As the Nigerian economy continues experience various challenges, including the current high inflationary trends, the role of mobile money and bank agents in providing financial inclusion, especially to millions of unbanked citizens, is critical.
This, alongside the role of technology were key aspects of the conversation at the seventh National Conference of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), which recently brought together industry leaders, stakeholders, regulatory bodies, and government officials.
With the theme; “Future of Agency Banking: Creating Value for Sustainable Relevance,” conference delegates reflected on the transformative potential of technology in shaping the future of financial services. In his welcome address, President of AMMBAN, Victor Olajo acknowledged the indelible contributions of mobile money and banking agents to financial inclusion in the country.
He highlighted the industry’s resilience in the face of challenges and called for unity in driving progress and enriching the discourse on financial inclusion.
Similarly, conversations at the conference focused on how to leverage on innovative technologies such as blockchain, artificial intelligence, and digital currencies, which are reshaping the financial landscape.
Participants therefore stressed the importance of collaboration and strong partnerships as critical pathways for overcoming challenges and maximizing opportunities in the sector. In his goodwill message, Coordinator of the National Organizing Committee (NOC), Yusuf A. Adeyemo expressed gratitude for the substantial progress made in expanding the number of mobile money and bank agents in Nigeria.
He said the number currently stands at over 1.5 million agents nationwide. Adeyemo highlighted the importance of reviewing progress achieved and ensuring the relevance and sustainability of agency banking for the country’s economic development.
Keynote speakers at the event included the Minister of State, Federal Capital Territory (FCT), Dr. Mahmoud Mariya and the Deputy Senate President, Barau Jibrin. The two keynote speakers recognized the pivotal role of agency banking in expanding financial inclusion in the country.
They emphasized the need for collaboration between government, regulatory bodies, financial institutions, and stakeholders to leverage the potential of agency banking and create a future that is sustainable and transformative.
On his part, National PRO of AMMBAN, Ouwasegun Elegbede, spoke on advancing financial inclusion in Nigeria through mobile money and bank agents, highlighted the transformative impact of the sector in empowering millions of previously excluded from the economy.
He stressed that the sector had promoted economic participation and growth in marginalized communities. Elegbede also emphasized the importance of robust security measures, consumer protection regulations, and diversifying the range of financial products and services offered by agents to enhance trust, accessibility, and affordability.
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Subsequently, the conference brimmed with optimism that with collaborative efforts and the continuous exploration of technological advancements, Nigeria is poised to achieve holistic financial inclusion, extending the benefits of mobile money and bank agent services to the remotest regions of the country.
In addition to the keynote speeches and discussions, the conference included a series of panel sessions and workshops that delved into specific topics related to the future of agency banking in Nigeria.
These sessions covered areas such as regulatory frameworks, technology and innovation, customer experience, risk management, and sustainable business models for agents. Regulatory experts from the Central Bank of Nigeria (CBN) and other regulatory bodies provided insights into the evolving regulatory landscape and the steps being taken to promote the growth of agency banking while ensuring consumer protection, financial stability, and adherence to anti-money laundering and counter-terrorism financing regulations.
There was similarly space for technology and innovation experts to share their knowledge on emerging technologies that have the potential to redefine the landscape of financial services in Nigeria.
An important part of the discussions on the role of technology revolved around the use of blockchain for secure and efficient transactions, the application of artificial intelligence in fraud detection and customer service.
Not left out in the conversation were the range of opportunities and challenges presented by digital currencies, including Central Bank digital currencies (CBDCs). As the conference drew to a close, AMMBAN reaffirmed its commitment to supporting the growth and development of mobile money and bank agents in Nigeria.
The association pledged to continue engaging with regulators, government agencies, and industry players to create an enabling environment that fosters innovation, ensures compliance, and promotes financial inclusion in the country.
