Economics

Printing of ATM cards in Nigeria feasible, says Sanusi

atm-cards_03With the increasing number of bank customers using Automated Teller Machines (ATMs), there are possibilities of printing the card in Nigeria. The Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi said printers of security documents such as ATM cards, plastic money and other items have chances of tapping into the huge market, provided they meet up with internationally recognised standard in the industry. But he said it was a long term project that operators in that sector should prepare themselves to tap into.

“I think in the long term, it is possible to produce ATM cards in Nigeria once there is established client security and quality around what is produced. I think local operators should be able to print Nigeria passports, vehicle papers, ATM cards, ballot papers, national identity cards, vehicle registration licences and even plastic money,” he said.

ATM cards are at present supplied to the Nigerian markets by InterSwitch and ValuCard. Sanusi, who spoke during the inauguration of SuperFlux International Limited ultra-modern factory in Lagos, said such printing job is a business that relies a lot on integrity, quality and trust. But once people are satisfied that there is security around the production process, and there is continuity in the business process, they will become interested in engaging the services of such firms.

SuperFlux is a high level printing firm that handles printing jobs for commercial banks.

Talabi said the company started the cheque book services at a time when the service gap was very wide in terms of delivery and integrity. Today, those efforts have not only led to reduction of fraud and assured delivery but also a structured and well administered standards and accreditation process.

Perhaps the largest security printing factory in Nigeria, the new ultra-modern factory by Super Flux Limited is yet another benefit of the Bankers’ Committee’s ongoing efforts at rejuvenating the economy. Specifically, the factory was partly financed under the CBN-BOI project refinancing scheme accessed by Super Flux through its relationship with Access Bank.

Tokunbo Talabi, the President and Chairman of Super Flux Group, reiterated his organisation’s vision, saying “At Super Flux we want to be the leading facilitator and backbone for secure transaction, documentation, processing and communication, guaranteeing world-class process integrity.”

He said the Management of the Bank of Industry (BoI) for its partnership with the Central Bank of Nigeria (CBN) on rejuvenation of the economy. He said partnership of this nature is the catalyst that required for the much needed economic revival in Nigeria.

Sanusi commended the management of Super Flux Group for effective utilisation of the opportunity presented by the CBN-BOI intervention packages and urged the company to remain committed to standards and quality. He also used the occasion to call on other entrepreneurs to emulate Super Flux Group by taking advantage of the Bankers Committee economic development packages.

He said that no country can develop by selling primary products and that’s why the apex bank is supporting local firms in Nigeria in their drive to move from primary production to manufacturing. “The Central Bank of Nigeria is committed to supporting large scale manufacturing. We need to subsidise and support real sector operations in the country. We equally need to move from primary products to manufacturing,” he said.

He said the company is one of the nearly 400 companies that have benefitted from the CBN support of the real sector. “Throughout the country, we have about 400 companies that have benefitted from the CBN support. Some of them were at the verge of closing down, some were operating below capacity, while others had already shut down before we intervened. And these have all been revived by providing low cost long term funding for them,” he said.

Sanusi said those revived companies have created enormous jobs and insisted that every worker that is employed will automatically change aggregate demand and by extension, lead to Gross Domestic Product (GDP) growth. This explains the needfulness of building a viable economy, he said. He explained that in economic of scale, one will discover that the amount of capital put in, gets the entrepreneur much, much further than if he is just doing primary production.

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