Mr Abdullahi said the scheme will reduce the rate at which Nigerians patronise unregistered loan applications.
Banks have mandated customers to link their BVN-NIN to their accounts, giving March 1 as the deadline for the linkage.
The Plateau Inland Revenue Service (PSIRS) has introduced an “intelligent” revenue billing system for ease of taxation.
Mr Okpa said the defendant collected the money under the pretence of investing it in a housing estate for six months with a profit of N1 million.
In Nigeria, a steep dearth of identification has been a major reason millions of people lack access to financial services.
The minister stated that the loan shall be administered at a single-digit interest rate of nine per cent per annum.
He said using technology in distributing palliatives would curb corruption and ensure transparency and accountability.
The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date.
The apex bank noted that the exercise was a “Cash Deposit Program not a Cash Swap Program.”
He decried the spate of public sector corruption, saying official corruption and illicit financial flows could only be curbed by deployment of technology.
