ReadyCash, an agency banking network focused on distributing access to financial services across Nigeria has partnered Adara foundation to promote financial inclusion through literacy.
The Adara Foundation is a non-profit social enterprise in Nigeria, which focuses on empowering women and advancing education in Africa, with a emphasis on promoting financial inclusion and literacy.
The partnership is geared towards equipping women and youths in business with financial literacy tools, practical tips and resources to empower them with information, knowledge and confidence to make informed financial choices and improve their financial wellbeing.
“Women are pivotal to reducing the financial inclusion gap in Nigeria. We are excited to align with Adara Foundation to develop the capacity of most women so they can provide agency banking services to their communities and earn a huge daily commission,” Chidi Dire, Team Lead, Mobile Money at ReadyCash said.
As one of Nigeria’s fastest-growing financial distribution networks across all 36 states in the country, ReadyCash has been able to reach a population of entrepreneurs (men and women), traders, community leaders and residents of various states who are seeking access to financial services.
According to the Lagos-based company, in high traffic areas, most of their agents earn above N100,000 monthly through multifarious agency banking services cutting across; bank account opening, BVN activation, transfer to bank, POS withdrawals, bills payment and lot more.
Recently, one of the ReadyCash’s agent-Ogundeyi Mayowa was recognized by SANEF and EFInA as one of the top-performing agents across Nigeria.
The agent was acknowledged during the financial services agent forum organized by Shared Agent Network Expansion Facility (SANEF) in partnership with EFInA and the Central Bank of Nigeria, brought together all banks’ agents, mobile money agents, super agents and other players in the financial space to reward, train and introduce agents to potential partners and opportunities.
The town-hall styled forum discussed Nigeria’s agency banking model and its challenges, examined its risks and mitigation, the need for collaboration, new initiatives and the future of agency banking.
Recall that in 2012 the Central Bank launched an ambitious National Financial Inclusion Strategy (NFIS) in which the CBN had targeted 62 mobile money agents per 100,000 adults.
Fast-forward to January 2019, the apex bank unveiled a revised version of the strategy in which it projected that there would be about 500,000 mobile money/bank agents available to serve about 105 million adult Nigerians by the year 2020. The figure translates to about 476 agents per 100,000 adults.
Less than six month to the projected deadline, financial institutions in Nigeria have enrolled a joint 65,753 mobile agents, data obtained from the Nigeria Interbank Settlement System (NIBSS) showed.
This is 86.85 percent less than the 500,000 mobile agents which are going to serve about 105 million adult Nigerians. If the industry regulator is to meet the target by 2020, it would have to enrol about 434,247 agents in five months.