Business and Economy

NIPOST launch banking platform and e-debit card: set to commence NIPOST MicroFinance Bank

NIPOST has added financial inclusion as part of its services to Nigerians while at the same time introducing its own e-debit card, agency banking platform and additional 27 new logistics vehicles for courier services.

The 27 courier service vehicles will make NIPOST and its partner, Speedaf Express, to compete favourably in the industry.

The inauguration was made by the Minister of Communications and Digital Economy, Prof. Isa Pantami, on Thursday in Abuja.

“It is the first of its kind in Nigeria because it works offline and online, and it is the first time that NIPOST has come up with a solution similar to this and it is indeed a multipurpose card for financial transaction, conditional cash transfer, payment of bills and many more,” he said.

“This is commendable and in alignment with our digital economy for achieving a digital Nigeria. Our target in this country by 2030 is to be completely digitalised.” He added that a digitised economy would improve the ease of doing business and transparency, as well as fight corruption.

He said the NIPOST banking platform will allow NIPOST to conduct financial transactions with most importantly, Universal Postal Union (UPU) member countries.

He added that the banking platform is another innovative solution that will improve the financial system, adding that this is also in alignment with the proposal to come up with NIPOST Microfinance Bank.

“So, this is just like a pilot programme of another subsidiary of NIPOST that will come up soon, that is the NIPOST Micro Finance Bank in which we are to leverage on the existing infrastructure of NIPOST and make sure that our citizens all over the country as long as they have access to the post office, they will be able to conduct their financial transactions,” he said.

“There are many economic impact, because when you simplified financial transactions for citizens, you enable them to spend more at the comfort of their homes. Financial transactions have been increasing globally, and this transactions leverage on digital technologies to do. In the case of the presentation, it was mentioned that POS (Point of Services) cost over N6 trillion naira in Nigeria. If there is no POS this will not be possible, there is no doubt it has many impact on us and allow citizens to be at comfort of their villages to do financial transactions,” he said.

The Minister commended NIPOST management and encouraged them to continue to put in the hard work in driving the FG’s digitization agenda.

Earlier in his welcome remarks, the Postmaster General /CEO of NIPOST, Dr. Ismail Adebayo Adewusi, stated that the occasion marked another opportunity to reposition the agency’s services according to best global standards.

The Postmaster-General further said that the innovation by NIPOST is aimed at strengthening the capacity of the nation’s postal service to live up to its responsibilities amidst the emerging threats of the digital era.

He urged Nigerians to maximise utilisation of the services and the values that the new NIPOST electronic card has brought to their doorsteps. “I equally recommend that all take advantage of the unique offerings by our e-Commerce and logistics venture for local and globe needs,” he said.

The debit card is expected to boost financial inclusion nationwide, as the the cards will be given free to Nigerians at every NIPOST outlet. Also, the card will function even without the internet and can be replaced easily if stolen or lost.

The banking agency will function similarly like the Point of Sales (POS). The agency said since it has structures in all local governments in Nigeria, it will assist residents of rural areas to improve their financial activities.

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