SANEF Hits 190,000 Agents to Boost Financial Inclusion
UMORU ABDULKADIR
The financial inclusion project of the Central Bank of Nigeria (CBN) has achieved a major breakthrough as Shared Agent Network Facility (SANEF) recorded over 190,000 partner agents located nationwide, FINTECH AFRICA has learnt.
SANEF members include Innovectives, Capricom Digital, Cellulant, eTranzact, Inlaks, Interswitch (IFIS), Pagatech and Unified Payment. Others are MTN Nigeria, iTex, 3Line, ESL, Flutterwave, Express Payment, Globasure, among others
Powered by the CBN, deposit money banks (DMBs), Nigeria Inter-Bank Settlement Systems (NIBSS) and licensed mobile money operators SANEF is a project with the primary objective of accelerating financial inclusion in the country
The initiative involves capturing 40 million low income and underserved Nigerians into the financial system, increasing financial access points from the current 50,000 to 500,000 by the year 2020.
SANEF also involves expansion of access to mobile and digital financial products and services such as savings accounts, microloans, insurance and pensions by the populace
It also handles basic financial services such as account opening, cash deposits and withdrawals, funds transfer as well as bills payment.
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