RedCloud Technologies Partners with innovectives to Drive Agency Banking in Nigeria
RedCloud Technologies announces agreement with Innovectives LLC to provide Agency Banking technology to Nigerian banks, mobile money operators and other financial institutions. Innovectives, an integrated Fintech company, is a MasterCard Payment Facilitator, UnionPay Third Party Processor, licensed Super-Agent and Payment Aggregator as well as a certified mobile Point of Sale solution provider.
RedCloud Technologies – an Enterprise Software provider of leading mobile financial services technology - announces an agreement with Innovectives LLC for the deployment of its Cloud Based solution for ‘Agency Banking’ in Nigeria alongside their partner TSI Global Technologies.
Nigeria’s move to enhance financial inclusion (set by the Central Bank of Nigeria) includes issuing 1 of 2 licences to ‘Innovectives Limited’. Operating as ‘Super Agents’ within the financial system, Innovectives will deploy, operate and manage interoperable agency banking and mobile financial payment networks as approved by the Central Bank Of Nigeria (CBN) with selected retail outlets operating as agents under the framework.
Innovectives have an existing network of over 1000 agents made up of small to well established institutions including retailers, petrol stations, and service providers. They have the goal to reach thousands more over the next 3 to 5 years in order to achieve their vision of being the leading integrated Fintech company contributing at least 30% of their market. According to the World Bank, the ten countries with one of the highest proportion of residents living unbanked in extreme poverty are located in Sub-Saharan Africa. Even remotely, mobile financial usage is more widespread than having a bank account.
RedCloud’s collaboration with Innovectives will enable Nigerian banks, mobile operators and other financial institutions to grow their business and improve customer experience in the market by reaching users in remote areas, offering customer registration and giving over-the-counter customer financial transactions (including utility bill payment, airtime top-up and other innovative financial services).
The RedCloud One platform will connect to the Nigeria Inter-Bank Settlement System (NIBSS) to access all licensed banks and financial service providers in Nigeria and provide complete interoperability to Innovectives network of agents. RedCloud is supported by its local partner TSI Global Technologies for integration, deployment and support services. TSI Global Technologies has already helped many Financial Institutions in the area of integration and its core operations. Its consultants have been involved in a number of Apex banks integration in the subregion.
Katia Hill RedCloud’s COO commented: “Being able to align ourselves with an organisation like Innovectives truly supports our commitment to enable banks to reach more customers and offer innovative and convenient financial services. This cooperation is a stepping stone for RedCloud in Nigeria, where much is still to be made for financial inclusion.”
The benefits to Agency Banking in Nigeria include removing intermediary agents as well as speeding up processes and waiting periods. The reduction in cumbersome processes gives greater levels of global flexibility and efficiency in day to day operations as well as improving bank’s global profile, status and presence.
Emmanuel Agha, Innovectives’ Chief Executive Officer, commented: “Our choice for RedCloud was based on their proven expertise in financial services and 'Agents management' in emerging markets. Their product readiness, flexibility and configurability allow us to deploy our services throughout our agent’s networks and set-up tailored agent hierarchy and fees management to suit the specificities of our business.”
About RedCloud RedCloud Technologies - headquartered in London - develops technology built for what is often termed as the Fourth industrial revolution where finance meets the internet, enabling the access of highly secure digital financial services at fast speed and low cost.
The Award-Winning Platform - RedCloud One - built by the technology team behind M-Pesa, facilitates a ‘plug and play’ infrastructure to deliver innovative services including ‘Agency Banking’ and ‘Banking as a Platform’.