The Federal Government through the National Identity Management Commission (NIMC) has concluded arrangements to launch a new National Identity Card with payment and other social service features.
The New National Identity card would be delivered in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS).
Cardholders will also be able to use the cards as debit or prepaid cards by linking same to bank accounts of their choice. The card shall enable eligible persons especially those financially excluded from social and financial services have access to multiple government intervention programs. Offline capability that allows transactions in areas with limited network coverage or zero infrastructure connectivity, amongst other great features.
Request for cards by registered citizens and legal residents will be made available online, at any commercial bank, various agencies, or agents participating in multiple programs, and/or any NIMC offices nationwide.
Good news: We get to achieve National financial inclusion faster, stimulate the economy, and curb corruption in our social investment programs, just to name a few.
However, this will come at a cost to “Fintechs” who will now be forced to innovate beyond payment services. We expect better financial products from fintechs. One that caters to credit accessibility and rural collective investment schemes.
This card will increase access to government programs. This card will streamline access to social programs and financial aid from the government.
An all-in-one ID card that can potentially replace carrying multiple cards for identification, payments, & social services.
One NIN to rule them all?
