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What you need to know about Nigeria Credit Card (National Domestic Card (NDC)

What you need to know about Nigeria Credit Card (National Domestic Card (NDC)

The Central Bank of Nigeria (CBN) has announced plans to begin the rollout of the National Domestic Card (NDC) scheme in an effort to unify payments and effectively retire ATM cards. The NDC will be a single payment card that can be used for both local and international transactions, and is expected to reduce the demand for the dollar as more banks discontinue the use of naira cards for international transactions.

The NDC will be a debit card that can be used to make payments, withdraw cash, and transfer funds. It will also be linked to the Bank Verification Number (BVN) of the cardholder, providing an additional layer of security. The card will also be equipped with a chip and a pin, making it more difficult for fraudsters to use stolen cards.

The CBN hopes that the NDC will help to reduce the number of payment cards in circulation and make it easier for consumers to manage their finances. In addition, it will enable merchants to accept payments from a wide range of card brands and networks, eliminating the need for multiple card readers and terminals.

The NDC will also help to promote financial inclusion in Nigeria by making it easier for people to access financial services, regardless of where they live or what bank they are a customer of. This will be particularly beneficial for people living in rural areas, where access to banking services is often limited.

The CBN has also stated that the NDC will be beneficial for the Nigerian economy as a whole. By reducing the demand for the dollar, the NDC will help to stabilize the naira and promote economic growth. It will also help to reduce the cost of transactions, making it easier for businesses to conduct trade and boosting economic activity.

The NDC scheme is expected to be rolled out in phases over the next few months, with the first phase focusing on the issuance of the cards to banks and other financial institutions. Subsequent phases will focus on the distribution of the cards to consumers and the implementation of the necessary infrastructure to support the use of the cards.

What you need to know about Nigeria Credit Card (National Domestic Card (NDC)

Advantages of Nigeria Credit Card (National Domestic Card)

1. Unifies payments: The NDC will be a single payment card that can be used for both local and international transactions, making it easier for consumers to manage their finances.

2. Reduces demand for the dollar: By enabling more banks to discontinue the use of naira cards for international transactions, the NDC will help to reduce the demand for the dollar.

3. Increased security: The NDC will be linked to the Bank Verification Number (BVN) of the cardholder, providing an additional layer of security. The card will also be equipped with a chip and a pin, making it more difficult for fraudsters to use stolen cards.

4. Promotes financial inclusion: The NDC will make it easier for people to access financial services, regardless of where they live or what bank they are a customer of, particularly beneficial for people living in rural areas.

5. Reduces cost of transactions: By reducing the cost of transactions, it will make it easier for businesses to conduct trade and boost economic activity.

6. Simplifies merchant’s payment acceptance process: It will enable merchants to accept payments from a wide range of card brands and networks, eliminating the need for multiple card readers and terminals.

7. Stabilizes naira and promotes economic growth: By reducing the demand for the dollar, the NDC will help to stabilize the naira and promote economic growth.

In conclusion, The National Domestic Card (NDC) scheme is a great initiative taken by the CBN to unify payments and retire ATM cards. It will bring a lot of benefits to the Nigerian economy and society.

It will help to promote financial inclusion, reduce the demand for the dollar, stabilize the naira, and boost economic growth. The CBN has planned the rollout of the scheme in phases, and it’s expected to be fully implemented in a few months.

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