Agency Banking Network: Interswitch Obtains CBN Approval in Principle

The Central Bank of Nigeria (CBN) has granted an Approval-in-Principle to Interswitch Financial Inclusion Services (IFIS), a subsidiary of Interswitch Group that has a mandate to grow an active Agent Network of 150,000 by 2020. Trading as Quickteller Paypoint, IFIS aims to increase the availability of digital financial services in financially-excluded locations in Nigeria from 44% to over 70% in five years.

Confirming the development, Divisional CEO, IFIS, Mike Ogbalu commented: “We are very happy to confirm that CBN has granted the required authorization for us to operate as a Super Agent. This is an ambitious undertaking and with Quickteller Paypoint, we seek to become the largest and most used agent network in Nigeria by YE 2016. This is the beginning of what promises to be a new chapter in Nigerian financial services and our national development as a whole new frontier of commercial activities will be opened up through Quickteller Paypoint.

We want to thank our numerous partners and stakeholders and the CBN for trusting our vision enough to give us the opportunity to unlock the value of agency banking and financial inclusion services in Nigeria. Issues around non-robust agent management platform, poor liquidity management, lack of agent interoperability, low agent value proposition, poor investment in agent branding and support have all been duly identified and would be addressed effectively. The hard work starts now but we are going to relish every moment.”

The nod from the Apex bank is expected to signal new levels of collaboration amongst Nigerian Banks, other financial and non-financial institutions to leverage the reach and product innovation offered by the Quickteller Paypoint network.