RegTech

CBN Intensifies Efforts to Attain Financial Inclusion Target, Grants Itex Super-Agent Licence

PSB
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele

SARAH BOLAJI

The Central Bank of Nigeria [CBN] has intensified its efforts to ensure it attains the financial inclusion strategy 2020 of attracting 60 million Nigerians into the formal financial sector.

To achieve this, the apex has granted the licence to operate as a commercial Super-Agent in the nation’s financial services to Itex Integrated Services, an innovative Fintech company that deploys secure solutions to diverse customers

The licence will enable Itex to provide basic financial services such as account opening, BVN capture, funds transfer, cash withdrawals, bill payments to the unbanked, particularly in rural areas. The licence will also enable the Company to recruit more agents to carry out financial services.

Commenting on the licence, Mr Ernest Uduje, Managing Director and CEO, Itex Integrated Services Ltd, stated that the Company is elated to have gotten the full approval to be a Super Agent. He said “We are indeed happy to have qualified for this licence.

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“Our primary goal is to provide ease of financial services and transactions for our customers including those in the rural areas. This licence gives us an opportunity to provide these services on an even larger scale, thus providing financial empowerment to the unbanked and underbanked”.

‘This is also a  testament to the fact that we have systems, structures and security to render the best payment solutions for our clients, providing tailor-made services to them and providing solutions that will guarantee smooth and secure transactions” Uduje added.

The Super Agent licence is part of CBN’s efforts to deepen financial inclusion in the country and reducing the financial exclusion rate to 20 per cent by 2020.

Itex is one of the first organizations to successfully deploy and manage Point of Sale (POS) Terminals in Nigeria. Its customary POS applications ease the electronic payment and revenue collection of bills, tariffs, and airtime. The Company currently has 2200 agents in the field and are already carrying out a volume of about 2Bn worth of transactions monthly and hopes to increase the number by virtue of the new commercial Super Agent licence.