E-Financial
NIMC, NIBSS, Others Roll out Digital Cards with Multiple Wallets
National Identity Management Commission (NIMC), Nigeria Interbank Settlement Systems (NIBSS), AfriGO and other stakeholders are set to roll out digital cards with multiple wallets to drive financial inclusion and improve Nigeria’s Gross Domestic Product (GDP).
The digital cards with multiple wallets would allow Nigerians to have access to government services in all Ministries, Departments and Agencies (MDAs) of government, while it would also provide platforms for students to access government loans.
Already, Nigerian farmers captured under the Federal Ministry of Agriculture and Food Security, (FMAFS) have embraced the digital cards for government services in areas of provision of agric loans, seedlings and other inputs that would improve food production and security.
According to Abisoye Coker-Odusote, director general/chief executive officer, NIMC, the biometric NIMC-enabled cards have multiple features to address the socio-economic needs of Nigerians in line with the 8 point Agenda of President Bola Tinubu.
Coker-Odusote, who addressed newsmen at the headquarters of NIMC in Abuja on plans regarding the launch of the cards, was flanked by Mr Premier Oiwoh, managing director/CEO, NIBSS; Mrs Ebehije Momoh, managing director/CEO of AfriGO; and Mr Femi Akande, managing director, Data Mining Company.
She said the stakeholders were brought together to explain the different benefits associated with the digital cards to Nigerians and the general impact it would have on the economy as President Tinubu hoped to drive his welfare programmes using digital identity verification as a major platform.
The NIMC boss said the multiple purpose cards would be available to citizens, home and abroad and legitimate residents who could use the cards for various transactions, especially payments of water and electricity bills, transportation services, and shopping, among others.
The cards, she explained, could be used off line and online to provide services for unbanked citizens in rural areas and bring on board those whose businesses required government support for survival, noting that with such opportunities, Nigerians would need no god father to access government services and support.
Coker-Odusote said the digital cards which come with various security features cannot be forged as the biometric information of owners are embedded in them, emphasising that they were made to address current needs of government to ensure that there are no ghost beneficiaries of government palliatives, loans and other benefits.
She assured that the cards would turn around the economy by improving revenue generation and the country’s GDP as states governments and the private sectors would be part and parcel of it.
Speaking on behalf of other stakeholders, Momoh of AfriGO, said the launch of the cards would change the narratives for the country’s economy as it would ensure that the flow of money remained within the economy.
Momoh said: “The digital card is a domestic solution to drive financial inclusion and provide cost effectiveness and transparency within the systems. It would ensure data sovereignty and autonomy, and we all know that data is significant to improve our economy.
“This card will help reduce cost, especially dollar given to banks. Domestic payments are important to support welfare and social interventions services of government, so it will help drive cashless policy and ensure that our monies remain within the economy.
“We have about 26 banks already issuing the cards and it is hoped that more would come on board. Nigeria is the first country to come up with this innovation, and surely it would enhance micro-medium enterprises across the country.”
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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