MasterCard set for National identity Pilot Scheme take off in Nigeria

MasterCard set for National identity Pilot Scheme take off in NigeriaPosted: 30 Aug 2013 01:47 AM PDT With preparations now at its peak for the National Identity Number (NIN) project being handled by the National Identity Management Commission (NIMC), the technology provider to the project, MasterCard, has restated its commitment towards accelerating the process in the country. The pilot phase is expected to provide at the initial stage, 13 million MasterCard-branded National Identity Smart Cards with electronic payment capability. Addressing newsmen in Lagos, yesterday, MasterCard’s Vice President and Area Business Head, West Africa, Omokehinde Ojomuyide said the involvement of the company was to ensure the cards are well secured and globally acceptable, adding that “MasterCard is also saddled with the responsibility of deepening financial inclusion and promoting the cash-less initiatives.” Ojomuyide, who denied the allegation that MasterCard took away the entire contract, said the company decided to base its operations in the country, given the strategic importance of the country in the continents numerous opportunities for business and growth. According to her, the institution has identified with the country’s financial inclusion and cash-less initiative, which seek to reduce the number of the unbanked and reduce the costs associated with cash transactions. She said that the company’s experience for over 40 years of its existence would be brought to bear on the provision of services that will ensure the country financial system’s aspirations, by making payments simple, safe and smart. She noted that the cash-less initiative was a forward-looking scheme, saying that presently, the cost of cash-based economy is between 0.5 per cent and 1.5 per cent of the Gross Domestic Product of various economies. According to her, the sources of the costs include printing and distribution, security and handling, lost time associated with queuing to withdraw cash.