The Managing Director of AfriGo, Ebehijie Momoh, has stated that the newly announced multipurpose card by the National Identity Management Commission could help integrate approximately 30 million Nigerians into the financial system.
Momoh made this disclosure during the recently concluded Nigeria Fintech Week 2024 in Lagos, according to Nairametrics.
According to her, AfriGo, Nigeria’s local card scheme, is collaborating with NIMC to issue the card to Nigerians.
She noted that linking government disbursements to these cards will streamline processes and enhance transparency, ultimately aiding in closing 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.
Highlighting the state of financial inclusion in Nigeria, the AfriGo MD stated that out of the country’s approximately 126 million population, only a fraction currently has 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, in addition to providing the necessary infrastructure, awareness and affordability are key factors that will drive financial inclusion in Nigeria.
She emphasized that the public needs to understand the importance of financial inclusion, while also ensuring that the costs associated with accessing these services remain affordable.
The MD stated that the company is intentional in its approach to developing solutions, as it recognizes that the challenges in Africa, particularly in Nigeria, are unique.
She revealed that one of AfriGo’s most significant innovations is its contactless payment solution for offline services in the transportation sector.
This solution enables commuters to use contactless cards to pay for bus services, even in areas with limited or no internet connectivity. She noted that this offline capability is a game changer in a country where inconsistent online infrastructure poses 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.
The NIMC in April announced the launch of a multipurpose National ID card designed for identity verification, payments, and access to government services.
This card, powered by AfriGo, was introduced in partnership with the Central Bank of Nigeria and the Nigeria Inter-bank Settlement System.
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