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New e-money smart card launched in Nigeria
23 Feb 2011

A new e-money smart card system has been launched in Nigeria for those without bank accounts.

Electronic payment providers 3Line Card Management Limited has developed the Freedom Card for use within its network of banks, service providers, government agencies and stores.

Cardholders can then access standard banking options through the Freedom Network platform, such as cash withdrawal, money transfer and utility bill payments.

Funke Ade-Ojo, general manager of the firm, expressed her belief that the new network will provide more residents with the chance to bank via a secured platform.

She said: "Freedom cards are already accepted on the Interswitch network for ATM cash withdrawal nationwide.

"We began tests with the National Central Switch, and have collaborated with several technology and marketing service providers. This is a Herculean task and one we recognise requires competition."

A number of banks in Nigeria have already embraced the Freedom Network platform including Central Bank of Nigeria, Finbank and First Bank.