FG Releases List of 5 Digital Banks Nigerians Can Access N50k Monthly Cash Support
- The FG has released the list of five approved financial service providers handling N50,000 monthly cash relief payments to vulnerable Nigerians
- The providers will send SMS notifications to eligible beneficiaries requesting consent before transferring funds to their bank accounts or mobile wallets
- The government warned that beneficiaries do not need to apply, pay registration fees or use agents to receive the relief
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The federal government has named five approved digital financial service providers responsible for delivering its N50,000 monthly cash relief to vulnerable Nigerians under the National Emergency Relief and Stabilisation Intervention (NERSI).
The initiative, introduced to cushion the impact of rising food prices and the increasing cost of essential goods, is designed to provide financial assistance to households struggling with the rising cost of living.
Source: Getty Images
The Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro, announced the commencement of the payments in a statement issued on October 30.
According to the minister, eligible beneficiaries will receive SMS notifications from the approved providers requesting their consent before the money is transferred to their bank accounts or mobile wallets.
Five approved providers for N50,000 payments
The government said it was working with licensed digital financial service providers to ensure that beneficiaries receive their funds securely.
The five approved providers and their respective USSD codes are:
- ALAT by Wema: 94523#
- MoMo PSB: 6710#
- NairaGram: 72600#
- OPay: 95520#
- Moniepoint: 557327#
Doro explained that beneficiaries would receive genuine SMS notifications from these providers and must give consent before the payments are processed, Punch reports.
He said:
Beneficiaries will be notified by SMS from an approved service provider to confirm their consent before the funds are transferred directly to their bank accounts or mobile wallets.
The minister added that the government would regularly review the programme in response to changes in the cost of living and notify beneficiaries before introducing any adjustments.
Source: Getty Images
FG warns Nigerians against fraud
The government stressed that beneficiaries do not need to submit applications, pay registration fees or engage middlemen to access the N50,000 monthly relief.
DailyTrust reports that Doro warned Nigerians against fraudsters who may attempt to exploit the payment exercise.
He advised beneficiaries not to disclose their personal identification numbers (PINs) or Bank Verification Numbers (BVNs) to anyone.
The minister urged anyone uncertain about a payment notification or asked to pay money to access the relief to contact the official NERSI helpline on 0700-022-2222.
BOI launches digital portal to simplify access to loans
Earlier, Legit.ng reported that the Bank of Industry (BOI) launched a new digital platform called MyBOI, which allows Nigerian businesses to apply for financing, complete onboarding and monitor their loan applications from start to finish without visiting a branch.
The bank described the portal as a central part of its Credit Process Re-engineering and Automation Initiative, built to tackle longstanding problems in its financing process, including manual paperwork, multiple customer touchpoints and slow turnaround times that left applicants with little visibility into where their applications stood.
Through MyBOI, customers can register, carry out impact and sustainability assessments, submit applications and track progress at every stage of the credit cycle.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
