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How Nigeria can leverage NIN to drive financial inclusion – Efemena Ogie 

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NIMC Office

The Head of Partnership at Moniepoint Inc., Efemena Ogie, has said the National Identification Number (NIN) database at 102.39 million could be used to create Bank Verification Numbers (BVN) for more Nigerians to boost financial inclusion. 

Speaking at a Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos, Ogie said that only 58.9 billion as of October 9, 2023, shows that many Nigerians are still financially excluded.

According to him, with the country’s population at about 230 million, the BVN figure means that only about 25% of the population has bank accounts. 

Ogie noted that the NIN database being managed by the National Identity Management Commission NIMC could be used to create more BVNs for Nigerians, which they can use to access financial services.  

At the Forum with the theme “Harnessing Nigeria’s Fintech Potentials: Challenges and Opportunities”, Ogie said:  

While noting that poor identity is still a challenge to fintech in Nigeria, Ogie said there is a need for the harmonization of the fragmented data with different agencies of the government.

According to him, creating multiple databases is creating problems for Nigerians in getting proper identity. 

While noting that Nigeria still has a long way to go in terms of identifying its citizens, Ogie cited an example of India, where Aadhaar, a replica of BVN has almost all the citizens of the country captured.

According to him, the number of Indians with Aadhaar cards is about 95% of the 1.4 billion population 

 

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