Nigeria Establishes Mobile Money Agents Loan Scheme

Friday, April 12, 2019

By Chris Donkin

The Central Bank of Nigeria announced it would facilitate loans of up to NGN500 million ($1.4 million) to mobile money agents and registered companies in the sector as part of a plan to boost financial inclusion.

Loan terms will be up to ten years, with a proportion of the funds provided by outside investors. Interest rates will be 5 per cent per annum.

Larger mobile money vendor networks will be eligible to apply alongside registered members of the Super Agent scheme, which comprises companies allowed to sell services without a full banking licence.

Photo courtesy of Shardayyy.

Source: Mobile World Live (link opens in a new window)

financial inclusion, fintech