Business
Domestic Card Scheme, Effective January – CBN
The Central Bank of Nigeria (CBN), in line with its mandate to promote stability, inclusion and growth in the financial and payment system, says it has introduced a national domestic card scheme that will become effective on January 16, 2023.
A statement from the Director, Corporate Communications, CBN, Osita Nwanisobi, said Nigeria is Africa’s largest and most vibrant economy and that the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN had driven the accelerated adoption of digital financial services.
He said, “Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme.
“Building on this platform to accelerate financial inclusion requires infrastructure that can deliver lower-cost payments services that are more accessible and affordable for Nigerians.
“Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange.”
He said the scheme could also be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy.
The national domestic card scheme, he noted, would be delivered through the Nigeria InterBank Settlement Systems Plc, Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.
“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others,” he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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