Fintech players, regulators reaffirm commitment to agency banking

May 24, 2019
2 min read

The Central Bank of Nigeria’s (CBN) Deputy Governor in charge of Financial Systems Stability, Mrs. Aishah Ahmad, has reiterated the apex bank’s commitment to the successful implementation of agent banking in Nigeria. She emphasized that the CBN’s commitment is geared towards the reduction of the current financial exclusion rate to 20%, and the achievement of the FSS 2020 goal. These were disclosed at the 7th Edition of PoS Innovation Summit, held recently in Lagos.

Mrs. Ahmad, who was represented by the Director, Payment System Management at the CBN, Mr. Sam Okojere, stated that initiatives such as the PoS Innovation Summit provide the opportunity for ideation and development of groundbreaking notions that solve problems in the financial technology industry.

Speaking further on the significance of the event, Managing Director of Global Accelerex, Mr. Tunde Ogungbade, maintained that access to financial services to the underserved and most vulnerable in society will 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 is 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 Deputy Managing Director of Nigeria Interbank Settlement System (NIBSS), Mr. Niyi Ajao, applauded Global Accelerex for promoting financial inclusion with the innovative platform. “With the security, flexibility and management features on the platform, Agent Banking business will be easier and more convenient”, he affirmed.

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 the new brand signified a renewed and re-energized company, dedicated to exceeding customers’ payment expectations in Nigeria and across Africa.

At the end of the event, participants concurred that to sustain the momentum of the financial inclusion drive, important factors such as innovation and creativity will play a pivotal role. All participants resolved to continue to work together in order to facilitate and deliver convenient, accessible and cost-effective financial services to the underserved and unbanked in Nigeria.

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