NIPOST Set To Launch Digitised Microfinance Banking

The Nigerian Postal Service (NIPOST) has concluded plans to launch a microfinance bank that would enable 52 million unbanked Nigerians to conduct financial transactions through its various outlets in all of the nation’s 774 local councils.
This proposed launch will be coming on the hills of its recent launching of e-debit card, which can be used  both offline and online.
Minister of Communications and Digital Economy, Isa Ali Pantami, who disclosed  this recently at a public function in Abuja, stated that the Federal Government is transforming the organisation to play a critical role in the Fourth Industrial Revolution.
While noting that it was impossible for any economy to be transformed without digitisation, the Minister said a digitised economy will improve ease of doing business, improve transparency and fight corruption.
“We are in the process of digital transformation. What we are doing today is to ensure that NIPOST is digitalised so that it will deliver on its mandate”, he said.
For the NIPOST’s debit card,  he said that the agency was  not agitating for  the replacement of other debit cards, but rather an alternative banking platform.
According to him,  it will be complimentary and provide other alternatives, particularly to those  living in unobserved and underserved environments.
“NIPOST exists in so many places where other banks will not exist in Nigeria, because the service is in every local government.
“We want to leverage that, and ensure that with the use of NIGCOMSAT to provide Internet connectivity all over the country in places where there is no ATM machines and banks.
“It would be an alternative for underserved communities”, he said.
Accordingly,  he revealed that  it offers  several economic advantage  due to its simplicity in  financial transactions for citizens, adding that it will  enable them  spend more at the comfort of their homes.
“Financial transactions have been increasing globally, and these transactions leverage digital technologies”, he said.
Earlier,  The Post Master General of the Federation, Dr. Ismail Adebayo Adewusi, said the event marks another milestone in NIPOST’s efforts to reposition itself in line with the current digital transformation initiatives of the Federal Government.