The Nation Newspaper

Tag: financial inclusion

  • ‘Oradian will fast-track CBN’s financial inclusion target’

    Afinancial inclusion firm, Oradian, said it will fast-track the Central Bank of Nigeria’s (CBN’s) financial inclusion strategy through its community of visionary microfinance institutions, microfinance banks (MfBs) and cooperative societies in the country and the West African sub-region.

    Oradian Co-founder/Chief Executive Officer Antonio Separovic said: “Strategic partnerships within the digital ecosystem are proving to be the most effective way to enable our customers to provide better service to their end-clients.”

    It said it would do this through its cloud-based core banking system (CBS) Instafin through which financial institutions are enabled to grow and reach more clients with digital financial services.

    The company’s mission – to boost financial inclusion by delivering the tools financial institutions need to reach more clients in rural communities – supports Nigeria’s goal to reach 80 per cent financial inclusion by 2020 as stated by the CBN.

    Oradian Co-founder/Head of Implementation, Onyeka Adibeli, said the cloud-based CBS enables financial institutions to go digital. Paired with guidance and support from our in-market teams, we are enabling the successful digital transformation and implementation of global best practice for our community of financial institutions.

    To accelerate financial inclusion in the country and  share best practice for going digital with cloud technology, Oradian will host a dinner tomorrow in Lagos as part of the Africa Banking and Finance Conference.

    Oradian is demonstrating the value of strategic public-private partnerships in Southeast Asia with the Asian Development Bank (ADB) and Cantilan Bank, one of the top rural banks in the Philippines.

    Backed by a $150,000 ADB grant, Cantilan Bank will use Oradian’s toolset to demonstrate how cloud technology can unlock financial opportunities by providing access to financial services for hard-to-reach individuals in rural areas.

    Oradian’s toolset, including Instafin, delivers three key business benefits to financial institutions: improved efficiency with digital processes and operations, informed decision-making with real-time data and reporting, and growth without incremental cost. Oradian provides access to its toolset using a subscription model, eliminating financial barriers that prevent financial institutions from accessing leading technology.

     

     

    Separovic and Adibeli will lead Oradian’s dinner will be joined by Eric Elango, Oradian’s Business Development Manager, who specialises in working with financial institutions to align their business strategy with their technology strategy.

    Together, Oradian will continue building strategic partnerships with key financial inclusion leaders and visionary financial institutions in West Africa to provide access to financial services to more clients and to fast-track CBN’s financial inclusion goal for 2020.

  • How to drive digital, financial inclusion, by Sterling Bank, others

    How to drive digital, financial inclusion, by Sterling Bank, others

    Contractsmartphones package offering is one way to drive digital and financial inclusion policy of the Central Bank of Nigeria (CBN), Sterling Bank, 9mobile and Solo Phone have said.

    Speaking during the unveiling of a tripartite partnership of the firms in Lagos at the weekend, Sterling Bank Plc Executive Director Retail and Consumer Marketing, Grama Narasimhan, said the initiative, would allow more Nigerians to enjoy the benefits of the digital eco-system driven by mobile.

    He said the partnership reflects the bank’s commitment to delivering value to its customers, adding that the lender will continue to be in the business of making valuable partnerships with key stakeholders to deliver value to its customers as well as the banked and under banked Nigerians.

    “At Sterling Bank, we will always put the customers first, as they are the reason we continue to seek valuable partnerships that will translate into making the lives of our customers easier,” he said.

    He said the contract package allows the customer to enjoy a very attractive monthly mobile bundle plan (Voice +SMS+ Data plan + Social media+ recharge bonuses) in addition to a SOLO Aspire 4 smart mobile phone and the minimum period for the contract is 12 months.

    The bank’s Chief Marketing, Mr Henry Bassey, further noted that the bank will continue to be at the forefront of seeking valuable partnerships that will enrich the lives of customers. “At Sterling Bank, our customers will always come first, that is why we always design solutions that will translate into value for them.”

    Bassey further noted that this alliance with 9mobile and Solo Phone is a testament of the bank’s commitment to ensuring that every Nigerian is availed the opportunity to own a smart phone with all its attendant benefits, which include insurance cover, 90 minutes of call time, SMS, Social plans and free 1.5GB data.

    Solo founder/Chief Executive Officer, Tayo Ogundipe, said the absence of small loans to buy phones, lack credit history and lack of bank accounts, permanent jobs and fear of fraud, were some of the factors affecting mobile phone penetration. He said the partnership would address  these challenges.

    “Driving digital and financial inclusion remains critical to economic growth, especially in emerging market. Accelerating smartphone adoption is at the core of realising the growth potential. Our partnership with Sterling and 9mobile is designed to change the game by bringing to Nigeria, the same mechanism that has propelled smartphone adoption in developed markets. This will open the door to inclusion.

    “At a time of difficult economic conditions across Africa, making Smartphones affordable especially for the mass market requires fresh thinking and innovative ideas. That’s SOLO’s DNA and we are proud to be part of the team that’s delivering this unique solution in Nigeria,” Ogundipe said.

    9mobile Enterprise Segment Director, Mr. Plato Syrimis, expressed the delight of his organisation to be part of a partnership that would increase smartphone penetration and its benefits to Nigerians who could not afford to pay the lump sum that is required to acquire these devices.

    “This partnership has made it possible and affordable for anyone to go into a Sterling Bank branch, pay a deposit of N10,000 and walk out with the latest smartphone device. Furthermore, the customer will enjoy monthly voice minutes, data and freebies pre-bundled into the 9mobile SIM attached to these devices,” he said.

    He said the increase in smartphone penetration is a stimulus for development as more people are able to access the vast knowledge stream available on the internet and mobile application developers could provide easy access to services, such as education, health, logistics and transport via the smartphone. This is the beginning of a great journey for our customers as we continue to deliver the benefits of a digital environment either directly or through our partners.

  • Achieving financial inclusion in Nigeria

    Despite the excitement of The Central Bank of Nigeria whose positively increasing year-on-year statistics papers over the gaping gaps of lethargy and underachievement in the financial inclusion agenda of the Federal Government of Nigeria, critical stakeholders with different levels of vested interest in the agenda knows the uncomfortable truth, financial inclusion has not even stirred in Nigeria. Banks have stopped the proliferation of their branches, scrutinising each venture for return on investment.

    While usage of electronic payments channels has improved from 22% of the adult population in 2014 to 24.7% in 2016, this is still relatively low.

    However, eight years after the introduction of Mobile Money in Nigeria, the ‘something’ has yet to give and there is a danger that it would take a bit more time to give if the regulators, MMOs, payment service providers continue with business as usual. The truth is that for all the fancy theories propounded for financial inclusion, all the phenomenal assumptions made of mobile money and voluminous papers written about its capacity to drive the country from the doldrums of economic lassitude to the exhilarating heights of economic virility, there is a much simpler, yet practical imperative, Financial Inclusion Agenda needs a whole lot of help.

    Mr. Samuel Oladimeji, The MD/CEO of Fortis Money, a leading Mobile Money Operator in Abuja, was categorical when he stated in an interview that the monies outside the banking system is enough to revamp the ailing economy.

    However, these theories were based on a set of heavy assumptions. The first of the assumption which has proven to be erroneous was that 80% of the Nigerian population has mobile phones, with Nigeria Communications Commission citing over 150 million mobile subscribers.

    The second faulty assumption was that the rural unbanked and the excluded will wholeheartedly embrace the mobile money proposition and digital finance innovations, abandoning their traditional systems.

    The enormous population of Nigeria and its latent yet palpable potential has been taken for granted. Scalability is thereby taken as a given. A country with close to 200 million people could achieve great mileage with just 30% of the population. That is four times more that the Kenyan population and over ten times the population of Zimbabwe, the two mobile money success stories in a continent that is sorely lacking many. If anything, gleaning from this very lean sample, mobile money could be said to be more suitable for a smaller, more compact population, at least in Africa because this postulation has already been debunked in Asia where The Philippines and Bangladesh having populations of above 100 million people have garnered relative successes.

    Then there is that frustrating knack of Nigerian MMOs and fintech entrepreneurs to always copy too well but only well enough to just leave the most important detail.

    It is unfortunate that Nigeria did not copy this too well. The Super Agency proposition is laughable as MMOs were more interested in showing the super agents who is in charge than in crafting a vibrant attractive proposition that will give the super agents more responsibilities that will make them take ownership of the business. Therefore, the strategy towards the recruitment of super agents by MMOs in Nigeria resorted to the scatter-gun approach, lacking in any deliberation and direction, and most eminently full of vain hope.

    According to the CBN, Nigeria is yet to have up to 30,000 agents. Recent research says this figure has continued to drop. The number of mobile money agent networks has continued to witness drop in the past one year and stakeholders are not happy about it. According to IMF Data: Eight Annual Financial Access Survey Report, 2017 for Nigeria, mobile money agent outlets available for 100,000 adults to use is 17.53 as at the end of 2016 down from 20.82 outlets available for 100,000 adults in 2015. It is my opinion that this figure is actually worse when we factor in the number of inactive agents which often accounts for at least half the total number of registered agents in an MMO’s database.

    MMOs and Fintech companies need all the help they can get. There may be a need to pamper and protect some of them that have risked return on investment in the vigorous pursuit of the financial inclusion agenda.

    Summarily, financial inclusion will remain a pipe dream until stakeholders understand that the poor are not mere beneficiaries of their services but are critical customers with the volume to drive their business goals and thus require investments, agile strategy and deliberate action to propose that sort of value that will address their needs.

     

    • Pius is a Digital Finance professional

     

  • FirstBank drives financial inclusion with Firstmonie

    First Bank of Nigeria Limited has continued to demonstrate its commitment to providing the best financial solutions to its customers and driving financial inclusion among the under-banked and unbanked populace.

    The bank launched agent banking services, on the refreshed Firstmonie brand, to provide customers access to banking services in areas where they live and work. Firstmonie Agents, who are positioned within communities with limited or no banking penetration are regarded as the “bank branch” closest to customers around their locations. Customers are able to open accounts, deposit cash into any account, withdraw cash from any bank account, buy airtime, pay bills, and do so much more.

    Firstmonie Agent is a unique channel that seeks to solve transaction problems in rural and semi-urban locations across the country. Through its Agent network, the Bank is committed to providing convenient services that endear trust and solve real problems for customers. It would save time and travel costs; transactions are PIN protected and safe; and banking products are more accessible to customers.

    FirstBank’s Group Head, eBusiness, Chuma Ezirim, “Providing access to financial services in remote locations remains a challenge in the formal financial sector. Through our Agent network, we are surmounting this hurdle by taking affordable financial services to rural residents. When people have access to convenient financial services, their lives could become better.”

  • Piloting national financial inclusion strategy

    Financial inclusion is a main stream topic among policy makers across the globe. In the lexicon of finance and banking, it has been defined as ‘’the delivery of financial services at affordable costs to serve to sections of disadvantaged and low income segment of society’’. The G20,  also defines innovative financial inclusion as ‘’improving access to financial services for poor people through safe and sound spread of new approaches.’’

    Financial inclusion is a masses-oriented concept and a key tool to poverty alleviation. It helps to develop habit to save, increase entrepreneurial spirit and national output; engenders faster economic growth and development of a stable financial system funded by non-volatile saving. The operational elements  include the availability of a wide range of innovative financial products and services, including payments, savings, credit, insurance and pension products and services within the reach of all groups, and designing of financial products according to the needs of target clients.

    The contrast of financial inclusion is financial exclusion where financial services are not available or affordable to the low income group- a situation which has been noted to lead to pauperism. The World Bank estimated that 2.5billion working age adults are financially excluded, and the G20 identified an enabling environment in the respective economies as a critical factor that will determine the speed at which financial access gap will be closed for the financially excluded. Across the globe, all hands are on deck to break barriers and push the frontiers of financial inclusion.

    Recently, the United Nation’s Secretary General’s Special Advocate for Inclusive Financing for Development, Queen Maxima Zorreguieta Cerruti of the Netherlands, visited Nigeria and had audience with the Governor, Central Bank of Nigeria(CBN), Godwin Emefiele. The Queen, who is also the Honorary Patron of the G20 Global Partnership for Financial Inclusion(GPFI), focuses on how formal financial services such as savings, credit and insurance can prevent people from falling into poverty. GPFI is an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to carry forward work on financial inclusion.

    CBN is the custodian and project manager of the National Financial Inclusion Strategy which was launched in 2012. The stakeholders are, banks(deposit money banks, primary mortgage institutions and micro finance banks), other financial institutions, Nigeria Communication Commission(NCC), National Deposit Insurance Corporation(NDIC), National Identity Management Commission(NIMC), ATM service providers, Telecommunication firms, e-payment channels, Federal Ministries of Agriculture, Finance, Education, Trade and Investment, and Micro, Small and Medium scale enterprises

    The National Financial Inclusion Strategy was launched two years after a 2010 report by strategy consultants, Roland Berger, noted that Nigeria was a mid-level player in the sub-Saharan banking sector and lagged behind some of its peers in Africa with respect to financial inclusion. The report noted that 36 per cent of adults, an estimated 31 million out of an adult population of 85 million were served by formal financial services compared with 68 per cent in South Africa and 41 per cent in Kenya.

    Going forward, the International Monetary Fund(IMF), in its 2013 Financial Access survey, noted that African countries are showing the fastest growth in financial inclusion in the world.  The parameters  for the survey are, number of commercial bank branches per 100,000 people which reportedly grew around 180 per cent since 2004, access to ATMs in low income countries improved more than three- fold, a four-fold increase in commercial bank depositor per 100,000 people, and 40 per cent growth in real GDP per capita income from 2004 to 2012.

    CBN noted that adult exclusion rate reduced from 46.3 per cent in 2010 to 39.7 per cent in 2012, and that ‘’all the geographical zones in Nigeria equally recorded improvements with the exclusion rate declining between 2010 and 2012 as follows: North East- 68.3 per cent to 59.5 per cent, North West- 68.1 per cent to 63.8 per cent and North Central- 44.2 per cent to 32.4 per cent. Others are, South East- 31.9 per cent to 25.6 per cent, South West- 33.1 per cent to 24.8 per cent and South-South- 36.4 per cent to 30.1 per cent.

    The apex bank targets to reduce the number of financially excluded  to 20 per cent in 2020 and increase access to payment from 21.6 per cent to 70 per cent in 2020. Major driving tools for piloting the strategy are, Financial literacy campaigns, Entrepreneurial Development Centres, Consumer protection, implementation of the Micro, Small, Medium Scale Enterprises (MSME) Development Fund, Agricultural Credit Guarantee Scheme, Tierred Know-Your Customer Requirement, and credit enhancement programmes such as, Agricultural Credit Guarantee Scheme (ACGS), Commercial Agricultural Credit Scheme (CACS), Small and Medium Enterprises Credit Guarantee Scheme and Entrepreneurship Development Centres.

    Experts believe that increased access to finance for MSMEs through financial inclusion( credit made on the back of mobilized savings), will lead to greater productivity and increased non-oil export, with the subsequent demand for the naira which will stabilize its value. MSMEs are engines of growth and hold the key to job creation and poverty eradication. They possess a huge but untapped potential. Some developed countries with successful MSMEs include Japan, South Korea, China, USA, Australia, Switzerland and India. The OECD had reported that MSMEs contributed 45 per cent and 79 per cent employment in manufacturing sector in Australia

    CBN has demonstrated a strong commitment to support MSMEs through the establishment of a N200billion MSMEs development fund which was launched in 2013 ‘’in recognition of the significant contributions of the MSMEs sub-sector to the economy and the existing financing gap.’’  The objectives of the Fund are,  to channel low interest funds to MSMEs through the Participating Financial Institutions to enhance access by MSMEs to financial services, increase productivity and output of microenterprises, engender inclusive growth and increase employment and create wealth.

    Reportedly, 10 per cent of the fund has been devoted to developmental objectives such as grants, capacity building and administrative costs while the 90 per cent commercial component is being released to Participating Financial Institutions (PFIs) at 2 per cent for on-lending to MSMEs at a maximum interest rate of nine per cent.

     

  • Mobile banking will boost financial inclusion, says Dozie

    Mobile banking will boost financial inclusion, says Dozie

    Mobile banking has potential to leverage on technology to drive financial inclusion and economic development across the Africa.
    Managing director, Diamond Bank Plc, Mr. Uzoma Dozie, who stated this, noted that mobile banking has revolutionised the way financial transactions are made and positively transformed the ability of millions of people to conduct business and their everyday lives across Africa.
    According to him, it is only by creating digital infrastructure that the banking industry can scale rapidly enough to support the needs of those currently left out, especially as Nigerians have become some of the most digitally advanced consumers on the planet.
    He pointed out that when financial service firms think about the Nigerian market, they absolutely must provide a fully integrated, seamless digital offering.
    ‘’What is exciting is the potential ecosystem the digital infrastructure can help create. Through an integrated digital platform, consumers can access bundled services and products from multiple partners best suited to facilitating their lifestyle,’’ Dozie said.
    Citing the example of the bank’s Diamond Mobile, Dozie noted that customers can manage their finances, search and book international and local flights, as well as purchase movie tickets among other unending and emerging possibilities.
    He outlined that a key element to making sure the most valuable and consumer-centric proposition is developed and brought to market, is through the use of data, adding that by analysing the behaviour of consumers’ digital interactions and their financial transactions, banks can build a detailed picture.
    ‘’This valuable insight can then help banks build the most appropriate infrastructure required to best support consumers’ needs. Clearly, as the digital revolution unfolds, there will be legitimate questions about data security and privacy that will need to be answered, but I don’t see these risks, as real as they are, as insurmountable,” Dozie said.
    He added that the digitisation of banking also provides much greater transparency and an audit trail throughout more of the economy, from individuals through to the largest international institutions, noting that any measures that improve financial transparency must surely be a good thing.
    ‘’Ultimately, notwithstanding the obvious short-term economic challenges, as a country thriving with innovation and opportunity, these are hugely exciting times for everyone in Nigeria. Similarly, whilst Nigerian banks are facing their own pressures in the short term, I believe the future success of Nigerian banking will be built upon the twin foundations of technology and innovation.

    ‘’As many of you will know, I am a huge believer in the power of technology and innovation to drive improvement and positive changes. From greater efficiency for business operations, through to a better consumer experience; when harnessed effectively, technology has the ability make a material difference to everyone’s daily life. This notion is no more accurate than in the world of banking,’’ Dozie said.

  • Stakeholders laud Sterling Bank’s financial inclusion drive

    Stakeholders laud Sterling Bank’s financial inclusion drive

    Sterling Bank PLC has received commendations from communities where it activated the financial inclusion drive and promoted financial literacy during the World Savings Day (WSD).

    The WSD held last week and Sterling Bank, a pioneer in financial literacy and inclusion, having launched the Agency Banking system in 2014, joined other financial institutions globally to celebrate the Day in 12 locations across the six geo-political zones in the country.

    From Igede town in Osun State, Iwo in Oyo and Yaba in Abuja, where the bank activated the financial inclusion drive and Government Science Secondary School, Naman, Adamawa, Government Secondary School, Bichi, Kano and Federal Government College, Omu Aran in Kwara State, it was praises galore for the bank seen as a the major promoter of financial inclusion and literacy in the country.

    The Onigede of Igede,  Highness, Oba James Adelusi Aladesuru, praised the bank for selecting the town as a beneficiary of the programme adding that the gesture would not only promote financial inclusion drive but support the economic development of the town. The monarch also called on the lender to see the need to establish a full fledge branch in the town.

    “Igede people are very industrious. We are into agriculture and a lot of people come from every part of the state to buy goods from us so there is a lot of economic activities in the state. So, the establishment of a bank in the town would further promote economic activities and lead to the development of the town,” he said.

    For the people of Yaba, a rural community in the Federal Capital Territory and Iwo in Ibadan, the Oyo State capital, the financial inclusion programme organised by the bank “has opened our eyes to the importance of embracing banking having listened to the various advantages”.

    A high chief of Iwo town, who would not want his name in print, was delighted that the bank could give out small loans to those who bank with them to expand their businesses at a very reasonable interest rate.

    His words: ”Ours is a small community, and we trade everyday so we keep our money with us because the banks are concentrated in the city center. But with the assurance that the Agents would always be available to assist us and that we could also bet small loans to expand our business we are confident that our people would take advantage of this to grow our business”.

    To celebrate the WSD, the bank adopted two locations across each of the six geopolitical zones where IT deployed staff in engaging pupils on financial literacy and financial inclusion to reduce the number of people excluded from the banking sector.

    The celebration of the WSD started in 1924 during the first International Savings Bank Congress. To promote savings, banks celebrate WSD with the support of schools, clerics, as well as cultural, sports, professional, and women’s associations.

  • CBN, NIBSS, telcos deepen financial inclusion with mCash

    CBN, NIBSS, telcos deepen financial inclusion with mCash

    The Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS) and telecoms companies (Telcos) are working to ensure that more people have access to financial services.

    The trio, at the weekend, collaborated to unveil the Unstructured Supplementary Service Data (USSD) payment solution, which is already being implemented by some banks to deepen financial inclusion.

    Wema, Zenith, Fidelity, Diamond and Unity banks run the USSD platform while other banks are to sign up before the end of the year. Airtel, MTN, Etisalat and Glo are also on the project.

    Speaking at the launch of mCash, Managing Director/ Chief executive officer NIBSS, Ade Shonubi said:  “With mCash, the whole intention is to broaden the opportunity for people who today use cash to find a convenient means of making payments. The CBN has been pushing the cashless initiative for a long time and we have seen significant gains but a lot of the people who have benefited so far have been the 27 million banking customers.”

    He said mCash remains an innovative solution designed to facilitate low-value retail payments, drive payments by providing accessible electronic channels to a wider range of users and to further grow financial inclusion in the country. The technology, he added, leverages the mobile phone USSD technology which in recent times has become  the most accessible channel for processing financial and non-financial transactions.

    “To achieve that, the banking industry and telecoms have come together to partner and find a way to deliver a service at a reasonable value point which is in terms of efficiency and price and addressing concerns of being able to attain that their transactions are made,” Shonubi said.

    CBN Director, Banking and Payment, ‘Dipo Fatokun said the product would help the CBN meets the Payment Systems Vision 2020 plan and promote financial inclusion.

    Fatokun, who was represented by Principal Manager at the CBN Joe Ogbogu said: “We endorse this because it would take our payment system to the next level. Nigeria is at the top pendulum of payment system in the whole world. And because of this, various countries come to understudy our payment system and this is one product I hope they would understudy in the near future.

    “Another reason for this endorsement is that it is going to drive our financial inclusion. We have challenges of acceptance of Point of Sale (PoS) transactions because merchants don’t get instant value for their services but with this product, merchants get instant value which is a big plus.”

    He added: “ I am sure this product would drive financial inclusion to level the it is desired. We have projected that by 2020, Nigeria should be able to get inclusion level of 80 percent and I’m sure this is one of the initiatives that would drive that.”

    Head Mobile Financial Services Etisalat, Seun Omotosho said: “We at Etisalat are excited about this solution and we have heard about what is happening in East Africa with Mpesa. We believe that mCash is going to rival this. We are going in the direction of payment because we believe it is what will drive financial inclusion. This solution is simple and addresses what customers need.”

  • Africlear promotes financial inclusion

    Africlear has announced a number of initiatives designed to promote financial inclusion and improve market integration across Africa by planning to launch a platform that will enable investors attend general meetings electronically and vote in real-time. Investors can also appoint proxy, attend concurrent meetings, ask questions and express opinions, among numerous other functions.

    This was made known in Lagos at the recently concluded board meeting of Africlear representatives comprising Central Securities Clearing System (CSCS) Plc, African Development Bank (AfDB), Central Depository and Settlement Corporation (CDSC) Kenya, and Altree Financial Group.

    Africlear Chairman and CDSC Kenya Chief Executive, Rose Mambo said the platform will enable issuers to make convocations, announce agendas, share documents and more effectively control the meeting process. She added that the electronic general meeting platform will improve financial inclusion for shareholders while reducing issuer costs by leveraging operating efficiencies.  “Typically, we find that companies operating in Africa have very low attendance at their general meetings as investors are reluctant to travel from far parts of the country. With the electronic general meeting solution, investors can vote, participate, or just watch the proceedings without physically being present,” Ms. Mambo  said.

    Also speaking,  MD/CEO, CSCS Plc, Kyari Bukar said Africlear will not only enhance financial inclusion, but also improve market integration through collaborative approaches designed to harmonise post-trade processes and procedures. According to Kyari, “by aligning a central security depository’s interests with those of the underlying technology provider, Africlear is changing  the way African CSDs do business. Africlear will enable us to move up the value chain, offer new services and establish links to new markets, both domestic and international.”

    Africlear also said it intends to facilitate connectivity between CDSC Kenya and CSCS Plc, and plans are in place to link transaction management processes between the two depositories.

     

     

     

  • Airtel, Wari partner over financial inclusion

    As part of its contribution towards Federal Government’s efforts to deepen financial inclusion in the country, leading telecoms operator, Airtel Nigeria, has collaborated with payment solution provider, Wari, to provide an innovative payment platform for Nigerians.

    Designed as a convenient and easy-to-use payment solution, Wari allows users to make payment for goods and services, buy airtime, pay bills, deposit cash and make withdrawals within the country or outside.

    Wari can also be used to transfer money and remit through accredited agents across Nigeria, and the service is available to anyone irrespective of whether they are account holders or not.

    Speaking on the innovative service, Chief Commercial Officer, Airtel Nigeria, Maurice Newa described Airtel’s partnership with Wari as a collaboration of two forward-thinking brands, coming together to offer accessible and convenient payment service to millions of Nigerians, helping them carry out their day-to-day transactions seamlessly.

    “‘Wari is designed to meet the needs of Nigerians, including the banked and unbanked; everyone who needs to make or receive payment for good and services. It also reduces the risk of carrying cash while travelling since you can deposit and withdraw at your destination through Wari agents whether within the country or outside Nigeria,” Newa noted.

    In his own remarks, “Mr Damilola Bamiro, Country Manager, Wari Nigeria, says that the partnership will strengthen Wari’s local presence in all the local governments inNigeria. This strategic plan will greatly increase access to financial services of the various institutions especially to the unbanked”.

    According to him, “Wari as an African grown agent network has always ensured the best user experience, taking into consideration all local peculiarities and cultures. This, it has done in its 23 countries of presence”.