Fets to bridge financial inclusion gap with enhanced agent network

Mrs. Omotade Odunowo

One of Nigeria’s major mobile payments companies, Funds & Electronic Transfer Solutions Limited (fets) has announced plans to boost its agent network across the country, as part of determination to reduce the percentage of Nigeria’s unbanked population.

Parts of the plans include the recruitment of more agents across the country; especially in the country’s rural areas where formal banking has limited presence.

According to the company, with a country-wide agent network, it will design new and exciting products and services for the population through a combined technology and distribution channel to enable a rapid reach out, thereby altering the lives of the beneficiaries.

The Managing Director, Mrs. Omotade Odunowo said the company realises the importance of having a vast agent network in the achievement of its set goals of bridging the gap in the Nigerian unbanked space, describing it as an important component of financial inclusion.

“A robust agent network is a critical component of the mobile money system. It provides the unbanked access points to financial services. As such we plan to leverage this across the country and develop more customer-friendly services like easy access to loans, micro insurance and healthcare,” she said.
To achieve this, fets has been leveraging on its relationships with organisations with deep rural penetration.

and has set for itself the target of getting at least 25 per cent of the unbanked population on its platform by 2018.
Odunowo said she believes deepening financial inclusion can positively impact the Nigerian economy “This is an effective way of closing the financial gap in Nigeria, in the sense that the mobile money platform has opened opportunities for all individuals to access financial services and closes the usual limitations such as inaccessibility, illiteracy to mention a few,” she said.

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