NIGERIA: FETs boost mobile payments with expanded agent network

FUNDS & Electronic Transfer Solutions Limited (FETs), one of the 21 mobile payment operators licensed by the Central bank of Nigeria (CBN), has announced plans to boost its agent network across the country, as part of its determination to reduce the percentage of Nigeria’s unbanked population.

Parts of the plans include the recruitment of more agents across the country; especially in the country’s rural areas where formal banking has limited presence. According to the company, with a country-wide agent network, it will design  new  and exciting  products and services for the  population through a combined technology and distribution channel to enable a rapid reach out, thereby altering the lives of the beneficiaries.

Its Managing Director, Mrs. Omotade Odunowo said the company realises the importance of having a vast agent network in  the achievement of its set goals of bridging the gap in the Nigerian unbanked space, describing it as an important component of financial inclusion.

“A robust agent network is a critical component of the mobile money system. It provides the unbanked access points to financial services.  As such we plan to leverage this across the country and develop more customer-friendly services like easy access to loans, micro insurance and healthcare,” she said.

SOURCE:VANGUARD