Nigeria’s financial landscape is undergoing a significant transformation with the introduction of the National Identity Management Commission’s (NIMC) multipurpose card. The card which is in collaboration with the the Nigeria Interbank Settlement Systems (NIBSS), AfriGO, and other stakeholders is poised to deepen financial inclusion and further integrate millions of unbanked Nigerians into the formal financial system.
With active bank accounts in the country surpassing 311.6 million and instant electronic transfers hitting a record N1.07 quadrillion in 2024,while unique Bank Verification Number (BVN) stands at 64.53 million, the multipurpose card presents an opportunity to build on this momentum and extend financial services to more Nigerians.
According to data from the EFiNA Access to Finance (A2F) 2023 report, 48 per cent of adult Nigerians do not have a transactional or financial account, effectively excluding them from the modern digital financial system. The report highlights that banking services remain skewed towards wealthier individuals, urban residents, men, and those with higher educational attainment, further deepening financial inequality.
NIMC data show that over 28 million Nigerians possess a NIN but do not have financial accounts, the multipurpose card is expected to bring them into the digital payment system significantly reshaping the country’s financial landscape.
The new card scheme automatically grants every Nigerian with a National Identification Number (NIN) access to digital payments. It marks the first time that two critical digital public infrastructures, the digital identity system managed by NIMC and the digital payment infrastructure managed by the Nigeria Inter-Bank Settlement System (NIBSS) through its subsidiary, AfriGo, are being combined to facilitate inclusive access to financial services.
Speaking at a recent press conference, the Director-General of NIMC, Dr. Abisoye Coker-Odusote, emphasised that the card is designed to serve multiple use cases across both government and private sector interventions. It aims to address social and economic challenges in the country, leveraging payment functionalities and identity verification.
Key features of the card include biometric identification unique to the owner, an extended validity period, full Know-Your-Customer (KYC) compliance, and both online and offline payment capabilities. These features ensure financial accessibility even in areas with limited internet connectivity.
Additionally, the card serves as a valid means of identity verification, allowing Nigerians to authenticate their identity whenever necessary. The NIMC CEO further highlighted that the new multipurpose card enhances citizens’ inclusion in economic and social activities, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Managing Director of AfriGo, Ebehijie Momoh, described the new card scheme as a significant opportunity to deepen financial inclusion. She explained that linking government disbursements to the card would streamline processes and ensure transparency, ultimately helping to bridge the financial inclusion gap.
With over 100 million Nigerians possessing a NIN, the initiative has the potential to bring at least 30 million additional people into the financial ecosystem. “This is why we are collaborating with NIMC to create multipurpose cards linked to NINs,” Momoh stated.
Former President and CEO of OPay Nigeria, Olu Akanmu, emphasised that the NIMC-AfriGO partnership represents a major step toward integrating digital identity with digital payments. He noted that this could significantly boost the number of adults able to receive digital payments, potentially increasing the figure from 52 per cent to over 80 per cent within two years. This shift could also have a cascading effect on access to credit and other financial services.
However, he stressed that the card scheme must remain mission-driven, focusing on reaching unbanked Nigerians rather than competing with existing financial services. By targeting those historically excluded from banking services, the initiative could also improve the credibility and effectiveness of government cash transfer programmes.
While the government is committed to making the cards widely available, NIMC has stated that Nigerians who wish to obtain the card will need to pay for it. According to Dr. Peter Iwegbu, Head of Card Management Services at NIMC, past efforts to distribute free physical ID cards were met with low collection rates. Over two million unclaimed cards from previous initiatives remain in storage.
However, the government is working on programmes to provide the card at reduced or no cost to economically disadvantaged Nigerians who need it to access government support. NIMC is also partnering with banks nationwide to facilitate easy access to the cards.
The cards will also facilitate access to government services across various Ministries, Departments, and Agencies (MDAs) and serve as a platform for students seeking government loans. Additionally, the initiative is expected to support farmers registered with the Federal Ministry of Agriculture and Food Security by providing access to agricultural loans and essential inputs.
Already, 26 banks have signed on to issue the cards, with more expected to join the initiative.
