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MasterCard-Branded National eID Card Launched in Nigeria

zdnet.com

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Re: MasterCard-Branded National eID Card Launched in Nigeria

#11

Post by dunno »

natrius wrote: post #7
dunno wrote: post #6

Well, I for one can't see any issues with an entire country of poorly educated people being given a card that with a flip of a switch, introduce them to the crippling force of 25.5% compound interest. I wish I had no morals, making money would be so easy.

It's not a credit card.

Hence the flip of the switch.

"He said the broader economic impact of the card will be felt as the previously unbanked and under-banked are able to gain access to the mainstream economy, and the visibility of their assets allows them to build a financial history and establish credit-worthiness with financial institutions."

Not sure how one builds credit worthiness without credit being granted.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#12

Post by kevinkimball »

dunno wrote: post #6

Well, I for one can't see any issues with an entire country of poorly educated people being given a card that with a flip of a switch, introduce them to the crippling force of 25.5% compound interest. I wish I had no morals, making money would be so easy.

I only skimmed the article, but it looks like it is just prepaid and not credit.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#14

Post by vicpara »

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental entity. Nigeria, as a poor country, cannot challenge the tech brough by Mastercard.

An then what would be the next step? No more cash payments? If you pay by cash the whole system would flag you as potential threat?

Plus, is there any prove that access to credit for really poor people is actually creating wealth ? This is the modern slavery and anyone who has credit in west either for education or commercial purpose has felt on its own skin what means to work for paying up the debt.

God help us all!

Re: MasterCard-Branded National eID Card Launched in Nigeria

#16

Post by pilsetnieks »

vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

MasterCard can be (and is) used all around the world as a debit card. Giving credit to the customers and defining its limits is up to the issuing bank.

Re: MasterCard-Branded National eID Card Launched in Nigeria

#17

Post by jjoonathan »

vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

I can see it now: for the low, low price of $40 (times three companies) you can check once to see if someone has bypassed the 30-year-old security on your MasterCard(tm)(c)(r)(pp) ID and fraudulently used it for border crossing or employment. Then, for the low price of a few hundred dollars and many hours of your time (x 3 companies, natch) you can dispute the ID usage and get yourself removed from the watch lists that pop up nasty red symbols and words like "suspected forgery / illegal alien / terrorist watch list" whenever a future employer tries to verify your biometrics. Of course, the police and TSA still get the vague but serious-sounding warnings, so you still get pulled off of planes for extra pat downs and an extra 45 minutes added to every traffic stop, but hey, at least you can get a job.

Efficiency! Value creation! Huzzah!

Re: MasterCard-Branded National eID Card Launched in Nigeria

#19

Post by fredbrown »

vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

> An then what would be the next step? No more cash payments?

Yes. From the article:

"“In close collaboration with both the public and private sectors to achieve the full potential of this program, NIMC is focused on inclusive citizenship, more effective governance, and the creation of a cashless economy, all of which will stimulate economic growth, investment and trade,” he adds."

Re: MasterCard-Branded National eID Card Launched in Nigeria

#20

Post by rhodri »

vicpara wrote: post #14

This is a big thing. Mastercard is a global company. In Nigeria, a country that has nothing to loose and some small advantages to gain this may seem like a no brainer. However, if this new tech proves itself reliable enough I expect it to be pushed to many more countries. Think about it. A BANK will OWN your biometric data (10 fingerprints, iris signature, facial signature). Everything. And this is not a governmental…

Don't confuse consumer credit – which is taking out loans in order to buy goods like toasters that will decrease in value – from a business loan – which is a bet that you can add value to what you buy with the loan, and thus earn enough to pay it back (and more, hopefully).

Having a quick look around, I found this blog post from Kiva who helped pioneer microlending in the developing world. The answer seems to be "yes, but credit isn't enough to turn anyone into an entrepreneur": http://fellowsblog.kiva.org/fellowsblog/2013/03/22/how-effec...

As a bit of a rant: the West is generally overburdened with consumer credit. People panic when the value of their house goes below that of their mortgage, which is called negative equity. But (almost) every consumer credit agreement leads to this negative equity. It's mad.

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