FinTech

Financial Inclusion: Nigeria Hits 500, 000 Agents Milestones

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

With about 500,000 mobile money and bank agents, Nigeria is now the fastest growing financial inclusion country in Africa.

Kenya has over 200,000 agents while Ghana has recorded about 170,000 mobile money agents.

Barely two months after the Country Manager of Opay, Iniabasi Akpan publicly announced at a conference that Opay has 100,000 merchants on its platform; inside sources at the company have revealed that the agents have climbed to over 200,000 making the platform one with more merchants in Nigeria, even as it expands to 21 states.

The source further explained that Opay is making an effort to cover more states and attract more Nigerians into the financial inclusion space. Opay launched in August 2018, and within a year the company has scaled.

Shared Agent Network Facility (SANEF) has also recorded over 220,000 partner agents located nationwide before the end in 2019.

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Members of SANEF include Innovectives, Capricom Digital, Cellulant, eTranzact, Inlaks, Interswitch (IFIS), Pagatech and Unified Payment. Others are MTN Nigeria, iTex, 3Line, ESL, Flutterwave, Express Payment, Globasure etc.

Firstmonie, the agency network of FirstBank has also recorded almost 40,000 agents in 99% of the 774 local government areas in the country as of December 2019.