Agency Banking Has Revolutionised Nigerian Economy—NIBSS

Image

**Reiterates the Role of Technology in Financial, Payment Innovation

By Modupe Gbadeyanka

The Managing Director of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Premier Oiwoh, has reiterated the role of technology in the provision of financial and payment innovation.

“We are aware that digital financial inclusion enables access to financial services and advances the economic progress in underserved market segments.

“In ensuring that the financially excluded are efficiently and effectively catered for within the ecosystem, we have created a platform-based payment system to enable the players in the ecosystem to innovate and thrive,” Mr Oiwoh said ahead of the International Financial Inclusion Conference (IFIC2022) scheduled for November 24 and 25, 2022, in Abuja.

He said over the years, the industry has leveraged cutting-edge technology to design and deliver financial products and services to drive financial inclusion.

At the programme themed Financial Inclusion for all: Scaling Innovative Digital Models, participants will examine the opportunities and identify concrete solutions and interventions that would ensure the achievement of the nation’s financial inclusion objectives./

The conference is the first to be held since the country launched its National Financial Inclusion Strategy (NFIS) in 2012.

NIBSS, in collaboration with other financial services providers, has made huge investments to provide affordable Digital Financial Services (DFS) to the unbanked and financially excluded members of the Nigerian population.

In line with the National Financial Inclusion initiative, the timely delivery of financial services through agency banking has also revolutionised the economy, as this has boosted job creation through financial entrepreneurship, skills acquisition, digitalisation of the society and increased GDP, as each state’s economic activity is increased with a multiplier effect.

Among other innovative payment solutions created for financial inclusion, the introduction of the NIBSS Instant Payment (NIP) platform transformed the way Nigerians choose to pay for goods and services at all levels.

Leveraging on this, NIP has provided more opportunities for Financial Services Providers and other players within the ecosystem to innovate and provide more options to drive financial inclusion.

Also, through the initiative of the Central Bank of Nigeria (CBN), the Bank Verification Number (BVN) was developed to harmonise the financial services sector, improve banking operations and encourage financial inclusion.

With strong collaboration across the ecosystem, NIBSS has over the years facilitated the growth and proliferation of BVN with the commencement of remote offline BVN Enrolment by Agents for a wider reach. This is in addition to the recently launched ‘iGree’ BVN Consent Management Platform, for expanded financial inclusion and consumer protection.

In addition to the successful deployment of Biometric Scanners at no cost to financial services providers, inclusive of DMBs, super agents, MMOs for the purpose of remote BVN enrolment, NIBSS has implemented 100 per cent increase in monetary incentives paid to BVN enrolling agents to incentivise them for every new BVN successfully enrolled in a bid to drive sustainable financial inclusion.

Share
Related Stories
Image
28-February-2024

GTBank to Close Lagos Branches Early Today

By Dipo Olowookere One of the leading financial institutions in Nigeria, Guaranty Trust Bank (GTBank), has informed its customers of an early closure of its branches in Lagos on Wednesday, February 28, 2024. In a notice sent via e-mail to its customers, the tier-1 lender explained that this is due to the closure of the Third Mainland Bridge (TMB) for 24 hours by the federal government. The federal government is closing the bridge to motorists for repairs from 12 noon on Wednesday, February 28 to 12 noon on Thursday, February 29, 2024. The closure will affect both bounds of the

Image
14-February-2024

Access Bank to Give Customers Prizes in Love is More Campaign

By Modupe Gbadeyanka Access Bank Plc has disclosed that its customers would win different prizes in its MyAccessMoreValetineStory designed to reward them for their loyalty. The campaign was launched to make the love season memorable for its valued customers, a statement from the lender explained. It stated that special Valentine’s offers, themed Love is More, were introduced during this period to spread love and financial well-being all through February. “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. “These Valentine’s offers are a token of our appreciation for their continued

Image
30-January-2024

Ecobank Offers SuperSavers Account Holders 9% Interest Rate

By Modupe Gbadeyanka Holders of Ecobank SuperSavers accounts will enjoy an interest rate of 9 per cent, the financial institution has said. The Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayodele Osolake, explained that this high-yield savings account type is tailored for customers who wish to maximize their returns on savings while benefiting from a customer-focused banking experience. The 9 per cent interest is a six-month reward programme that runs between January and June 2024, and it is part of the lender’s strategic initiatives to continuously encourage a savings culture enabling customers of the bank to

More Stories
Image
27-August-2016

Ambode Gives N5m To Family Of Dead Tanker Driver

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has approved the donation of N5 million to family of Late Adamu Slisu Dangwari, a petroleum tanker driver who lost his life in an unfortunate incident involving personnel of Lagos State Traffic Management Authority (LASTMA) while on duty at Rainbow Bus Stop, Mile 2 in Lagos early this year. The money, the Governor said, is to mitigate the effects of the painful loss of Dangwari on the family and assured that the case was still being investigated by the law enforcement agencies. Special Adviser to Mr Ambode on Transportation, Prince Olanrewaju

Image
08-May-2023

SEC to Educate FRSC Officials on Profitable Investment Options

By Aduragbemi Omiyale Officials of the Federal Road Safety Corps (FRSC) would be enlightened on other more profitable investment options available in the capital market for alternative incomes. This enlightenment programme would be carried out by the Securities and Exchange Commission (SEC) under the theme, Investor Safety. A statement from the capital market regulator disclosed that the workshop would be held across 12 zonal commands of the road agency in the country. The aim is to enable them to take more informed decisions as they strive to achieve financial stability, especially in a period the country is facing economic headwinds

Image
21-February-2024

Encomium as Lulu-Briggs Foundation Fetes Elders on Valentine’s Day

By Modupe Gbadeyanka Elders in Abonnema, Rivers State, have showered praises on a non-partisan not-for-profit organisation, O.B. Lulu-Briggs Foundation and its chair, Dr Seinye O.B. Lulu-Briggs, for celebrating them on Valentine’s Day of 2024. Last Wednesday, the organisation shared some gift items to senior citizens of the community at the Biokpo Recreational Centre for the Elderly in Abonnema, Rivers State through its Care for Life Program. Items like foodstuffs, towels, Ankara shirts for males and dresses for females, wrappers, soap dishes, bailer bowls and buckets, among others, were given to the beneficiaries for their personal upkeep and well-being. The elders

Image
16-May-2022

Nigeria Attracts $358.23m via Foreign Direct Investments in Q4’21

By Adedapo Adesanya The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.2 billion, 26.35 per cent higher than the $1.7 billion attracted in the third quarter of the year. The National Bureau of Statistics (NBS) disclosed that the largest amount of capital importation by type was received through other investments, which accounted for 54.2 per cent or $1.18 billion. This was followed by Portfolio Investment with 29.4 per cent amounting to $642.87 million and Foreign Direct Investments (FDIs) amounted to 16.4 per cent or $358.23 million of total capital imported in the

Image
27-March-2023

Lagos Laments Return of Commercial Motorcycles in Eti-Osa, Others

By Modupe Gbadeyanka The Lagos State Government has maintained operations of commercial motorcycles in 10 local government areas (LGAs), and 15 local council development areas (LCDAs) across the state remained prohibited. The Special Adviser to the Governor on Transportation, Mr Sola Giwa, made this disclosure over the weekend when he toured some of the restricted areas. He lamented the return of Okadas in these areas, noting that law enforcement agencies have been given the directive to ensure the ban is adhered to. The state government in 2022 prohibited commercial motorcycles in Kosofe, Oshodi-Isolo, Somolu, Mushin, Apapa, Ikeja, Lagos Island, Lagos

Image
09-August-2016

Winners Emerge At 2016 Techplus Gaming Competition

Nine winners have emerged from over 2000 gamers that competed in the gaming tournament at the recently concluded Techplus 2016 conference and exhibition held at the Eko Hotel and Suites, Lagos. Players went head to head in three different games; FIFA 16 Soccer, Mortal Kombat and the latest version of Call ofDuty (Black Ops). In the FIFA 16 Soccer gaming category, Bamigbola Oluwadare emerged as the overall winner after defeating 1,467 gamers, carting away a grand cash prize of N500,000. Tari Ikoli Travis and Henry Andrew went home with N300,000 and N200,000 as 2nd and 3rd place winners respectively. The

Image
29-July-2019

UniPort Alumni Laud Buhari over Sylva, Amaechi Appointment

By Adedapo Adesanya The University of Port Harcourt (UniPort) Alumni Association has commended President Muhammadu Buhari for the nomination of Timipre Sylva and Rotimi Amaechi, both alumni of the university, as members of the Federal Executive Council. In a statement signed by the National President of the alumni, Mr Chris Adokeme, the group noted with deep pleasure the opportunity of producing two ministers who graduated from the school, adding that they are competent leaders in their own right. The statement described the choice of Mr Sylva and Mr Ameachi by President Buhari as a laudable move, and pledged support to

Image
15-March-2017

Senate Again Rejects Magu Nomination as EFCC Boss

By Dipo Olowookere The Nigerian Senate for the second time has rejected the nomination of Mr Ibrahim Magu as Chairman of the Economic and Financial Crimes Commission (EFCC). At the screening held on Wednesday at the National Assembly, the lawmakers said Mr Magu was unfit for the job having failed the integrity test. At the exercise today, the upper legislative chamber of the National Assembly confronted the Acting EFCC boss with a letter signed by the Director General of the Department for State Services (DSS). In the letter, it was alleged that Mr Magu would constitute “a liability to the

Ad
Ad
Recent Stories
Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

Image
29-February-2024

No Going Back on Reforms—Tinubu

By Adedapo Adesanya President Bola Tinubu has said there is no going back on the reforms embarked upon by his government that have led to the hike of essential goods and services in the country. He made this known as he inaugurated the Red Line Rail Project in Lagos on Thursday. The project, an intra-state rail service, is aimed at improving transportation within the city and spans 37 kilometres. Speaking while inaugurating the project, the President reiterated his administration’s commitment to improving the nation’s infrastructural development. He said, “But this revolution that has started, this reform that is ongoing, we

Image
29-February-2024

Senate Confirms Appointment of Four Nominees to CBN Board

By Aduragbemi Omiyale The appointment of four nominees to the board of the Central Bank of Nigeria (CBN) has been confirmed by the Senate. The nominees were confirmed for the position at the plenary on Thursday after the presentation of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. Chairman of the committee, Mr Tokunbo Abiru, informed his colleagues that only four of the five persons nominated by President Bola Tinubu appeared for screening. The nominees screened and confirmed to join the board of directors of the central bank are Robert Agbede, Ado Yakubu Wanga, Murtala

Image
29-February-2024

Africa Beyond Russia’s Grains Partnerships

By Kestér Kenn Klomegâh Until sustainable food security is established through modernizing agriculture and ensuring adequate support for local farmers, Russia’s grain supply would be a soft geostrategic bait (i) to reinforce the existing time-tested relationships with Africa and (ii) to solicit an endorsement for the unprovoked war in Ukraine. In a speech delivered on March 20, 2023, during the interparliamentary conference ‘Russia-Africa’ held in Moscow, President Vladimir Putin described six African countries as the least developed and poorest in the world that are urgently in need grains, alternatively referred to as humanitarian aid, to feed its population. The beneficiary

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet