Skye Bank, others introduce multi-purpose card

Skye Bank Plc has introduced a Security Verified Identity Card for members of the National Union of Road Transport Workers as part of measures to build a reliable data base for the NURTW and integrating its members into the financial system.

The card, which was launched in Abuja on Thursday by the Secretary to the Government of the Federation, Chief Anyim Pius Anyim, is a multi-functional card which includes features like insurance purse, mobile wallet and an identity card, according to a statement by the lender.


Skye Bank, which is the lead bank on the project, is working in partnership with other organisations like Globacom, G3 Limited. A few other banks are also working on the project.

While speaking at the launch of the card in Abuja, the Group Managing Director/Chief Executive Officer of Skye Bank Plc, Mr. Timothy Oguntayo, said the card was aimed at reducing financial crimes and identity theft, describing it as not just a card but “it’s your identity, it’s your security, and it’s your gift to posterity”

According to him, the card will bear the holder’s photo, the logo of the holder’s organisation, the S-Vid logo and the bank’s logo.

Oguntayo, who said the card would boost the cashless initiative of the Central Bank of Nigeria, also said it would serve as a useful tool for financial inclusion.

The Skye Bank boss said the card would serve as a corporate identity card, mobile wallet and insurance purse. He listed the features of the card as personal accident insurance cover to cardholder of N1m against accidental death and N850,000 against permanent disability.

“Savings on daily insurance cost (N150) which runs into about N45,000 annually will now be N3,000 per annum with S-Vid. The uniqueness of the card is that it is cheaper and more beneficial to the cardholder when compared to the daily payments.

“Benefits accruing from the Glo partnership which enables the cardholder recoup cost of card over the span of a year (for every N1,000 recharge card loaded, the cardholder gets additional N250). Estimated benefit in a year for an average person that uses N2,000 monthly on recharge cards, runs into about N6,000”, Oguntayo explained.

Anyim commended Skye Bank and the other partners for coming up with the initiative and called on members of the NURTW to embrace the card.










Culled from www.punchng.com