As part of efforts in boosting financial inclusion, the Nigerian Postal Service (NIPOST) has launched its own e-debit card, agency banking platform and 27 new logistics vehicles for courier services.
The E-debit card is expected to be given free to every Nigerian at every NIPOST outlet.
Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim who spoke during the launch, note that the e-debit card is a multipurpose card for financial transaction, conditional cash transfer, payment of bills and more.
This development, according to him, is a commendable one and is in alignment with the government’s digital economy for achieving a digital Nigeria.
“Our target in this country by 2030 is to be completely digitalized”, he stressed.
He noted that the NIPOST banking platform will allow NIPOST to conduct financial transactions with most Universal Postal Union (UPU) member countries, adding that this is also in alignment with the proposal to come up with NIPOST Microfinance Bank.
Investors King gathered that the banking agency will function like the Point of Sales (POS) while the card will function without the internet and can be replaced easily if stolen or lost.
So far, there have been remarkable efforts by financial organizations and government agencies in achieving financial inclusion in Nigeria.
Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country.
Financial institutions in Nigeria are increasingly using electronic channels to onboard clients and address customer queries and bring financial product offerings to prospective users.
However, this initiative does not come with its own hitches, especially in a developing country like Nigeria. In its report on ‘Financial Inclusion In Nigeria: Issues And Challenges’, the Central Bank of Nigeria (CBN) noted that critical challenges of low financial literacy, inadequate infrastructural facilities, as well as inadequate and inefficient technology-based facilities by financial institutions, has limited the achievement of significant expansion in financial inclusion level in Nigeria.
