The Managing Director of AfriGo, Ebehijie Momoh, has said that the recently announced multipurpose card by the National Identity Management Commission (NIMC), could help Nigeria bring about 30 million people into the financial system.
Mohmoh stated this while speaking at the recently concluded Nigeria Fintech Week 2024 in Lagos.
According to her, AfriGo, which is Nigeria’s local card scheme, is partnering with NIMC to issue the card to Nigerians.
She noted that the ability to link government disbursements to these cards will streamline processes and ensure transparency, ultimately helping to close the financial inclusion gap in the country.
“We have over 100 million people with National Identification Number (NIN), what that means is that automatically, we can bring 30 million additional people into the financial ecosystem by issuing the card to every Nigerian,” she said.
Leveraging NIN for financial inclusion
Highlighting the state of financial inclusion in Nigeria, the AfriGo MD noted that out of about 126 million population in Nigeria, only have access to financial services.
“Today, we have about 55 million people with bank accounts and we have over 100 million people with NINs. This is a huge opportunity to bring people into financial services. This is why we are collaborating with NIMC to create multipurpose cards linked to NINs,” she said.
- According to her, aside from providing this infrastructure, other factors that would drive financial inclusion in Nigeria are awareness and affordability.
- She said the people need to be aware of the need for them to be financially included while the cost of bringing them in must also be affordable.
AfriGo’s solutions
Speaking on AfriGo’s commitment to providing impactful solutions, the MD stated that the company is very deliberate about the solutions it develops because it recognizes that the problems in Africa, and especially in Nigeria, are peculiar.
She disclosed that one of AfriGo’s most significant innovations is its contactless payment solution for offline services in the transportation sector.
The solution allows commuters to use contactless cards to pay for bus services, even in areas with limited or no internet connectivity.
The offline capability, she said, is a game changer in a country where inconsistent online infrastructure is a major challenge.
“We have collaborated with a fintech partner to ensure that in transportation, our cards can be used whether there is service or not. This is a significant innovation for the Nigerian market, enabling seamless transactions in an environment where infrastructure can be unreliable,” the MD said.
What you should know
The NIMC in April this year announced the launch of a multipurpose National ID card that can serve the purpose of identity verification, payments, and even government services.
- The card to be powered by AfriGO, was launched in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS)
- Information released by the NIMC reveals that the card will be enabled for all government intervention and services across multiple Ministries, Departments, and Agencies (MDA).
- Among other capabilities and functionalities, it will also be enabled for the eNaira in compliance with the EMV operational and security standards.
- However, months after the announcement, it is still unclear when the issuance of the cards will begin.