New Financial Inclusion Initiative Aims to Reach 60 Million Nigerians with 500,000-agent Network

Wednesday, March 28, 2018

By Babajide Komolafe

The Central Bank of Nigeria (CBN), deposit money banks, licensed mobile money operators and super agents yesterday unveiled a new initiative designed to extend financial services to 60 million nancially excluded Nigerians by year 2020.

Known as the Shared Agent Network Expansion Facilities (SANEF), the initiative entails an aggressive roll out of 500,000 agent network to offer basic nancial services, such as Cash-in, Cash-out, funds transfer, bill payments, airtime purchase, government disbursements as well as remote enrolment on BMS Infrastructure (BVN) to an estimated 50 million Nigerians that are currently under-banked.

Chairman, Body of Banks’ Chief Executive Of cers, and Managing Director/Chief Executive Of cer, Access Bank Plc, Mr. Herbert Wigwe, disclosed this in Lagos at a press conference held at the Chartered Institute of Bankers of Nigeria (CIBN).

Source: Vanguard Newspapers (link opens in a new window)

digital payments, financial inclusion, fintech, mobile finance