Category: Agent Banking
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EcobankPay hits N2bn transactions value
Ecobank Nigeria says over 100,000 merchants have been on-boarded on the EcobankPay platform with transaction value reaching N2 billion. EcobankPay offers customers a multi-channel payment experience that includes Mobile QR Payment at merchant stores (mCash, Masterpass and mVisa), Merchant QR is set up via Facebook Messenger as well as USSD payment for low-income phone users.…
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MTN Nigeria subsidiary is going all in with Mobile Money Agent service
The character of financial services in Nigeria looks set to be redefined as MTN Nigeria enters the mobile financial services space with the launch of its MoMo Agent service targeting the huge proportion of Nigerians that are underbanked and unbanked. Following months of anticipation, Nigeria’s largest telecoms company by subscribers and the second most valuable…
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FirstBank’s CEO wins ‘Best Chief Executive Officer’ Award
Okafor Endurance In its quest to deepen financial inclusion, FirstBank is channelling its resources to reach those at the bottom of the pyramid through its agency banking. The tie-one bank has over 31,000 agents spread across Nigeria with 9,000 assigned to provide financial services to the highly excluded Northern region. According to Adesola Adeduntan, the…
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MTN Nigeria launches mobile money agent service
A subsidiary of MTN Nigeria began offering mobile money transfers through its agent network, weeks after receiving clearance from regulators to launch the service. In a press conference held today (29 August) the operator’s subsidiary Yello Digital Financial Services, which runs the service under licence from the country’s central bank, announced the ‘Super Agent Network’ was available…
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Female agents may hold the key to close the gender gap in financial access in Nigeria
The global pursuit of financial inclusion as a vehicle for economic development has yielded a positive impact in Nigeria as the exclusion rate has reduced from 53.0 % in 2008 to 36.8% in 2018. Despite overall progress, the gender gap still remains. According to the EFInA, Access to Financial Services in Nigeria, 57% of women…
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Stakeholders Explore Ways of Maximising Digital Banking Benefits
Chris Uba The fast growing electronic banking segment has equally thrown up major challenges in the system with its vulnerability to fraud estimated at $31 billion as at 2018. The development has put industry stakeholders, including financial experts in the country on their toes, as they rethink ways to retool the system to minimise these…
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Access Bank adopts agency banking to deepen financial inclusion
Helen OJi Access Bank Plc has introduced agency banking to deepen financial inclusion in Nigeria, to enable branches to focus more on complex customer obligations. A banking agent is defined as an authorised third party (a retail or postal outlet) contracted by a financial institution to process clients‘ transactions. The Head, Agency…
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Making Nigeria a credit driven society
In the last few years, financial inclusion has become a regular phrase amongst organisations looking to deepen the reach of financial services to unserved and underserved people across the country. This has given rise to several products, services and strategies typically designed to help a large part of the population access financial services to better…
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Firm Deepens Financial Inclusion through Digital Payment.
Xpress Payment Solutions Limited has disclosed that it is vigorously driving financial inclusion by taking financial services to the unbanked particularly the rural dwellers. The Managing Director/CEO, Xpress Payment Solutions Limited, Oluwadare Owolabi, stated this at the 19th annual Digital PayExpo conference and exhibition in Lagos. His presentation was titled, “Payment initiatives driving digital financial…
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Financial inclusion: Expert advocates mobile money adoption.
by Samson Akintaro The Managing Director, Hollaport Technologies Limited, Mr Kabiru Rabiu, has urged Nigerians to embrace the use of mobile money to deepen financial inclusion in the country. He made this call in Lagos during the launch of a new payment-in-messaging platform that brings a mix of social media excitement with financial technology. The…