Stakeholders Drum Support for Agency Banking

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Emma Okonji

Stakeholders in the financial technology (fintech) space and the Central Bank of Nigeria (CBN), have called for increased adoption of agency banking in the country.

The Deputy Governor in charge of Financial Systems Stability at CBN, Mrs. Aishah Ahmad, who reiterated the central bank’s commitment to the successful implementation of agent banking in Nigeria, emphasised that the CBN’s commitment was geared towards the reduction of the current financial exclusion rate to 20 per cent, and the achievement of the Financial System Strategy (FSS 2020) goal.

Ahmad, made the disclosure through her representative, the Director, Payment System Management at the CBN, Mr. Sam Okojere, during the 7th edition of PoS Innovation Summit, which held recently in Lagos.

Managing Director of Global Accelerex, Mr. Tunde Ogungbade, maintained that access to financial services to the underserved and most vulnerable in society would help them step out of poverty and reduce inequality in the society.

He reminded delegates that, “it is not the obligation of government alone to help bring about financial inclusion, but also of every entrepreneur and business entity, whose participation is critical in creating that desired change in the cashless ecosystem.”

The theme of the PoS Innovation Summit, “Agent Banking Deployment to Reach the Last Mile”, provided the appropriate discussion platform for keynote speakers and the general audience.

From several deliberations, it remained obvious to all delegates that collaboration in the sector was a key success factor for the topic above.

During the live demonstration of Accelerex Agent Network Platform (ANP), a product developed for agency banking business by Global Accelerex, the Acting Managing Director of Nigeria Interbank Settlement System (NIBSS), Mr. Niyi Ajao, said: “With the security, flexibility and management features on the platform, agent banking business will be easier and more convenient.”

Guests were able to make withdrawals and initiate transfers on the platform, while beneficiaries confirmed receipt of such monies, lending credence to some of the unique features of ANP, which are instant transaction notification, instant value and same-day settlement.

The high point of the event was the unveiling of Global Accelerex’s new brand identity.

Speaking on the essence of the brand restage, Executive Director, Business Development and Operations at Global Accelerex, Kayode Ariyo, disclosed that it signified a renewed and re-energised company, dedicated to exceeding customers’ payment expectations in Nigeria and across Africa.