NIMC partners MasterCard on ePayment

Speaking at a media chat, Director General, NIMC, Barr. Chris Onyemenam said the initiative was acted on due to the vision of the government to accelerate financial inclusion in the economy.“70% of Nigerian adults are unbanked citizens which facilitate financial exclusion but through the usage of the e-identity card,they will gain access to formal financial […]

Speaking at a media chat, Director General, NIMC, Barr. Chris Onyemenam said the initiative was acted on due to the vision of the government to accelerate financial inclusion in the economy.
“70% of Nigerian adults are unbanked citizens which facilitate financial exclusion but through the usage of the e-identity card,they will gain access to formal financial services that is universally accepted,” he said.
He said the card which purpose serves as an identification tool essentially can also be used for financial purposes which give the holder the opportunity to receive funds and other disbursements electronically rather than physically transporting with attendant risks and issues.
He said the usage of the card will help reduce high rate of fraudulent activities in the economy as there is no provision for foreign bodies or government to access the captured database matched on the card.
He added that the e-ID card has 19 security features which conform to international standards and 10 years durability life span for perfected protection against tampering of card security features.
Division President, Sub-Saharan Africa, MasterCard, Mr. Daniel Monehin, said the new identity card is expected to revolutionise the Nigerian economic landscape as the invention of the identity card will help the CBN programme of reducing financial exclusion rate to 20% by 2020.