The Shared Agent Network Expansion Facility (SANEF) report, a project update on “What Nigerian Banks are Implementing to Accelerate Financial Inclusion in Nigeria”, disclosed this.
CBN and some other financial institutions have deigned a government savings account to capture financially excluded Nigerians into the banking system
It said that the savings account would have features of insurance, pension and micro credit.
The News Agency of Nigeria (NAN) reports that SANEF is a project powered by the CBN, commercial banks, Nigeria Interbank Settlement Systems, licensed Mobile Money Operators (MMOs) and share agents.
According to the report, the technical committee in charge of the initiative is liaising with the CBN and the National Insurance Commission (NAICOM) to secure approval and launch the product on Oct.1.
It also said that other products planned to be introduced would include micro retail loans, micro retail savings, retail insurance and micro pension.
The report said that the project would deepen financial inclusion through an integrated ecosystem with strong regulatory oversight, consumer protection and interoperable payment systems with limited concentration risk.
“It will create a platform for Nigerian owned financial services companies to grow, whilst empowering and creating jobs for Nigerians.
“So, wherever you see the SANEF sign, you can perform basic financial services such as account opening, cash deposits, cash withdrawals, funds transfers and bills payments,” it said.
The report said the project would reduce transaction costs, improve convenience, create job opportunities and increased adoption of financial services.
NAN also reports that the platform is expected to handle government’s social disbursements initiatives.
“The SANEF initiative involves on-boarding 40 million low income and un-served Nigerians into the financial system to help the banks achieve 70 million Bank Verification Number (BVN) bank accounts by 2020 from about 34 million at present.
“It is expected to increase financial access points from the current 50,000 to 500,000 by 2020 and deepening access to mobile and digital financial products,” the report said.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: email@example.com
Sign up for our newsletter
- NEWS15 hours ago
Gombe PDP: Acting Hidden Script Of Dankwambo, Senator Nafada
- NEWS17 hours ago
NASS Stands Down Electoral Amendment Bill
- COVER STORIES17 hours ago
Fayose: EFCC Disowns ‘Magu Threat’ Tape In Circulation
- ENTERTAINMENT21 hours ago
Davido Extends Into Motorsports Business
- FEATURED14 hours ago
INEC/APC Faceoff: Zamfara May Lose N3bn As Residents Express Concern
- NEWS13 hours ago
When Witches Dance A Second Time
- FEATURES14 hours ago
David Umaru: Holding No Straw As He Falls Face Flat
- COVER STORIES17 hours ago
Disgruntled Politicians Stockpiling Arms To Scuttle 2019 Polls – Security Chiefs