CBN, Banks, MMOs Roll Out Agent Network for Financial Inclusion
The Central Bank of Nigeria (CBN), Deposit Money Banks (DMB), and licensed Mobile Money Operators (MMOs) and Super Agents have reached agreement to fund an initiative-Shared Agent Network Expansion (SANE).
The move, aimed at deepening financial inclusion in Nigeria, entails an aggressive rollout of 500,000 agent network that would offer basic financial services like cash-in, cash-out, funds transfer, bill payments, airtime purchase and government disbursements.
It also involves remote enrollment on Bank Verification Number (BVN) to an estimated 50 million Nigerians that are currently under-banked or unbanked.
According to the plan, the CBN and deposit money banks will over the next few months, roll out new initiatives, products and services to accelerate and deepen financial inclusion in the country.
Their goal is to reach the expectations of the Nigerian banks to onboard and formally bank 60 million additional Nigerians over the next three years on an average of 20 million yearly, as well as enroll 40 million for BVN.
To this effect, renewed focus will be given to driving low cost digital access, broadening financial literacy campaigns, and creating micro insurance and micro investment products for the benefit of excluded, underserved and low income Nigerians.
Commenting on the programme, Chief Executive Officer of Access Bank Plc, Herbert Wigwe, who also doubles as the Chairman, Body of Bank CEOs, stressed that the agreement reflects commitments to aggressively pursue the CBN’s 2020 financial inclusion target in an integrated way with minimal systemic risks to the financial system.