Key questions this article answers:
-
The CBN recently announced the launch of another cashless economy policy—a domestic card scheme called “AfriGo”. How would this work?
-
The CBN also aims to use AfriGo to reduce demand for foreign exchange. Will things work out the way the CBN intends?
The Central Bank of Nigeria (CBN), led by Godwin Emefiele, might as well adopt DJ Khlaled's famous song intro "Another one!!" with their back-to-back cashless policy roll-out.
From the launch of Africa's first central bank digital currency (CBDC), eNaira, in 2021, to the naira redesign and cash withdrawal limits in 2022, Emefiele sure has enough hit singles in his cashless policy album.
The latest hit is the launch of Africa's first domestic card scheme—AfriGo, in late January 2023. Another one!!
In conjunction with the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc (they own the infrastructure that enables funds transfer), the CBN hopes to promote
