FG Lists Five Digital Banks for Nigerians to Receive N50,000 Financial Support

According to a report by The Vanguard, the Federal Government has identified five digital banking and mobile money platforms that will be used to disburse its ₦50,000 financial support to eligible Nigerians under the National Emergency Relief and Stabilisation Intervention (NERSI).

According to information published on the programme’s official website, beneficiaries will be able to receive their payments through ALAT by Wema Bank, MoMo PSB, NairaGram, OPay and Moniepoint. The approved platforms have made provisions for customers to access their accounts using USSD codes, while some also offer dedicated mobile applications for managing transactions.

The designated USSD codes for the five platforms are 94523# for ALAT, 6710# for MoMo, 72600# for NairaGram, 95520# for OPay and *557327# for Moniepoint. OPay and Moniepoint users can additionally manage their wallets and access their funds through their respective mobile applications.

The financial assistance is intended to provide relief to low-income and economically vulnerable households across Nigeria. Under the programme’s eligibility guidelines, potential beneficiaries will be selected using verified national identity records and information available in the National Social Register.

Individuals who qualify for the intervention will receive notification messages from one of the five approved financial service providers. Recipients will then be expected to reply YES to indicate their consent. Following confirmation, a mobile wallet associated with their registered phone number and National Identification Number (NIN) will be created and credited with the ₦50,000 assistance.

After receiving the payment, beneficiaries can withdraw their money through banks and Point of Sale (POS) operators. Alternatively, they can retain the funds in their mobile wallets and use them to make payments or carry out other financial transactions.

The Federal Government has stressed that the entire process is free of charge. Eligible Nigerians are not expected to pay any registration fees, submit separate applications or visit government offices to access the intervention.

The government has also issued a warning about possible fraudulent activities surrounding the programme. Nigerians have been advised to disregard individuals requesting money in exchange for assistance with registration, beneficiary selection or payment processing.

Citizens are equally encouraged to safeguard their financial details, particularly their Personal Identification Numbers (PINs), One-Time Passwords (OTPs) and other confidential banking information. Such details should never be shared with anyone, including people presenting themselves as government officials or authorised payment agents.

According to the programme’s guidelines, legitimate notifications will only be sent through ALAT, MoMo, NairaGram, OPay or Moniepoint. Beneficiaries will only need to respond YES to confirm their participation or follow the instructions provided for accessing their mobile wallets through the approved USSD channels.

The government further explained that payments would be made in phases. Consequently, some households that satisfy the eligibility requirements may not receive assistance during the first round of disbursement. It reiterated that making payments to anyone cannot guarantee inclusion in the beneficiary list.

The ₦50,000 intervention is part of the Federal Government’s Humanitarian Assistance Programme, a relief initiative coordinated by the Federal Ministry of Humanitarian Affairs and Poverty Reduction. It is designed to provide financial support to vulnerable households and help cushion the effects of rising living costs across the country.

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