Nigeria Teams Up With MasterCard on New Identity and Pay Card

Nigeria will work with MasterCard Inc. (MA) to deploy a new national identity card with a payment option to help broaden access to financial services in Africa’s largest economy, President Goodluck Jonathan said.

“Following successful local and international tests, the e-card system has now taken off,” Jonathan said today at a ceremony in the capital, Abuja.

Only about 30 percent of the about 170 million population of Nigeria, Africa’s top oil producer, have bank accounts, according to the Central Bank. The National Identity Smart Card, or NeID, will operate a prepaid payment system provided by MasterCard and will serve as a “platform with which we can achieve financial inclusion for the unbanked population,” Finance Minister Ngozi Okonjo-Iweala, told reporters.

“For the first time, the majority of Nigerians will begin to build their financial history,” MasterCard Division President for sub-Saharan Africa Daniel Monehin said today in an interview. “This project gives unique identification and access to financial services. It’s a game changer.”

While 13 million cards will be issued during this first enrollment phase, at least 100 million Nigerians who are 16 years and older are expected to be enrolled subsequently.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net Dulue Mbachu, Eddie Buckle

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.