- The Nigerian Postal Service has launched free debit card for Nigerians it hopes will drive financial inclusion in the country
- The company is working to reclaim its top spot as the number one courier company in the country as it acts as a licensing agency for courier firms
- Minister of Communications and Digital Economy, Isa Pantami said the initiative is the first in Nigeria
Nigeria's foremost postal company, the Nigerian Postal Service (NIPOST) is fighting to enter the fintech and banking space with the launch of e-debit cards to be issued freely to Nigerians at every NIPOST outlet.
It launched the initiative on Friday, January 28, 2022.
The initiative comes with the launching of the new banking medium along with 27 new logistics vehicles for courier services in the country.
The race to get to the top
NIPOST is working to reclaim its top spot as a number one courier company in Nigeria with logistics vehicles.
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Minister of Communications and Digital Economy, Isa Pantami noted that the development is in line with the digital economy it aims to achieve a digital Nigeria as the government hopes to attain complete digitization by 2030.
What NIPOST is saying
According to the minister, it is the first of its type in Nigeria as it works online and offline and it is the first that the country’s foremost postal company has come up with so far.
He said the card is multipurpose for financial transactions, conditional cash transfers, bills payment and others.
The communications minister noted that the postal agency's banking platform is an ingenious system to improve the financial system. According to him, the system will allow the company to conduct financial transactions with Universal Postal Union (UPU) member countries and is also it aligns with the proposal to come up with NIPOST Microfinance bank.
The Postmaster-General of Nigeria, Ismail Adewusi lauded the development and said that the debit card is expected to increase financial inclusion throughout the country on the grounds that it will be issued free.
The card will work without internet. The banking agency will also work in a similar way like Point of Sales (POS)
What you should know
The platform has presence in every local government areas in the country to help rural dwellers in areas to improve their financial activities.
Communications Ministry Generated Over N1trn
Legit.ng has reported that in what can be described as a landmark achievement, the federal ministry of communications and digital economy under Isa Pantami has made N1.054 trillion as revenue for the federal government in two years.
Isa Pantami of communications ministry and digital economy disclosed this in Abuja, according to The Cable report.
According to him, the digital economy sector played a huge role in lifting the country out of recession, with ICT recording the highest growth rate in the fourth quarter of 2020.