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.