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FEC Approves Policy for Banks to Issue NIN Card  

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By Mathew Dadiya, Abuja

The Federal Government, Wednesday, approved that Nigerians can now request their commercial banks to issue them with a debit card, which doubles as their National Identity Card at no extra cost than the normal fees charged for debit cards.

The approval was given by the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja

Briefing State House Correspondents after the valedictory meeting of the FEC meeting, Minister of Communications and Digital Economy, Prof Isa Ali Pantami said a memo from the National Identity Management Commission (NIMC) allowing banks to print a multipurpose debit cards that double as National identity cards.

“It is going to be a form of multipurpose card where it will serve as your national identity card on one hand and also your bank card on the other hand, either Mastercard, Visa or any other kind of card.”

Pantami said although the NIMC Act 2007 only mandates Nigerians to have a National Identity Number and not necessarily a printout card, demands for cards have swelled nonetheless.

He explained that “As in the NIMC Act 2007, section 27, what is mandatory for our citizens and legal residents is the acquiring of the National Identity Number, not the card. However, the card is optional.

“But many citizens, particularly those living in rural communities, always go to NIMC offices complaining that they need the card at hand, even though it’s optional.

“To make it easier, NIMC last year, we introduced a smart ID card you can download from NIMC app. It is just a smart card. You don’t need to have it physically, but that is becoming difficult for our people living in rural communities.”

To ease the difficulty, Pantami said “NIMC has partnered with the Central Bank of Nigeria so citizens who are interested in having a card at hand can easily go to the relevant banks.”

“The bank is permitted to print the card along with either Mastercard or Visa card. It is going to be a form of multipurpose card that will serve as your national identity card on one hand and also your bank card on the other. And based on the agreement, it is without any additional costs on our citizens.

“So when you apply for a card at your bank, you can indicate that ‘I want this card to be multiple purpose where it will serve as my bank card and also my national identity card’. Both of them are going to be printed on the same card and it is going to serve the same purposes without any additional costs.

“So that memo has also been approved by the Federal Executive Council,” Pantami said.

The Minister revealed that NIMC and the CBN signed a nondisclosure agreement to protect the privacy and confidentiality of card applicants.

“NIMC and the central bank signed a nondisclosure agreement where your privacy and your confidentiality must be respected in the course of providing the card for you.

“When you apply for the card, the bank will apply online to NIMC through their database. When they verify and confirm that your record in the database is in alignment with your record in NIMC database, it will be permitted and the card is going to be printed for you immediately,” the outgoing Minister told journalists.

In a similar vein, Pantami revealed that FEC okayed a memo proposing the deployment of an automated system to integrate NINs with individual SIM cards.

The system, he noted, is to consolidate the implementation of the NIN-SIM linkage.

He said “As we all know that previous administrations made efforts to verify NIN and SIM starting from 2011 without success. In February 2020, President Muhammadu Buhari approved the implementation of the policy and the revised version of the policy was also launched and unveiled by Mr. President on May 6, 2021.

“As it stands today, the NIN and SIM policy registration is being implemented. In order to consolidate the implementation.

“The Nigerian Communications Commission came up with a proposal that will enhance the implementation of the policy and bring many more benefits to it.”

Pantami boasted that the automated system will sanitise the database and ease the process of SIM replacement for Nigerians or legal residents.

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OPay Provides Update on Planned NYSE IPO, Reaffirms Normal Business Operations

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From Tony Nwachukwu, Lagos

Fintech company OPay has announced the postponement of its planned public offering on the New York Stock Exchange (NYSE), following careful consideration of an ongoing inquiry by a regulatory authority.

The company said the decision to postpone the offering was taken in the best interests of the business and its customers.

In a statement shared with DAILY ASSET, OPay explained that the ongoing inquiry does not affect the services it provides to customers or how it operates in Nigeria and its other business markets.

The company also reassured customers, merchants, agents and other business partners that its operations would continue as usual, with all services remaining fully available.

“Customers can continue sending and receiving money, making payments and saving without interruption,” the statement noted.

OPay expressed appreciation to its customers, merchants, agents, business partners, employees and other stakeholders for their continued trust and support.

The company also reiterated its commitment to making financial services more inclusive through technology

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NESG Chairman Urges Shift from Economic Reforms

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Chairman, Nigerian Economic Summit Group (NESG), Olaniyi Yusuf has urged the Federal Government to translate economic reforms into tangible results, including job creation, increased productivity and improved living standards.

Yusuf made the call on Monday in Abuja at the 32nd Nigerian Economic Summit (NES32), themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity”.

He said Nigeria’s economic reforms had created an opportunity to strengthen the foundations for socio-economic development, in spite of the pressures on households and businesses.

“Our responsibility now is to ensure that reforms translate into stronger enterprises, better jobs, more productive workers, rising incomes, improved living standards and shared prosperity,” Yusuf said.

He said recent measures, including petroleum subsidy removal, foreign exchange reforms, fiscal restructuring and banking sector reforms, were necessary to address economic distortions.

However, he said macroeconomic stabilisation alone would not automatically translate into broad-based economic growth or improved citizens’ welfare.

Yusuf said households needed decent jobs, stronger purchasing power, and improved security and reduced poverty, while businesses required lower production costs, reliable electricity and affordable financing.

According to him, Nigeria must sustain economic stabilisation while prioritising practical measures to improve productivity and expand economic opportunities.

He said the summit’s theme reflected the need to measure economic success by the quality of jobs created, business competitiveness and the extent to which prosperity reached Nigerians.

Yusuf identified productivity, human capital development and resilience as key priorities for achieving sustainable and inclusive economic growth.

He said investments in education, healthcare, nutrition and relevant skills would improve workers’ productivity and prepare young Nigerians for employment.

The NESG chairman also called for improved infrastructure, predictable regulations, fair competition and an efficient legal system to encourage private investment and business expansion.

Yusuf said Nigeria’s economic performance presented a mixed picture, with improvements in some macroeconomic indicators alongside persistent challenges affecting businesses and households.

He noted that real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in the second quarter of 2026, compared with 3.89 per cent in the first quarter.

Yusuf, however, expressed concern over persistent food inflation, high production costs, unreliable electricity, expensive financing and inadequate infrastructure.

According to him, a slowdown in inflation does not necessarily mean that goods have become affordable, as households continue to grapple with elevated prices.

Yusuf urged policymakers to prioritise productive investments, effective public expenditure and measures to address poverty, food insecurity and gaps in access to essential services.

He also called for stronger links between education and employment through technical and vocational training, digital skills and industry relevant learning.

The NESG chairman identified agriculture, agro-processing, manufacturing, construction, tourism and digital services as sectors with opportunities to expand productive employment.

He said the private sector remained central to Nigeria’s economic transformation but required an enabling environment to invest, produce and create jobs.

Yusuf urged businesses to invest in technology, workforce skills, local supply chains and export competitiveness, while calling on the government to improve infrastructure and ensure regulatory predictability.

He emphasised the need to assess the actual impact of reforms rather than merely documenting policies introduced or activities undertaken.

Yusuf said commitments arising from the summit should include clear institutional responsibilities, realistic timelines, measurable indicators and periodic reviews to ensure accountability.

He called on the government, businesses, development partners and other stakeholders to work together to translate economic stability into investment, productivity, employment and shared prosperity.

Yusuf said the ultimate test of the summit would be whether its deliberations produced tangible improvements in the lives of farmers, manufacturers, entrepreneurs and young people seeking decent jobs.

He urged participants to develop practical solutions and measurable commitments that would continue to deliver results beyond the summit.

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DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report

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By Tony Obiechina, Abuja

The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.

DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.

He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted  for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.

He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.

He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.

He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.

Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.

On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.

He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.

He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.

On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.

Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.

The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.

Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.

Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.

The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.

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