CBN, One Network Target 170,000 Agent Banks

One Network is an industry-focused organisation, providing agent locations for mobile money operators across the country said it is building technical infrastructure that will be used to manage a nationwide network of up to 170,000 neighbourhood agent locations.

These agents’ locations will provide citizens access to financial services.

Sola Bickersteth, chief executive officer, One Network, told Nigeria CommunicationsWeek in Lagos, that in the interim 50,000 NIPOST offices and other identified outlets are been deployed for the agents banking services across the country.

One Network is a structured agent management organization recognized by the CBN and based on an implementation partnership between Nigeria Postal Service (NIPOST), participating financial institutions and licensed value added service providers.

Bickersteth, said that that the CBN has long term target to deploy 170,000 which is in line with international agents banking services specifications.

Citing Kenya and Brazil as countries that have successfully adopted and implemented agent banking platform, Bickersteth, said that studies have shown that with 170,000 outlets, Nigeria will be on the verge of incorporating the unbanked, mainly situated in the rural areas.

He added that the agents banking services is a way to ensure that CBN’s financial inclusion meets its target, with stringent guidelines in place.

According to him, all the players are expected to play along and in compliance to the “Guidelines for the Regulation of Agent Banking and Agent Banking Relationships in Nigeria,” approved by the CBN.

CBN in exercise of the powers conferred on it by Section 2 (d) of the Central Bank of Nigeria Act, 2007 and Section 57 (2) of the Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, 2004 issued guidelines for the maintenance of adequate and reasonable financial services to the public, the Central Bank of Nigeria (CBN). 
The objectives of the guidelines are to provide minimum standards and requirements for agent banking operations; enhance financial inclusion; and provide for agent banking as a delivery channel for offering banking services in a cost effective manner.