There is a saying that ‘a problem shared is problem solved’. There are lots of problems or challenges confronting financial services agents or money agents, which Shared Agent Network Expansion Facility (SANEF) is currently addressing.
Some of the problems have to do with network issues; customers not disclosing their information, cultural, religious and security challenges, cost of agent set-up for Bank Verification Enrolment (BVN) enrolment.
Others include education and awareness; N100 agent remuneration/incentive and internet infrastructure for enrolment synchronization, among other issues.
As part of efforts to address these problems, SANEF plans to engage with regulatory bodies for favourable policies and conducive environment for growth as well as appropriate pricing for all stakeholders- super agents, agents and consumers.
SANEF is 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.
It started as a project in February 2018 but was incorporated as a company in January 2019. SANEF is an intervention to widen and deepen financial access points and services for the purpose of increasing financial inclusion to 80 percent by 2020.
The company plans to provide support to super agents, banks and other stakeholders to acquire agents in the six geo-political zones, to accelerate and simplify BVN enrolment, introduction of basic products and special account with benefits designed to attract the unbanked, and to Drive Financial Literacy and Campaign awareness via Print, Radio, Social media, and Community engagements.
Also, SANEF is currently embarking on quarterly financial services agent forum, which is a platform organised in conjunction with EFInA to bring together top agents of various agent network providers to discuss recent happenings in the agent networks space that is impacting their business.
The forum will also serve as a platform to provide basic agent business training for agents; introduce agents to potential partners/opportunities. The information which will be shared at the forum serves to enable stakeholders take full advantage of opportunities to move agent networks in Nigeria to the next level. The forum will provide opportunity to discuss and resolve obstacles to the growth and development of agent networks and highlight regulatory requirements for the industry.
This initiative which has already commenced in Lagos in July will be executed in the six geo-political of the country and would last till December this year.
At the of financial services agents forum held in July 30, 2019, in Lagos, Ronke Kuye, CEO, SANEF, said the company is 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.
She said the company was collaborating with relevant stakeholders including the super agents, banks, agents the police and others towards achieving the 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,” Kuye said.
Meanwhile the CBN has reiterated its support, not just through implementation activities, but also through policy and operationalization 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.
