NIMC’s multipurpose card to integrate 30m Nigerians – AfriGo
Ebehijie Momoh, the Managing Director of AfriGo, has indicated that the recently unveiled multipurpose card by the National Identity Management Commission has the potential to include around 30 million Nigerians in the financial system.
Momoh revealed this information at the Nigeria Fintech Week 2024 in Lagos, as reported by Nairametrics.
She mentioned that AfriGo, Nigeria’s local card scheme, is working in partnership with NIMC to distribute the card to Nigerians.
She highlighted that connecting government payments to these cards will simplify procedures and improve transparency, ultimately helping to bridge the financial inclusion gap in the country.
“We have more than 100 million individuals with National Identification Numbers (NIN), which means that we can automatically integrate 30 million more people into the financial ecosystem by issuing the card to every Nigerian,” she explained.
Discussing the status of financial inclusion in Nigeria, the AfriGo MD pointed out that out of the country’s approximately 126 million population, only a small portion currently has access to financial services.
“Presently, we have about 55 million individuals with bank accounts and over 100 million individuals with NINs. This presents a significant opportunity to bring people into financial services. This is why we are collaborating with NIMC to create multipurpose cards linked to NINs,” she added.
She stressed that in addition to providing the necessary infrastructure, awareness and affordability are crucial factors that will promote financial inclusion in Nigeria.
The MD emphasized the importance of the public understanding the significance of financial inclusion while also ensuring that the costs of accessing these services remain reasonable.
She mentioned that the company is deliberate in its approach to developing solutions, acknowledging that the challenges in Africa, particularly in Nigeria, are distinct.
She disclosed that one of AfriGo’s most notable innovations is its contactless payment solution for offline services in the transportation sector.
This solution enables commuters to utilize contactless cards to pay for bus services, even in areas with limited or no internet connectivity. She highlighted that this offline capability is a game changer in a country where inconsistent online infrastructure is a significant challenge.
“We have partnered with a fintech firm to ensure that in transportation, our cards can be used regardless of the availability of service. This is a significant innovation for the Nigerian market, facilitating seamless transactions in an environment where infrastructure can be unreliable,” the MD stated.
In April, NIMC announced the launch of a multipurpose National ID card designed for identity verification, payments, and access to government services.
This card, developed in collaboration with AfriGo, was introduced in partnership with the Central Bank of Nigeria and the Nigeria Inter-bank Settlement System.
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