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"Initiative" In Africa! MuRong Helps NIBSS Build A National-Level
Interbank Information Exchange Center For Bank Cards
The system has stable and reliable performance, efficient and
convenient response, strong security protection mechanism, and excellent expansion ability.
Achieved a historical breakthrough and successfully issued the first
card in Africa
On Thursday, January 26, 2023, the Central Bank of Nigeria (CBN)
launched a domestic card scheme developed in partnership with the Nigeria Inter-Bank
Settlement
System Plc (NIBSS). The card, AfriGo, is the first of its kind in Africa and joins RuPay,
UnionPay, Elo card scheme, and JCB card schemes as some card schemes launched by national
governments.
According to the CBN governor, Godwin Emefiele, this move will drive
financial inclusion and concentrate card financial data in Nigeria, even as it serves as a
symbol of national pride for its adopters.
“The national domestic card avails us the
sovereignty of our data. Secondly, it comes at lower costs,” he said.
With the annual value of card transactions in the Nigeria cards and
payments market capped at $18.2 billion in 2021, Nigeria remains a huge market for players
in
the card payments market, which is largely dominated by global players like Mastercard and
Visa, with Verve by Interswitch following behind.
By establishing a national card
payment scheme,
the CBN, in
partnership with the Nigeria Inter-Bank Settlement System (NIBSS), is positioning itself to
disrupt
and possibly dominate a fast-growing market. The CBN cites reduced operating costs and
optimized foreign exchange usage as the hallmarks of its latest fintech foray.
How does NIBSS do it
NIBSS selected MuRong's products as the technical support for the
national interbank information exchange center for bank cards. This center includes two core
modules, card issuing system and card transaction system. The card transaction system
includes three main components, card exchange, clearing, error and dispute. In addition, the
system must have stable and reliable performance, efficient and convenient response, strong
security protection mechanism, and excellent expansion ability.
Based on these requirements, NIBSS conducted
research and analysis on
many potential vendors and products. After more than two years of investigation, NIBSS
finally chose MuRong for cooperation. The reason is that Mu Rong's National Payment can
perfectly provide the necessary solutions for NIBSS.
Adapt to the interface standards of card issuers
such as UnionPay,
VISA, MasterCard, and SWIFT
200+ Technical interface between commercial banks
and payment
institutions
Flexible and intelligent routing
is suitable for different
industries and scenarios
Deliverables
During the implementation of the project, MuRong team comprehensively
reviewed the current status and needs of NIBSS, conducted research on interbank information
exchange and interbank card transaction clearing, and proposed a rigorous and standardized
design plan. Eventually, they successfully delivered a national-level interbank information
exchange center for bank cards.
Completed all business deployment and data cutover safely and smoothly in only
eight months.
Guaranteed the timely launch of the first card in
Africa, AfriGo, by NIBSS and the Central Bank of Nigeria (CBN).
The system functions meet various business
processes.
Comprehensive support for transactions and clearing of domestic cards in
Nigeria.
Fully support interbank clearing and acquiring clearing.
Realize the daily end processing of interbank clearing and acquiring clearing.
Support high-performance processing of daily batch processing in the case of
large transaction volume.
The system is designed based on
a distributed DevOps framework, providing agile and robust technical operations
and
maintenance support for NIBSS business, with daily transaction volume of over 10
million.
Future outlook
Nigeria is the largest economy in Africa, which can effectively drive
the rapid development of the African economy. Therefore, the card scheme provides an
essential platform for further innovation to solve some of the most pressing issues around
financial inclusion, SME payments and trade facilitation primarily, supporting the drive for
a
robust digital economy for the Nigerian market, the African continent and the world.
In order to achieve these goals, in the deepening cooperation with
MURONG, MuRong will provide more and better financial infrastructure and systems for NIBSS,
which will bring more support for the continuous and rapid market development.
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