In the quest to increase Nigeria’s financial inclusion rate, the fourth quarter edition of Point of Sales (PoS) Summit is designed to further boost the establishment of Shared Agent Network Expansion Facility (SANEF), which is powered by the Central Bank of Nigeria (CBN) and commercial banks.
The innovation summit, which is billed to hold in Lagos on 12th December, 2018 has the theme: ‘Pricing and Shared Agent Network Viability,’ with the focus to examine the dynamics of the SANEF program and its capability to accelerate the achievement of financial inclusion goals by 2020.
This was disclosed to BusinessDay recently by the organiser, Global Accelerex Limited, one of the leading Payment Terminal Service and Payment Solution Service providers in the country.
The Executive Director, Business Development and COO of Global Accelerex, Kayode Ariyo, said, “to achieve the lofty ideals and objectives of SANEF, there must be concerted effort towards promoting agent banking through the shared agent network approach.”
To achieve this he said it “requires the attention of relevant industry stakeholders who will convene, deliberate and educate participants at the summit.”
Meanwhile the SANEF project seeks to deepen financial inclusion through an integrated ecosystem with strong regulatory oversight, consumer protection and interoperable payment system with limited concentration risk.
The initiative involves on-boarding 40 million low income and unserved Nigerians into the financial system, increasing financial access points from the current 50,000 to 500,000 by 2020 and deepening access to mobile and digital financial products and services such as savings accounts, micro loans, insurance and pensions.
Keynote speakers expected at the event include; Sam Okojere, Director, Payments System Management, Central Bank of Nigeria, Edwin Otieno, Head, Agent Banking, Kenya Commercial Bank, and others.