The Shared Agent Network Expansion Facility (SANEF) has so far rolled out 156,000 agents with 2.2 million beneficiaries, while demonstrating optimism of achieving the 500,000 agents’ enrolment target by 2020.
SANEF was a project powered by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBS), Nigeria Inter-bank Settlement Systems ( NIBSS), licensed Mobile Money Operators (MMOS) and Shared Agents with the primary objective of accelerating financial inclusion in Nigeria.
But today, SANEF has converted to a company, incorporated in January. “Initially, it was a project set up by the banks. In January, we decided that for this project to be more effective we will have a proper company run by the people as supposed to having it on the side as a project,” Ronke Kuye, CEO, SANEF said.
SANEF i s meant to achieve 250,000 agents by the end of 2019 and 500,000 agents in the six geo-political zones by the end of 2020.
Kuye, who spoke with journalists on the sideline of financial services agents’ forum on Tuesday in Lagos, said the company was collaborating with relevant stakeholders including the super agents, banks, agents the police and others towards achieving financial inclusion target.
“What we intend to do is to have a forum like this every quarter where we meet with our agents to discuss the progress we have made so far, the products that we are pushing out there. We also discuss the way forward into achieving the financial inclusion target for 2020,” she said.
Meanwhile, the CBN has reiterated its support, not just through implementation activities, but also through policy and operationalisation of research outcomes into financial inclusion.
Speaking at the forum, Joseph Attah, head, financial inclusion secretariat, said the commitment of the CBN and the government is immediately evident, unequivocal, and irrevocable.
Represented by Paul Oluikpe, assistant director, finance development; he said the CBN continues to demonstrate its commitment to SANEF and its activities and objectives through providing complementary support, using its multi-stakeholder platforms, activities, coordination and engagements.
Such key activities include financial literacy programmes, financial inclusion state steering committee activities, outreaches and sensitisation, account opening weeks planned across 36 states of the federation, the peer educator programme which would see youth corps members posted to financial institutions and local governments to drive inclusion. All of these he said will ride and utilise the agent networks and platforms to fulfil their activities.
“As a policy institution, the CBN would ensure that it advances policy positions that enable and smoothen the spread of agent networks across the country, as this is mutually beneficial for all and sundry,” Attah said.
SANEF Bank Verification Number (BVN) enrolment is currently at 40 million. Gbekeleoluwa Nubi, of NIBSS said the SANEF (BVN Enrolment) Project commenced in February 2018 and went live on August 1 2018. The financial inclusion rate currently stands at 63.6 percent.
