Financial technology companies and the Central Bank of Nigeria have reiterated the significance of collaboration in deepening agency banking in the country.
They demonstrated this at the seventh edition of Point of Sales Innovation Summit, which provided the appropriate discussion platform for keynote speakers and the general audience on the theme ‘Agent Banking Deployment to Reach the Last Mile’ in Lagos.
The stakeholders and other delegates highlighted the role of collaboration in the sector, pledging to work together in order to facilitate and deliver convenient, accessible and cost-effective financial services to the underserved and unbanked in Nigeria.
Speaking at the summit, the Deputy Governor, Financial Systems Stability, CBN, Mrs Aishah Ahmad, reiterated the apex bank’s commitment to the successful implementation of agent banking in Nigeria.
She emphasised that the CBN’s commitment was geared towards the reduction of the current financial exclusion rate to 20 per cent, and the achievement of the Financial System Strategy 2020 goal.
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 provided the opportunity for ideation and development of groundbreaking notions that solved problems in the financial technology industry.
Speaking 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 would help them step out of poverty and reduce inequality in the society.
He reminded delegates that it was not the obligation of government alone to help bring about financial inclusion, but also of every entrepreneur and business entity, whose participation was critical in creating that desired change in the cashless ecosystem.]
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During the live demonstration of Accelerex Agent Network Platform, a product developed for agency banking business by Global Accelerex, the Deputy Managing Director, Nigeria Interbank Settlement System, Mr Niyi Ajao, applauded the company 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 were instant transaction notification, instant value and same-day settlement.
Global Accelerex’s also unveiled a new brand identity at the event.
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-energised company, dedicated to exceeding customers’ payment expectations in Nigeria and across Africa.
At the end of the event, participants agreed that, to sustain the momentum of the financial inclusion drive, important factors such as innovation and creativity would play a pivotal role.