Saturday, February 4, 2023

CBN introduces unified ATM card from Monday, 16th January, 2023 as banks’ ATM cards would be suspended

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The Central Bank of Nigeria, CBN will begin the rollout of the National Domestic Card scheme to effectively retire ATM cards and unify payments.

From January 16, 2023, Nigerians will begin queueing in their banks for new cards.

CBN said the new card will reduce demand for the dollar as more banks discontinue the use of naira cards for international transactions.

What Is The “CBN Unified ATM Card “

The Central Bank of Nigeria (CBN) Unified ATM Card is a card issued by the CBN that enables users to access their bank accounts through Automated Teller Machines (ATMs) and other electronic banking channels.

The card can be used to withdraw cash, transfer funds, and make payments for goods and services. The CBN introduced the card to promote inter-operability among banks in Nigeria and make banking more convenient for customers.

The card is accepted at ATMs belonging to any bank that is a member of the Nigeria Inter-Bank Settlement System (NIBSS).
It’s expected To Commence On *Monday 16th January, 2023 .

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