Agent Networks is one of EFInA’s strategic areas which aim to support the development of pervasive and sustainable agent networks for financial services in Nigeria. Catalytic action to succeed in taking financially inclusive products to scale in Nigeria primarily requires the development of agent networks on a national basis so that account registration, cash in, cash out and other electronic payments are possible. The National Financial Inclusion Strategy (NFIS) identified Agent Networks as one of the important channels required to achieve the Financial Inclusion target. Going by the shift from physical bank branches to branchless banking globally, the revised NFIS strategy considers increasing the Agent target from 62 to 476 Agents per 100,000 adults by 2020. It is estimated that at least 500,000 Agents should be available to serve about 105 million adult population in Nigeria by the year 2020.
EFInA will use all its tools (research, funding innovation, advocacy and capacity building) to promote the spread of agent networks into areas which would not otherwise be served, including North East and North West Nigeria.