Are you tired of carrying cash and looking for a secure and convenient way to manage your finances? Look no further; the CBN Afrigo Card is here!
What is CBN Afrigo Card?
The CBN Afrigo Card is a Mastercard-powered debit card issued by the Central Bank of Nigeria to provide users with an easy and convenient way to access funds, make purchases and carry out online and offline transactions.
It was launched On Thursday, January 26, 2023, by the Central Bank of Nigeria (CBN).
The domestic card scheme was developed in partnership with the Nigeria Inter-Bank Settlement System Plc (NIBSS). The Afrigo Card is the first of its kind in Africa and joins other card schemes launched by national governments such as RuPay, Elo card scheme, UnionPay, and JBC card scheme.
One of the key features of the CBN Afrigo card is its security. The card powers a chip-and-PIN technology, which provides an additional layer of protection against fraud and unauthorized transactions. The card also has a magnetic stripe for use at merchants who do not have chip-enabled terminals.
Another advantage of the CBN Afrigo card is its accessibility. Users can access their funds from any ATM or merchant location that accepts Mastercard. In addition, users can also use their cards to make online purchases, pay bills and transfer funds, both domestically and internationally.
How to get the Afrigo Card and how much it will cost?
To get a CBN Afrigo card, you must hold a savings or current account with a Nigerian bank participating in the CBN’s Cashless Policy. Once you have an eligible account, you can visit your bank’s customer service desk to request a CBN Afrigo card. There is no available information about how much it will cost as it is yet to be in circulation.
However, given the CBN claims the card scheme will be a cheaper alternative to existing cards in the country, it is safe to assume that the card will cost less than N1,000, which is what it costs to get a debit card in most commercial banks in Nigeria.
Regarding usage, the CBN Afrigo card comes with daily transaction limits designed to protect users against unauthorized transactions. Users can also set up SMS alerts to receive their transactions and balance information notifications.
In Conclusion, the CBN Afrigo card provides users a secure and convenient way to access their funds and carry out transactions. If you have an eligible bank account and are looking for an easy and convenient way to manage your finances, the CBN Afrigo card is worth considering.
Will my Mastercard and VISA still work?
Yes. The CBN Governor stated that all current cards will continue to function without any issues, therefore getting the AfriGo card may not be necessary.
How does the Afrigo card work?
Your Visa, Mastercard, and Verve cards will all function the same way with the AfriGo card as well. Depending on the exact restrictions set by your bank, you can use it for transactions anywhere around the country.
Who can Request for the Afrigo Card?
Anyone in Nigeria with a bank account can ask their banks for an AfriGo card.
Can I use the card to make purchases Internationally?
All offline and online purchases made in Nigeria must be made using the AfriGo card. Most domestic card programs operate just inside a single nation, while a handful do. Nigerians probably won’t be able to pay for transactions carried out outside of the nation anytime soon, though.
Is AfriGo card secured?
As cybersecurity threats spread around the globe, security is a crucial consideration when picking a card scheme. The CBN claims that the new card program complies with EMVCo and other international security standards.