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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.

7 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. It's about time! by 93+Escort+Wagon · · Score: 3, Funny

    Hopefully this will make it a lot easier for those Nigerian princes and military widows to transfer those millions of dollars to me. I keep giving them my bank account info, but I'm still waiting.

    --
    #DeleteChrome
    1. Re:It's about time! by riverat1 · · Score: 2

      For the President's Goodluck sake (yes, Goodluck is actually his real name) ...

      Actually it should be President Jonathan as his full name is Goodluck Ebele Azikiwe Jonathan.

  3. Good idea by cyber-vandal · · Score: 2

    Just the thing for transferring millions of dollars for a Nigerian prince.

  4. 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.

  5. Re:What a fantastic idea! by JaredOfEuropa · · Score: 2

    Why do you think they have no money? Or no need for financial services like bank transfers or loans? I'm surprised that the image of the average African as a fly ridden naked tribesman grubbing in the mud for meager sustenance, persists to this day. The same idea that prompts the question: "Why would these people need cellphones (or smartphones)?", when there have been so many stories about cellphones having brought about a revolution in local commerce and finance.

    --
    If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...