¶ Overview
The success of your Enterprise is important to the Nigerian economy. That’s why the Federal Government is keen to ensure your financial expenditure can be tailored to suit your budget.
In order to ensure Data Privacy is not compromised, the NIMC is introducing Tokenization services, wherein from the Cutover Date, no Entity in Nigeria will be permitted to verify or store the Raw 11-digit NIN.
This of course means a brief period to understand the system and make adjustments both technically and financially.
We are here to help!
¶ Target Sector
Large Enterprises
¶ Examples:
- Banks
- Mobile Network Operators
- Airlines
- Hospitality
- Government Agencies
- Hospitals, Clinics and HMOs
- Online Retail
- Consular Services of Foreign Embassies/High Commissions
- Verification Agents / Integrators
To ensure you get the best value for your verification needs, the tables above are set as a guide for your CFO and Management to choose which best suits your needs and/or requirements.
So if Company A requires 2.5m Credits, they should purchase G2 at the rate shown in the tables.
For Company B wishing to purchase 12m credits, then G5 offers the best rates.
They are broken into 5 Bulk Purchasing Groups (and are distinct from the SME Service Plans of Bronze, Silver or Gold).
For smaller service plans, please visit the SME Service Plans Page.
Verification Credits are purchased IN ADVANCE but do not expire.
¶ From April 1st 2022
¶ Credit Consumption
To participate in the new pricing structure, the NIMC will henceforth not be charging verificatiions in units of Naira. You purchase verification Credits as shown in the tables above, but for each verification, you are charged based on the Access Level approved by the NIMC. The baseline rate for Access Level 1 is 1 Credit.
Please study the table below for details of how Access Level verifications are charged.
| Access Level | Credit(s) |
|---|---|
| AL 1 | 1 |
| AL 2 | 2 |
| AL 3 | 3 |
| AL 4 | 5 |
¶ What Are Redemption Codes?
A new feature introduced is the concept of the Redemption Code, where an Enterprise with the wherewithal may purchase say 10m Credits (which falls under the G4 band). The Enterprise may wish to resell say 100k units to a smaller company (which must be known to the NIMC and have obtained the suite of Enterprise credentials), for say N10. That means that the original buyer sells 100k to the smaller one for N1m.
Had the 3rd party wished to buy direct from NIMC (or its approved agents), the 100k would have cost N4,728,000 (N47.28 x 100k)!
The Transfer Units are the chunks that may be sold. So in our example above, 100k would be 2 Redemption Codes of 50,000 each.
These are blocks of Verification Credits which may be transferred between Enterprises or within an Enterprise, between approved Verifiers.
It allows larger chunks of credits (say 500,000, 2m or above), to be transferred via a simple 6-digit Code. There will of course be a couple of verification steps to complete, just to be sure we are on the same page!