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BoI invests N1.1bn in local manufacture of smart cards

By on January 1, 2015

The Bank of Industry (BoI) announced its resolute support for backward integration initiatives that will result in the development of profitable manufacturing of smart cards now widely used in the country.

The nation’s leading development bank on Tuesday stated that it had committed N1.1 billion to the backward integration exercise in the smart cards manufacturing industry, thereby reducing importation of cards that can be produced in country.

With a capacity to manufacture 100million cards yearly, BoI noted that card solutions for logical data security, physical plant security and integrity processing standards can now be accessed in the country.

Speaking during a facility tour of SecureID Limited in Lagos, the Managing Director, BoI, Rasheed Olaoluwa explained that the bank is committed to the manufacturing sector as the sector remains a growth driver and has huge potential for job creation.

“Manufacturing in Nigeria is taking a new edge. I am delighted at what I have seen today. SecureID Limited is the first integrated manufacturing company in Nigeria and Africa. What we witnessed today also happened in Nnewi recently at Innoson vehicle manufacturing plant where cars are manufactured in the country rather than just assembling the parts.

“We are witnessing a successful backward integration of activities in the card industry through local production of cards. The company has established capacity and smart manufacturing techniques. As a customer of our bank, we have supported the business and this shows that the facility has been effectively utilised,” he added.

With a capacity utilisation level set at 70 per cent, Olaoluwa explained that BoI continues to raise its stake in industries that enhance job creation adding that the company, with improved capacity would employ at least 350 from the teeming unemployed population in the country.

The Managing Director of SecureID Limited, Mrs. Kofo Akinkugbe, noted that the company has the capacity and the quality of operational and administrative personnel to produce chip and PIN based smartcards that support payments and biometric identification, verification and authentication purposes.

According to her, the company’s local production of smart cards for the financial sector, telecommunications and public sector has reduced the level of imports and exposure to the foreign exchange market.

She added that local sourcing of raw materials and effective market analysis has assisted the firm in filling gaps discovered in the market, while giving it the capacity to produce products that could serve Nigeria and other West African countries.

“This state-of-the-art smartcard manufacturing facility aids the local production of SIM cards for the telecoms industry, bank payment cards and high security polycarbonate identity cards for the private and public sectors. This great effort is in line with the nation’s vision of actualisßing local content production.

“SecureID provides turn-key solutions for the smartcard identity industry from project start, through design, manufacture and personalisation to final card packaging/fulfillment. SecureID supports a wide range of card products such as EMV SmartCards, GSM SIM cards, Magnetic-stripe debit cards, Loyalty cards, Contactless dual interfacechip cards, Multipurpose secure identity cards and Mifare cards,” she added.

 

[ThisDay]