The Minister of Communication and Digital Economy Dr.Isa Pantami has launched the Nigerian Postal Service (NIPOST)’s debit card and agency banking platform. Pantami unveiled the new NIPOST features alongside 27 courier vehicles, commissioned in partnership with Speedaf Express, an international company, aimed at helping the postal service facilitate fast delivery service across the country.
Pantami explained during the launch that the move is geared towards keying NIPOST into e-governance and a sustainable digital economy.
NIPOST is among Nigerian government’s institutions tainted with allegations of corruption. The Minister said the new services will curtail malfeasance and improve transparency.
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“We are in the process of digital transformation, transformation will not be possible without digitalization. What we are doing today is to ensure that NIPOST is digitalised so that they will deliver in their mandate by law,” he said.
Pantami said the postal agency’s debit card and banking platform were designed to reach the unbanked population residing in remote areas.
“We are not agitating that it must replace our other debit cards but rather an alternative banking platform. Most importantly, this service can be used online and offline. It is complimentary and provides other alternatives, particularly to the people living in unobserved and underserved environments. NIPOST exists in many places where other banks do not because the service is in every local government.
Pantami also explained that the Ministry will deploy satellite service to provide internet service for the underserved.
“We want to leverage on that, and ensure we use NIGCOMSAT to provide Internet connectivity all over the country in places where there are no ATMs and banks, and that will be an alternative for the underserved communities.
“There are many economic impacts because when you simplify financial transactions for citizens, you enable them to spend more at the comfort of their homes,” he said.
Financial inclusion has been advocated as a layer of economic growth, and many government institutions in Nigeria are beginning to participate by developing subsidiaries offering financial services to the unbanked.
Pantami said the new NIPOST services will help in attaining Nigeria’s full digitization target by 2030.
“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.
Pantami also hinted at NIPOST’s plan to launch a microfinance bank soon, a move he said will help all Nigerians carry out financial transactions everywhere there is a post office in the country.
“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 ad 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.
Post-master General and CEO of NIPOST, Ismail Adewusi, said the move will help align NIPOST with global best practices.
“This is, however, all geared towards reducing operating costs, increasing the revenue base and rejuvenating the system to restore public confidence,” he said.
What makes the debit card unique is that it relies heavily on biometric information of the user, like fingerprints which means it can work online and offline. The multi-teller NIPOST’s POS-based platform is available in every local government across Nigeria, where NIPOST could be found.