Secure ID (IFC-36779)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
SECURE ID LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 16.10 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 18, 2017

Disclosed by Bank Jan 15, 2016


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Project Description
Secure ID Limited ("SID" or the "Company") is the largest supplier of smart bank cards, and other security sensitive cards in Nigeria, and is positioned to expand business to other African countries. The company started in 2006 with the supply and personalisation of bank cards, and the company in now expanding to include identity (ID) card and 'Subscriber Identity Module' (SIM) card manufacturing. Up to the end of 2014, Secure ID imported the cards, inserted the electronic chip and then personalized them for clients i.e. inserting customer specific data. In January 2015, the company commissioned a state-of-the-art card manufacturing plant in a new factory building in Lagos, Nigeria.SecureID's manufacturing plant is one of the few world-class Europay, MasterCard and Visa (EMV)-certified smartcard manufacturing plants in Africa. The card manufacturing plant produces ID cards, membership cards, loyalty cards, payment cards and secure SIM cards for telecom companies, banks, public and private industries respectively, with an annual production capacity of 200 million cards. A smart card is a plastic card that contains an embedded computer chip-either a memory or microprocessor type-that stores and transacts data; it is typically known as a chip card. The data is usually associated with either value, information, or both and is stored and processed within the card's chip. The card data is transacted via a reader that is part of a computing system. The manufacturing process of a smartcard starts with the development of the artwork which must be approved by the customer before going into production. The production process begins with the artwork moving into the pre-press lab. The output of the pre-press lab is then moved to the press room where the actual printing takes place. After printing, the finishing processes commence; these include collation, lamination, punching , hot stamping and finally milling and embedding.The IFC is considering equity investment of up to US$6m in Secure ID Ltd to support its expansion (which will entail the purchase of additional machinery and generators) and consolidation as the leading African smart card provider. Secure ID began a 4-year development and expansion program in 2013 to (i) integrate backwards into card manufacturing; (ii) de-bottleneck existing personalization lines, (iii) introduce a "SIM card" line, and (iv) reduce the cost of energy by replacing diesel power plants with more efficient alternatives (the "Project"). The total project cost, including working capital, is estimated at US$16.1 million.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Mr Fola Olusanya Head of Business Support Secure ID Limited 2, Olawale Daodu Road (formerly 25 – 30 Webb Road) Ikoyi, Lagos, Nigeria Phone Number: +234 816 754 8821/ +234 808 326 2125 E-mail : mailto:info@secureidltd.com Website: http://www.secureidltd.com ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/