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Just In: CBN introduces unified ATM card Monday, 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 tomorrow January 16th, 2023 to effectively retire ATM cards and unify payments.

The 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.

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

The card is accepted at ATMs belonging to any bank that is a member of the Nigeria Inter-Bank Settlement System (NIBSS).

As it is expected To Commence On Monday 16th January, 2023 Nigerians will begin queueing in their banks for new cards.

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