Xpress Payment Solutions Limited, a wholly owned indigenous company says it targets to recruit 100,000 agents across the country as part of plans to support the national financial inclusion strategy of the Central Bank of Nigeria (CBN).
Oluwadare Owolabi , CEO, Xpress Payment Solutions Ltd observed that the number of banking agents targeted by the company is one sixth percent of the CBNs target of 600,000 by 2020, adding that leveraging technology will aid the penetration of agency banking in Nigeria.
Owolabi in his presentation on agency banking as a driver for financial inclusion in Lagos observed that Nigeria’s predominantly brick and mortar branch network approach to provision of financial services has not made significant gains towards achieving the 2020 target of CBN.
He pointed out that mobile money penetration in Nigeria stands at a paltry 1 percent even after 5 years of operation compared to penetration levels of 60 percent and 40 percent respectively for Kenya and Ghana.
According to him, “Nigeria can potentially drive financial inclusion via agency banking model as critical success elements of agency banking are hinged on the ability of the model to drive financial inclusion via Increase in customer base from areas hitherto difficult to cover but have large numbers of persons who are financially excluded”.
Owolabi further said Xpress Payment Solutions Limited is committed to building the business, and focus on areas where other competitors have not focused on.
To him, “We want to do things differently by making sure our customers are happy by being accessible to them at all times.
He said by driving agency banking across the country especially in the northern part of the country, the company will present its services as a driver for financial inclusion that would have lasting effect; since it makes business sense; translates into profits and financial growth for the service providers.
He opines that with the right support for agency banking, Nigerian economy could grow by 374 percent, should 100 percent financial inclusion be achieved with political and socioeconomic factors kept constant.
