NIGERIA:You can now pay cash into your account at any bank

JAN 08,2014.


A big relief to Nigerian bank customers: you no longer need to reach your bank to deposit cash. You can now pay into any bank and the money will be credited into your account, just like you withdraw cash from any bank’s ATM

The new deal has been made possible by BeyondBranches, running on the payment platform QuickTeller, a value added service platform developed by Interswitch, the largest integrated payment processing service provider in Nigeria.

Now, BeyondBranches has developed the payment ecosystem further by enabling any customer to deposit cash into any bank account held at any bank in Nigeria at an agent. Using this approach, BeyondBranches has been able to bring the bank within easy reach of those who need to deposit cash quickly and securely.

Simon Aderinlola, chief operating officer of BeyondBranches in Nigeria, said: “We are excited to make life easier for bank’s customers. The cost of transportation, the time wasted due to the traffic in Nigeria’s towns and cities and the queues within bank branches have made life difficult for the people of the country. Instead, customers of any bank can now go to a Quickteller agent and deposit funds into any bank account in Nigeria.”

Mrs Titilola Shogaolu, Chief Payment and Value Added Services Officer of Interswitch Nigeria said: “
“Interswitch explores different opportunities to provide solutions that support the Cashless society drive of the CBN while also delivering a financially included Nigerian population. As such, BeyondBranches have integrated their platform and growing agent network into our platform to build a secure and highly scalable agency banking infrastructure in Nigeria, enabling Banks and other key players in the industry bring financial services closer to their customers in a secure manner. We are excited about the potential services that can be enabled with this infrastructure.”

Gregory Ubigen, chief executive officer of BeyondBranches International said: “The cash-deposit at an agent is an exciting new service that helps drive transactions to agents. By continually adding new services quickly, we can help drive branchless banking and digital inclusion in Nigeria. We hope to continue to support the Central Bank of Nigeria’s policies on financial inclusion.”

BeyondBranches International Limited was founded in London, UK in March 2013 with a mission to build robust, secure, active and engaged agent networks globally.

BeyondBranches Nigeria was setup in May 2013 to support the cashless, agency banking and mobile payment initiatives running in that country. BeyondBranches is underpinned by a flexible, secure platform and scalable processes to enable Banks and other organizations to effectively leverage the network to bring services to their customers efficiently.