The Governor of Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi has said the framework that would define the mode of operation for Agency Banking will be out by the middle of December this year.
Sanusi while speaking at the Enhancing Financial Innovation and Access (EFInA) forum held in Lagos said the CBN Committee of Governors was already fine-tuning the draft exposure of agency banking, which will soon be issued.
According to him, issues relating to number of agents, type and nature of agents including considerations for super agents are critical areas which are being considered in the draft exposure.
He noted that all the processes for agent banking to become functional in the country will be finalised by the end of the year.
Sanusi further noted that there have been a lot of improvements in the Nigerian payment system, including the drive for financial inclusion, just as he added that banks have to address the need for special products that consider women and the handicapped to ensure that everyone is carried along.
He explained that agent banking provides financial services to the widely dispersed population at affordable price and has assisted some countries in decongesting existing customers from crowded branches, and will equally serve same purpose in Nigeria.
According to him, agency banking provides financial services by a third-party agent to customers on behalf of a licenced, prudentially-regulated financial institution.
According to the CBN report, other projects meant to promote financial inclusion include the cashless policy designed to bring low-cost, secure and convenient financial services to urban, semi-urban and rural areas across the country.
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