Ebehijie Momoh, Managing Director of AfriGo, states that the National Identity Management Commission’s (NIMC) new multipurpose card could integrate 30 million Nigerians into the financial system. Speaking at Nigeria Fintech Week 2024 in Lagos, she highlights that AfriGo, Nigeria’s domestic card scheme, is working with NIMC to roll out the cards.
Momoh explains that linking government payouts to these cards will streamline processes and promote transparency, significantly improving financial inclusion. “With over 100 million individuals having National Identification Numbers (NINs), we can instantly integrate 30 million more people into the financial system by issuing these cards to all Nigerians,” she says.
Momoh emphasizes the potential of NINs in enhancing financial access in Nigeria, where only 55 million people currently have bank accounts. “With over 100 million NIN holders, we see a major opportunity to connect more people to financial services, which is why AfriGo is partnering with NIMC to provide multipurpose cards linked to NINs,” she notes.
She adds that beyond infrastructure, increasing financial inclusion also depends on raising awareness and keeping costs affordable. People must understand the need for financial services, and the cost of entry must be reasonable.
Momoh also highlights AfriGo’s focus on developing tailored solutions for Africa, especially Nigeria. One of their key innovations is a contactless payment system for the transportation sector, enabling commuters to pay for services offline, even in areas with poor internet connectivity.
“We’ve partnered with a fintech company to ensure that commuters can use our cards to pay for transportation services regardless of internet access. This is a breakthrough for Nigeria, where internet infrastructure is often unreliable,” she states.
In April 2024, NIMC announced the launch of the multipurpose National ID card, designed for identity verification, payments, and access to government services. The card, powered by AfriGo in partnership with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), will be compatible with the eNaira and compliant with EMV security standards. However, while the card was announced, the official rollout date remains unclear.
