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Reason Why ATM Will Be Abolished In 2023

According to the earlier committee’s meeting held on Thursday 20 October 2022, by the managing director of Nigeria Inter-Bank Settlement System (NIBSS), including the Bankers committee.

The Central Bank Of Nigeria with the other banking bodies has agreed in issuing a card called, National Domestic Card Scheme which will be issued to all Nigerians. And also the reason for the issuance of this card, is to help accelerate acceptance and efficiency and reduce operating costs of cards in the country, and also it will provide affordable pricing.

By the introduction of this card, Nigeria is expected to be among the growing list of countries such as, China, Brazil, India and Turkey that have launched this Domestic Card Schemes. And also the transformative benefits for payment and financial system will be harnessed.

According to the spokesman for CBN Osita Nwanisobi, during his statement said as follows “The CBN recognises 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.”

He attributed that the movement is meant to promote inclusion and growth in the financial services sector via Nigeria’s central switch system, NIBSS and also that the scheme will become effective in January 2023.

Written by Grandbros

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