The Central Bank of Nigeria’s Governor, Godwin Emefiele, has announced the launch of a new card, known as the “AfriGo Card.” Let’s work you through on how to get one, and how to use it.
It will function similarly to other international payment cards. The card is being developed by AfriGopay Financial Services Limited, an affiliate of NIBSS, and licensed by the CBN.
What Is Afrigo Card
Godwin Emefiele, stated that the card was created to address local needs that current card products have not met. The Afrigo Card will be used as the first national card for international and online transaction across the globe.
The Governor of CBN, said that the card is designed to meet international needs that current card products from other banks do not address. He also said that the use of AfriGo card will not prevent the use of existing international cards but will provide more options for Nigerians.
The card aims to integrate the international sector of the economy into the financial system, it will lower the cost of card production for Nigerian banks and reduce the need for foreign currency to acquire foreign cards.
The Deputy Governor of CBN and Chairman of NIBSS, Aisha Ahmad, said that the card will improve transaction security, provide better pricing opportunities, reduce demand for foreign currency, and boost financial systems.
Benefits of AfriGo Card
- The card is meant to offer more options for domestic consumers and not to discourage international investors from operating in Nigeria’s payments space.
- He also said that it will be less expensive and will help increase financial systems in the country.
- AfriGo card will not prevent the use of existing international cards, but it will provide more options for Nigerians.
The Central Bank of Nigeria started the Domestic Card program on Thursday. It will compete with foreign cards like Visa and MasterCard.
After the CBN and Nigerian banks bought AfriGo, Emefiele said that Nigeria is not going to have its own domestic card system like China, Russia, India, and Turkey.
Wit is a new card system from AfriGo, the largest economy in Africa. Its goal is to save money on foreign transaction fees that are paid when foreign cards are used.
Nigerians will be able to manage the information they get and solve some of the problems they have with using foreign currency because of this program.
The system has also cut down on the misuse of cash. All card and online transactions will move to the local card system as soon as possible.
How to Get AfriGo Card
Getting one of the cards is as easy as anything you expect, the process is still the same thing with the former card “Mastercard and Visa Card.” You need to go to any nearest bank in your town, to get one. See what you are required to bring below.
- Go to the bank with your NIN: Come with the plastic or printed one, not just the number.
- Your BVN
- 2 or 4 personal passports.
- Electricity bill, NEPA bill, water bill, international passport, or drivers’ license: you can come with any of the bill you have or with the driver’s license.
- You need two references from that same bank or third party to be your signee.
In case you missed it, we recently made a post about G-Kala Mobile Wallet. It’s a Nigerian system of payment and also a financial institution that will help you save your money, you can withdraw and deposit. You can also be an agent.
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