Experts seek agent banking system in Nigeria

FINANCIAL banking operators and mobile payments operators in the country have highlighted the important need for the creation of agent banking system to compliment other financial services rendered in the nation's banking industry.According to them, the adoption of an agent banking system would enable more individuals to successfully utilise the banking systems in the country.Agent banking refers to the delivery of financial services outside conventional bank branches, and entails the usage of non-bank retail outlets, which rely on technologies such as point-of-sale (POS) terminals or mobile phones for real-time transaction processing.Industry operators, who converged at the Enhancing Financial Innovation and Access (EFInA)'s second retail banking series in Lagos over the weekend, identified the development of a robust agent network, which is crucial to the success of mobile payments and other branchless banking models in the country's banking sector.The forum, which was targeted at evaluating the ways agent banking could further enrich the financial sector, by identifying key success factors required to develop and sustain a viable agent banking network in the country.The finance operators also gave an insight on the most effective method for developing an agent network in the nation's banking industry, by examining options for developing agent networks, identified the additional success factors, as well as to evaluated ways in which agent banking could develop in the country.Those, who spoke at the forum also presented findings of their evaluation and assessment of global agent banking models, and highlighted the key elements that should be adopted in the regulatory framework for agent banking in Nigeria.Delivering a keynote paper at the forum, the Chief Executive Officer of Top Image, Ms. Jennifer Barassa, said that agent banking inclusion in the nation's banking industry, would enable the delivery of financial services at affordable costs across a wider range of income segments of society.Barassa, who is a mobile money transfer agent management expert and one of the leading consumer outreach and promotions company in Kenya, however presented some key facets of agent management and the critical success factors for developing and managing a viable agent banking network.'Agents play an important role in acquiring new customers enabling them to transact and keep the customer satisfied.
Click here to read full news..