FG Names Digital Banks for N50k Monthly Relief Payments

The Federal Government of Nigeria has announced five approved digital financial service providers that will facilitate the payment of N50,000 monthly cash relief to vulnerable Nigerians under the National Emergency Relief and Stabilisation Intervention (NERSI). This initiative, introduced to mitigate the effects of rising food prices and the increasing cost of essential goods, aims to provide financial assistance to households facing economic challenges.

Dr Bernard Doro, the Minister of Humanitarian Affairs and Poverty Reduction, disclosed the commencement of these payments in a statement issued on October 30. Eligible beneficiaries will receive SMS notifications from the approved providers to request consent before funds are transferred to their bank accounts or mobile wallets.

The government emphasized that beneficiaries do not need to apply, pay registration fees, or use middlemen to access the relief. Doro also warned against fraudsters and urged beneficiaries to protect their personal information.

The government will regularly review the program in response to changes in living costs.