Analysts ask Tinubu to unify banking, NIN to boost diaspora confidence in Nigeria’s banking sector


Analysts emphasize the importance of the Tinubu administration implementing the policy to integrate banking and identity, seeing it as a strategic move to enhance diaspora confidence in Nigeria’s financial institutions.

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The directive for commercial banks to issue debit cards with dual functions as national ID documents received approval following a memo from the National Identity Management Commission (NIMC). The formalization of this process, including collaboration with the Central Bank of Nigeria (CBN), reflects a progressive step by the government.

Minister of Communications and Digital Economy, Isa Pantami, attributed this shift to the rising demand for identity cards, emphasizing the mandatory requirement for Nigerian citizens to possess a national identity number since 2007. While optional physical ID cards and a mobile digital ID card app exist, Pantami acknowledged the prevalent preference for physical cards, particularly in rural communities.

To address this preference, NIMC partnered with the CBN, allowing citizens to obtain cards at banks, where they can specify the dual-purpose functionality, serving as both a bank card and a national identity card. Importantly, this program incurs no additional costs for applicants and includes measures to uphold customer data privacy through a shared nondisclosure agreement.

Aligning with global trends in identity authentication, Pantami disclosed that the federal executive council has also approved a proposal for an automated system to synchronize national identity numbers with individual SIM cards. Although this idea has faced controversy in the past, its approval showcases the administration’s commitment to modernizing identity practices.

Analysts argue that the proactive implementation of these policies not only addresses citizens’ needs for convenience but also significantly contributes to boosting diaspora confidence in Nigeria’s financial institutions. The recent announcement by the Central Bank, signaling potential closures of bank accounts not linked to a biometric Bank Verification Number (BVN), underscores the urgency for embracing modern identity authentication practices.

Amidst transformative changes in personal and national ID spaces across African nations, Nigeria’s commitment to these initiatives positions it favorably to enhance diaspora trust in its banking sector under the Tinubu administration.

Bisi Adele
Bisi Adele
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