In May 2016, EFInA hosted its fifth breakfast series event to disseminate key findings of its research study titled “EFInA Mobile Money Agent Survey“ as well as encourage debate and stimulate ideas on how to drive widespread agent deployment and increased usage of mobile money services. The event provided an opportunity for stakeholders to better understand how to promote agent banking in Nigeria.
Mrs. Chidinma Lawanson, Chief Executive Officer of EFInA, stated the need for mobile money operators and other agent banking service providers to focus their resources on training existing agents, promoting awareness, addressing challenges (such as float management), and helping inactive agents become active and profitable.
EFInA’s Access to Financial Services in Nigeria 2014 survey revealed that only 2% of adults were aware of the location of their nearest mobile money agent, and less than 1% of adults had used a mobile money agent. Therefore, the development of pervasive agent networks will help to increase access to a broad range of formal financial products and services; and thereby deepen financial inclusion in Nigeria.
Ms. Serah Makka, Innovation Fund Manager, EFInA, clarified the purpose of the EFInA Innovation Fund which is to promote the development and implementation of innovative financial products and services targeting the unbanked and under-banked low income population.