FG unveils digital banking platforms to deepen financial inclusion

The federal government on Thursday unveiled Agency Banking platform and debit card created by the Nigerian Postal Service (NIPOST) in a bid to deepen financial inclusion and boost Nigeria’s digital economy.

Minister of Communications and Digital Economy, Isa Pantami who unveiled the platforms in Abuja, said they would fast-track the process for Nigeria to become fully digitalised by 2030. He explained that the platforms will serve as an alternative banking platform particularly to people living in unobserved and underserved communities.

“NIPOST exist in so many places where other banks will not exist in Nigeria, and because the service is in every local government, we want to leverage on that, and with the use of Nigeria Communication Satellite (NIGCOMSAT) to provide internet connectivity all over the country in places where there is no ATM machines and banks, that will be an alternative for the underserved communities.

The minister stressed that the platforms will improve ease of doing business, transparency and fight corruption, adding that it would also help NIPOST key into e-governance and a sustainable digital economy.

“We are in the process of digital transformation, transformation will not be possible without digitalization. What we are doing today is to ensure that NIPOST is digitalized so that they will deliver in their mandate by Law.

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“There are many economic impacts because when you simplify financial transactions for citizens, you enable them to spend more at the comfort of their homes. Financial transactions have been increasing globally, and these transactions leverage on digital technologies to do. In the case of the presentation.

The Minister disclosed that POS(Point of Services) cost over N6 trillion in Nigeria. “There is no doubt it has many impacts on us and allows citizens to be at the comfort of their villages to do financial transactions,” the minister said.

Earlier in his welcome remarks, the Post Master General (PMG)/CEO, NIPOST Ismail Adewusi stated that the occasion marks another opportunity to reposition the agency’s services according to best global standards.

Adewusi said the recently unveiled NIPOST debit card is geared towards reaching the unbanked population residing in remote areas, the card relies heavily on biometric information of the user like a fingerprint which means it can work online and offline.

He added that the agency banking platform which is POS (point of sale)- based is a multi-teller banking system and all products and services are in line with Universal Postal Services standards and are available in all NIPOST offices nationwide.

Meanwhile, the Minister also commissioned 27 logistics vehicles in partnership with Speedaf Express, an international logistics company in order to cater to e-commerce and speedy delivery of logistics all over the country.

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