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CBN Financial Inclusion:  We’ve Plan to Empower Unbanked and Underbanked Nigerians Using Mobile Services and Agency Banking

ADEWUMI OJO  

As part of the effort to push the large army of Nigerian unbanked population into the formal financial ecosystem, E-Tranzact would partner with many technology firms in order to empower underbanked and unbanked Nigerians through mobile services and agency banking.

The firm said the initiative will build a robust synergy that will drive financial inclusion growth in the country.

The MD/CEO of the company, Niyi Toluwalope, who would not disclose the details of the firms until the final stage, noted that the initiative will expand the scope and operations of the company for the efficiency and economic development.

“We have a plan to empower unbanked and underbanked people in the country using mobile services and agency banking. We started our mobile money service in 2011 and we have grown to over two million subscribers with over 15,000 agents nationwide.

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“We are working on a major project in partnership with big consortiums to build a block-chain switching platform that would assist in further driving financial inclusion.

“Agency banking is not really profitable, especially when people do not trust such agents. We need agents to recruit more people and get more people to trust them. So, we have worked so hard in growing the agency network and improving the services,” he said.

The firm this week announced that it has recorded 400 million data transactions worth N30tn in 2018 on its platforms.