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eTranzact deepens financial inclusion with 10,000 mobile money agents

ETranzact, Africa’s e-payments solution provider, is set to deepen financial inclusion by expanding its PocketMoni service with 10,000 active mobile money agents, through the Central Bank of Nigeria-funded Shared Agent Network Expansion Facility initiative.

The expansion, according to the company, will be executed in the next 24 months.

A statement by the company described the SANEF initiative as an effort by the apex bank to spur quick growth in the level of financial inclusion through availability of financial access points, especially in the northern part of the country.

It said that initiative aimed to drive the Federal Government’s Social Investment Programme relied on improved banking agent network coverage points.

It added that eTranzact was certified as one of the 10 mobile money operators and super agents to roll out 500,000 agent locations within the next 24 months.

According to the acting MD/CEO, eTranzact, Mr Niyi Toluwalope, “as a global leader in the electronic and mobile payment industry, we are well-positioned to deliver and attain the goals set by the CBN for this project.”

He stated, “Over the next 23 months, eTranzact plans to leverage its mobile financial services business to deliver an additional 1,000,000 active end-users, by deploying its innovative distribution capabilities anchored on its active agents.”

Under the SANEF initiative, the company said it would deliver 10,000 new agents in the first phase, expected to enable financial services for 500,000 unbanked/underserved individuals at a conservative ratio of one agent to 50 end users.

It said, “Part of the project funding will also go towards filling critical human and technology resource needs and to improve eTranzact’s distribution capabilities with additional agent activation centres in northern part of the country.

“As a proof of our commitment to provide a world-class, customer-oriented service culture and environment, the company recently attained the world’s highest standards certifications – ISO 20000:2011 and ISO 27001:2013.

“The company will continue to deliver secure, cost-effective and innovative electronic and mobile payment services that are compliant with globally recognised standards.”

eTranzact said it had recorded success in its PocketMoni mobile money service which had empowered over 9,000 agents and two million end-users with access to financial services, adding that it was well-positioned to deliver on its new SANEF mandate.