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In a groundbreaking effort to advance financial inclusion and drive economic growth, the National Identity Management Commission (NIMC), in collaboration with the Nigeria Interbank Settlement Systems (NIBSS), AfriGO, and other key partners, has announced the rollout of multi-wallet digital identity cards. This initiative is expected to improve financial inclusion by over 30% and significantly contribute to Nigeria’s Gross Domestic Product (GDP).

RELATED: NIMC partners with CBN to launch upgraded national ID card for payment services

Speaking at the launch in Abuja, Engr. Abisoye Coker-Odusote, Director General/CEO of NIMC, emphasized that the cards represent a vital step toward achieving President Bola Tinubu’s eight-point agenda, with digital identity verification serving as a critical platform for implementing the administration’s welfare programs.

A Leap Toward Financial Inclusion

The new biometric-enabled digital identity cards aim to integrate Nigerians, including those in the diaspora and legitimate residents, into the financial ecosystem. The initiative will facilitate seamless financial transactions, improve Government-to-People (G2P) payments, and provide access to government services in all Ministries, Departments, and Agencies (MDAs).

Additionally, the cards will serve as platforms for student loans, enabling students to access government-backed funding programs. This underscores the government’s commitment to education and youth empowerment through inclusive financial solutions.

Farmers Embrace Digital Inclusion

The Federal Ministry of Agriculture and Food Security (FMAFS) has already integrated the cards into its services. Nigerian farmers captured under the ministry have started using the digital identity cards to access government-provided agricultural loans, seedlings, and other critical inputs. This move is expected to improve food production and enhance food security across the nation.

Key Benefits of the Multi-Wallet Digital Cards

  1. Financial Inclusion:
    • The cards will include multi-wallet capabilities, allowing users to carry out various financial transactions.
    • They will bring underserved and unbanked Nigerians into the financial ecosystem, significantly boosting financial inclusion by over 30%.
  2. Economic Empowerment:
    • By providing a platform for agricultural support and student loans, the cards are designed to address the socio-economic needs of Nigerians.
    • The rollout is aligned with the government’s goal to improve GDP through broader economic participation.
  3. Seamless Access to Government Services:
    • Citizens will have access to a wide range of government services across MDAs.
    • Diaspora Nigerians and legitimate residents will also benefit from these services.
  4. Enhanced Security Features:
    • The biometric-enabled cards offer enhanced security, reducing fraud and ensuring that services are delivered to the rightful beneficiaries.

Strategic Collaboration for National Development

The success of this initiative is driven by a strong partnership between NIMC and leading stakeholders:

  1. Nigeria Interbank Settlement Systems (NIBSS): Providing seamless payment solutions.
  2. AfriGO: Enabling local manufacturing of the digital cards to support Nigeria’s industrial development.
  3. Data Mining Company: Leveraging data analytics to enhance service delivery and efficiency.

Premier Oiwoh, Managing Director/CEO of NIBSS, and Mrs. Ebehije Momoh, Managing Director/CEO of AfriGO, reaffirmed their organizations’ commitment to ensuring the successful implementation of the project.

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President Tinubu’s Vision for a Digitally Inclusive Economy

President Bola Tinubu has prioritized digital transformation as a cornerstone of his administration’s agenda. By leveraging technology to streamline service delivery, the administration aims to:

  • Enhance economic productivity.
  • Create meaningful jobs through the local production of digital cards and related infrastructure.
  • Empower citizens with tools to participate in the modern economy.

“Our aim is to lay a solid foundation for an inclusive and prosperous future for every Nigerian. These digital identity cards are not just tools for financial inclusion but also for driving economic development,” remarked Engr. Coker-Odusote.

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