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eTRANZACT Deepens Financial Inclusion Through CBN-Funded SANEF Initiative



According to the record of the Central Bank of Nigeria (CBN), e-fraudsters have fleeced customers of self-initiated banking solutions, such as Mobile Apps and Unstructured Supplementary Service Data (USSD) of about N2.08 billion in the last one year.
eTranzact, Africa’s premier e-payments solution provider, is set to deepen financial inclusion by expanding its PocketMoni service with 10,000 active mobile money agents, through the CBN-funded Shared Agent Network Expansion Facility (SANEF) initiative, within the next 24 months.

A statement issued by eTranzact management on Thursday says the SANEF initiative is an effort by the apex bank to spur quick growth in the level of financial inclusion through availability of financial access points, especially in the Northern part of the country.

According to the statemnt: “This is also intended to drive the Federal Government’s Social Investment Program (SIP) which relies on improved banking agent network coverage points.

“To ensure effective results, eTranzact was certified as one of the 10 mobile money operators and super agents to roll-out 500,000 agent locations within the next 24 months.

“eTranzact has recorded success in its PocketMoni mobile money service which has empowered over 9,000 agents and two million end-users with ready access to financial services, and is well positioned to deliver on its new SANEF mandate.”

According to Mr. Niyi Toluwalope, Acting MD/CEO, eTranzact: “As a global leader in the electronic and mobile payment industry, we are well-positioned to deliver and attain the goals set by the CBN for this project.”

He stated that, “Over the next 23 months, eTranzact plans to leverage its Mobile Financial Services Business to deliver an additional 1,000,000 active end-users, by deploying its innovative distribution capabilities anchored on its active agents.”

Toluwalope added: “Under the SANEF initiative, eTranzact will deliver 10,000 new agents in the first phase.  At a conservative ratio of one agent to 50 end users, these 10,000 agents are expected to enable financial services for 500,000 unbanked/underserved individuals.

“Part of the project funding will also go towards filling critical human and technology resource needs and to improve eTranzact’s distribution capabilities with additional agent activation centers in northern part of the country.

“As a proof of our commitment to provide a world-class, customer-oriented service culture and environment, the company recently attained the world’s highest standards certifications – ISO 20000:2011 and ISO 27001:2013. “

He stated that the company will continue to deliver secure, cost effective and innovative electronic and mobile payment services that are compliant with globally recognized standards. 

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