The National Identity Management Commission (NIMC) is set to revolutionize Nigeria’s financial landscape with the introduction of a multipurpose card. This initiative, designed to integrate more than 28 million Nigerians into the digital payment ecosystem, marks a significant step toward broadening financial inclusion across the country.
The new card automatically grants Nigerians with a National Identification Number (NIN) access to digital payment systems, connecting digital identity with financial transactions. This initiative combines Nigeria’s existing digital identity infrastructure, managed by NIMC, with the digital payment network overseen by the Nigeria Inter-Bank Settlement System (NIBSS), facilitating wider access to financial services.
Data from the 2023 EFiNA Access to Finance report reveals that 48% of Nigerian adults lack transactional or financial accounts, resulting in significant exclusion from the digital financial system. The report highlights wealth inequality, regional disparities, and gender gaps, which further compound this issue, with more than 28 million Nigerians holding NINs but not possessing financial accounts.
Industry experts argue that Nigeria’s strong digital identity system provides an opportunity to bridge this gap. By combining NIMC’s identity database with NIBSS’s payment platform, the multipurpose card aims to offer inclusive access to digital financial services for millions of unbanked Nigerians.
During a recent press briefing, Dr. Abisoye Coker-Odusote, Director-General of NIMC, outlined the key features of the new card. It incorporates biometric data unique to each user, ensuring secure identification. The card is KYC-compliant, with both offline and online transaction capabilities, making it usable in areas with limited internet access. It also serves as a tool for social and economic participation, supporting various government and private sector initiatives.
Dr. Coker-Odusote emphasized that the card aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to promote social, economic, and financial inclusion.
AfriGo, a subsidiary of NIBSS, plays a critical role in the project. Ebehijie Momoh, Managing Director of AfriGo, explains that linking government disbursements directly to the card improves transparency and efficiency. She notes that with over 100 million Nigerians holding NINs, the scheme can bring approximately 30 million additional people into the financial system.
“This initiative presents a significant opportunity to deepen financial inclusion by linking people to formal financial services,” Momoh says.
Experts view the NIMC-AfriGo partnership as a key development. Former OPay CEO, Olu Akanmu, points out that integrating digital identity with digital payments will enable Nigeria to increase the proportion of adults who can receive digital payments from 52% to over 80% in the next few years. He believes this will significantly impact access to credit and other financial services.
Akanmu also stresses the potential for the scheme to address challenges in cash transfer programs, enabling the government to implement more transparent and accountable disbursements to economically disadvantaged groups.
Muritala Bello, CEO of SalesUltimo, agrees, stating that linking financial accounts to digital identities will improve credit accessibility, as lenders can better assess borrowers’ financial profiles. This transparency could lead to lower interest rates and more affordable credit.
While the government aims to issue the card to all Nigerians who request it, there will be a fee involved. Dr. Peter Iwegbu, Head of Card Management Services at NIMC, explains that the agency seeks to avoid past mistakes, where uncollected cards were produced at no cost to citizens. He notes that subsidized options will be available for disadvantaged Nigerians, and the cards will be distributed through banks across the country.
NIMC’s efforts are part of a broader strategy to increase digital financial inclusion, ensuring that millions of Nigerians benefit from a more connected and transparent financial ecosystem.
 is set to revolutionize Nigeria's financial landscape with the introduction of a multipurpose card. This initiative, designed to integrate more than 28 million Nigerians into the digital payment ecosystem, marks a significant step toward broadening financial inclusion across the country.){kind=link}