WHAT AFRIGO IS ABOUT
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.
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.
This is great and wonderful news because i can see that nigeria especially the cbn governor has been very active in trying to restructure the Nigerian economy and the country system suitable for every nigerian, but the effects of all this recent changes is really affecting everyone in the country but i feel when the stabilization of this new changes have been done, hopefully we might have a better and stronger country economy. I totally support this domestic card and will be hoping we get a favourable results after its lunch and use in the country.