EFInA enlightens organisations, agents on mobile money

Enhancing Financial Innovation & Access, a financial sector development organisation that promotes financial inclusion in Nigeria, has hosted an innovation forum to educate organisations and agents on mobile money.

A statement by the organisation on Friday said the objectives of the forum titled, ‘Agent Networks: Opportunities for Mobile Money in the Distribution Value Chain’ were to educate organisations on the relevance of developing an agent network through their distributors; how mobile money can be used for payments; and create opportunities for potential strategic alliances between large corporates’ and mobile money operators.

Speaking at the forum, the Chief Executive Officer, EFInA, Ms. Modupe Ladipo, said, “Mobile money will create a cheaper and more accessible electronic payment ecosystem that will broaden and deepen the financial sector. More importantly, an effective agent network will ensure that more people are financially included by increasing the number of access points for transactions, and reducing the cost of transacting, especially in the rural areas.

“A critical success factor for the uptake of Mobile Money is the proliferation of ubiquitous agents in as many communities as possible, so that consumers can transact safely and easily, close by to their home or place of work.”

Keynote speaker and recognised expert on agent networks and mobile banking, Mr. Lazarus Muchenje, said, “Mobile money operators have a huge responsibility for expanding financial services in Nigeria. The use of technology has enabled us to leapfrog development; taking banking services to communities where it would not have been economically feasible in the past using traditional bricks and mortar.” Muchenje, who is also the Group Chief Executive Officer, CelPay Zambia, the largest independent mobile banking company in the world, said the Central Bank of Nigeria was extremely proactive and had put in place the levers of success required for the MMOs to succeed in their endeavours. “The challenge now for MMOs, is for them to ensure their business cases are sound, while having the right people and technology to support the implementation of their plans,” he added. He further stated that, “EFInA is doing a great job in sensitising people and making the industry understand the concept of mobile money and agent networks; the potential opportunities as well as the key challenges.”