FG introduces virtual NIN tokens, full implementation begins 2022 – Newstrends
Connect with us

Business

FG introduces virtual NIN tokens, full implementation begins 2022

Published

on

The Federal Government has introduced virtual national identification number (NIN) tokens.

Minister of Communications and Digital Economy, Isa Pantami, disclosed this at a stakeholders workshop on the ‘NIN Tokenization Solution’ organised by the National Identity Management Commission (NIMC) on Wednesday in Abuja.

The virtual NIN is a token version of one’s actual NIN which another party verifying the number cannot retain and use in a way that puts one’s data privacy at risk.

Nigerians are expected to use the virtual NIN when verifying their identity with an agent or enterprise who needs to confirm their identity before offering them a service (banks, airports, shopping delivery, among others).

The minister said NIN token is aimed at protecting the personal information of citizens, adding that full implementation would begin next year.

“The Federal Government has adopted the solution to ensure the privacy of personally identifiable information of individuals during verification transactions and to reduce incidences of illegal retrieval, usage, transfer, and storage of NIN. Full implementation commences 1st January 2022,” Pantami said.

Represented at the event by Aliyu Aziz, NIMC director-general, Pantami explained that “the NIN Tokenization solution is a feature of the NIN Verification Service (NVS) which is aimed at providing enhanced data protection for the personal information of persons registered into the National Identity Database (NIDB) and issued a NIN.”

“The resources for the protection of this sensitive data includes the Improved NIN Slip, USerID, MobileID, NIN hashing and the issuance of a unique virtual NIN by the ID holder to anyone who wishes to verify their identity.

“The purpose of the NIN Tokenization is to provide a coded representation (“pseudonymization”) of the actual NIN for which another party verifying the identity of the registered person cannot retain and use in a way that puts the individual’s data privacy at risk.

“Depending on the use cases, this may be via the hash contained in the Improved NIN Slip, the 2 varying hashes contained in the MobileID application, the UserID (which is available instantly to anyone issued a NIN, irrespective of whether they have a device or not), and of course, the one-time use Virtual NIN token.”

Pantami said virtual NIN tokens were merchant specific and would expire after a set period of time.

This means that a token generated for company A cannot be used or verified by company B.

Technical Consultant of NIMC, Tunji Durodola, also said at the event that the digital token was designed to replace the 11-digit NIN for everyday usage.

He said NIN had been shared and stored by various entities mostly without the knowledge or consent of the ID holder or NIMC, the custodian of identity in Nigeria.

To get the virtual NIN, a person must have a NIN issued by NIMC, a mobile number registered in Nigeria and linked to your NIN.

It can be generated via the MWS: NIMC MobileID app or via USSD (3463YourNINAgentCode#)

Continue Reading
Advertisement

Business

CBN raises commercial banks’ capital base to N500bn

Published

on

CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

Continue Reading

Business

Tinubu orders creation of single-digit tax system

Published

on

Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

READ ALSO:

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

Continue Reading

Trending

Skip to content