Home Business Commercial Banks Given Greenlight for New NIMC “Multiple Purpose Card” that Functions as ATM and ID Card.

Commercial Banks Given Greenlight for New NIMC “Multiple Purpose Card” that Functions as ATM and ID Card.

Nigerians can now own a single card (the Multipurpose Card), which serves as both an identity card and an ATM, in a ground-breaking move. And there will be no charge at all for this. Inferentially, the days of carrying a variety of cards are rapidly coming to an end.

Commercial banks in Nigeria have been granted permission to issue multipurpose cards that combine ATM access and the National Identity Number (NIN) into a single card, as announced by the Federal Government. This decision aims to streamline identification and banking services, providing significant benefits to Nigerian citizens.

The introduction of multipurpose cards offers numerous advantages. Individuals will no longer need to carry separate cards for banking and identification, enhancing convenience and reducing the risk of losing important documents. The issuance of these cards at no cost removes financial barriers for citizens who may have been deterred by associated fees.

To ensure a smooth implementation, the Federal Executive Council, led by President Muhammadu Buhari, approved the decision. The cards will serve as national identity cards and bank cards, seamlessly integrating ATM functions from major providers such as Mastercard and Visa.

Data protection is a priority, and the NIMC and the Central Bank of Nigeria have signed a nondisclosure agreement to safeguard applicants’ personal information. The process involves banks connecting to the NIMC database to verify individual details, after which the card will be printed and issued immediately.

In addition to multipurpose cards, the Federal Executive Council also approved the deployment of an automated system that integrates NINs with individual SIM cards. This move simplifies the process of linking NINs to SIM cards and enhances the implementation of the policy.

The Nigerian government’s commitment to embracing technological advancements demonstrates its dedication to improving efficiency and promoting a seamless convergence of identity verification and banking services. The integration of NINs with SIM cards is expected to enhance national security and citizens’ access to government services.

While the introduction of multipurpose cards is a significant step forward, the smooth and speedy implementation of this initiative remains a concern.

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