EFINA, SANEF Host North Central Quarterly Financial Services Agents Forum In Abuja

Friday,September 06, 2019 / 02.30PM / Ottoabasi Abasiekong for ProshareWebTV / Header Image Credit: WebTV

Financialservices agents across the North-Central region of Nigeria, have called on theCentral Bank of Nigeria and the Nigerian Inter-Bank Settlement Systems, NIBSS,to work out measures to speedily resolve the rate of failed and delayedtransactions on the point-of-sales, POS, machines while carrying out theirmobile money and agency banking operations.

Thiswas part of their feedback at the Quarterly Financial Services Agents forum forthe North-Central Region in Abuja, hosted by Enhancing Financial InnovationAccess, EFINA ,in collaboration with the Shared Agent Network Expansion Facility,SANEF.

TheAgents raised concerns over the slow turnaround time intransactions especially in the rural areas, and tasked the CBN to assist inresolving the issues.

They believed that Nigeria's quest for attaining 80% financial inclusionfor adults by 2020 hinges on seamless mobile transactions, across the country.

Giving her opening remarks at the event the Head, Programs for EFINANigeria Mrs Ashley Immanuel said the forum was an opportunity for expandingfinancial inclusion in the country.

She acknowledged the fact that agents are a crucial part of the equationin the financial inclusion framework.

According to her the 2018 EFINA survey revealed that 3% of Adults usedbank agents, while 1% used mobile money agents.

Immanuel speaking further said that EFINA was committed to growing theAgent banking services in the country.

The EFINA Head of Programs said the collaboration with SANEF was gearedtowards creating an enabling environment to deepen financial inclusion.

SANEF Head of Distribution & Engagement, Mrs Uche Uzoebo, in herremarks reiterated the focus of achieving 500,000 financial access point by2020.

Uzoebo said SANEF was committed to deepening financial inclusion inNigeria and also driving financial literacy.

She assured the Financial Services Agents that SANEF will continue tosupport them in the area of training, that will equip them to carry out theirtasks effectively.

From the regulatory perspective the Central Bank of Nigeria reassuredthe financial services agents that they are vital to the plan of the closingthe financial inclusion gap in the country, which currently has 36.9m adultsfinancially excluded at the moment.

The Head, Digital Services at CBN Mr Stephen Ambore noted that there isa correlation between financial inclusion and GDP (Gross Domestic Product)growth in countries.

He informed stakeholders that the CBN will work assiduously to providean enabling environment for financial services agents in the country.

Ambore said the CBN is also looking at building a robust and inclusivepayment infrastructure in the country.

Also speaking at the forum Mr Emmanuel Okoegwale of the National SocialInvestments Program asserted that the NSIP will continue to assist in expandingagent banking services.

Okoegwale said the NSIP is also carrying out a mapping of microfinancebanks to assist the Agents on the field, and also link the beneficiariesof its initiatives to the Agents Association in Nigeria.

Mr Gbekeleoluwa Nubi of the Nigerian Interbank Settlements System,NIBSS in his presentation stressed that the target of achieving 100m uniqueBVNs in Nigeria, will be possible through collaboration amongst all therelevant agencies.

Nubi added that Nigeria currently has about 39m BVNs which shows thereis a lot of work to be done in the next five (5) years to achieve the target.

The event featured a panel session that discussed the issues facingfinancial services agents, and how agency banking and mobile money can berepositioned in the country.

Givingtheir feedback financial services agents across the North-Central region ofNigeria, called on the Central Bank of Nigeria and the NigerianInter-Bank Settlement Systems, NIBSS to work out measures to speedily resolvethe rate of failed and delayed transactions on the point-of-sales, POS machineswhile carrying out their mobile money and agency banking operations.

TheAgents also raised concerns over the slow turnaroundtime in transactions especially in the rural areas, and tasked the CBN toassist in resolving the issues.

They believed that Nigeria's quest for attaining 80% financial inclusionfor adults by 2020 hinges on seamless mobile transactions, across the country.

In response the CBN assured the agents that it will work with NIBSS andother related agencies to ensure prompt resolution of the issues of failedtransactions and the slow turnaround time in mobile money and agency bankingoperations.

Highlight of the event was the presentation of rewards and appreciationto high-performing financial services agents at the forum.