solidarity with any group or persons with regard to any protest.

“We believe that President Bola Ahmed Tinubu will definitely find a lasting solution to the numerous challenges facing Nigerians now, ranging from insecurity, high cost of food, drugs, transportation, bad roads, corruption among other things,” Amajuoyi said.

Amajuoyi however decried the perilous state of the only access road to Alaba International Market, which has caused numerous accidents involving heavy-duty trucks.

He urged the Lagos State government to prioritize the repair of this critical route and focus on other projects that could significantly reduce the suffering of the masses.

He also warned potential protesters to stay away from Alaba International Market to prevent any looting or damage to goods.

He called on the Lagos State government, Nigerian police, military, DSS, and other security agencies to ensure that all market places are protected from criminal elements.

“Our market will not be a venue for protests, and we will not tolerate any disruptions,” Amajuoyi stated.

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