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Made-In-Nigeria Smart Cards To Extend Financial Services To the Poor

Posted by timothy on from the all-you-need-is-this-card dept.

jfruh (300774) writes "A new factory producing smart cards opened in Lagos this week, promising to open up access to financial services to many poor Africans and other inhabitants of the Global South. The cards can be used by people without traditional bank accounts to access the worldwide credit card and smart phone infrastructure." From the article: Preliminary estimates indicate that there are currently about 150 million active SIM cards, 110 million biometric ID cards and 15 million credit and debit cards in Nigeria, [Nigerian president Goodluck] Jonathan said. As more financial-inclusion schemes, requiring more bank cards, are rolled out and different Nigerian states implement ID projects, the numbers of smart cards in use are expected to experience double-digit growth, he said.

4 of 40 comments (clear)

  1. You can smell the desperation by Anonymous Coward · · Score: 5, Insightful

    The global banking system is desperate for that one last bubble, now that all other credit bubbles have collapsed.

    Let's see, where else can we create artificial, debt-fueled "growth". Africa!

    One.

    Last.

    Bubble.

    (And then the shitshow begins).

  2. Nigeria... by Anonymous Coward · · Score: 1, Insightful

    has such a good reputation for honesty and not scamming people. *sarcasm*

  3. Questionable priorities by Kazymyr · · Score: 3, Insightful

    I'm not sure that Nigeria needs more smartcards rather than less Boku Haram.

    --
    I hadn't known there were so many idiots in the world until I started using the Internet -Stanislaw Lem
    1. Re:Questionable priorities by Anonymous Coward · · Score: 2, Insightful

      They need more smartpeople.