The Central Bank of Nigeria (CBN), in collaboration with Deposit Money Banks, certified mobile money operators, and super agents, has unveiled an ambitious plan to establish 500,000 Shared Agent Networks across the nation. This significant initiative aims to extend financial services to approximately 50 million unbanked Nigerians, with a strategic goal to increase financial inclusion from 46% to an impressive 80% by 2020. The agreement mandates a rapid deployment of these super agents within a two-year timeframe.

This project operates on the principle of "Agency Banking," a financial model designed to overcome traditional banking barriers. Under this model, accessible agents—individuals embedded within local communities—are empowered to process customer transactions on behalf of licensed banking institutions. This decentralized and mobile approach is crucial for deepening financial inclusion, particularly for populations traditionally excluded from formal banking systems.

The scope of this initiative extends beyond traditional banks. Acknowledging that modern banking is no longer confined to physical bank branches, various non-banking institutions, including telecommunications companies, are actively participating. These entities are stepping into the financial services space by offering financial products and mobile wallet solutions, such as Airtel mobile money, leveraging their existing networks and market penetration. Several prequalified CBN-licensed Mobile Money Operators (MMOs) and super agents are expected to commence the deployment of financial services agent outlets. These include prominent names such as Capricorn Digital Limited, Cellulant Nigeria Limited, eTranzact Limited, Innovectives Limited, Inlaks Limited, Interswitch Financial Inclusion Services Limited, Paga Tech Limited, and Unified Payments Nigeria Plc.

The widespread rollout of this shared agent network across Nigeria is poised to significantly encourage the use of banking services by dismantling key barriers. Historically, accessibility, technical complexities, and eligibility criteria for deposit, loan, and payment services have hindered many. With the advent of 'Agent Banking,' issues related to distance and transaction size will largely be eliminated. This framework ensures broader access for individuals to deposit and withdraw funds from both bank accounts and mobile money wallets. Furthermore, agents will facilitate essential transactions like utility bill payments, airtime recharges, and savings management, even through these informal yet regulated mechanisms.

Beyond transactional services, the initiative encompasses broader efforts to foster a more inclusive financial ecosystem. There will be a concerted focus on driving low-cost digital access, expanding financial literacy campaigns, and developing micro-loans, micro-insurance, and micro-investment products specifically tailored for underserved and unbanked Nigerians. These agents are strategically positioned to expand their reach into both remote rural areas and bustling urban metropolises, ensuring that even hard-to-reach populations can access vital financial services. Transactions such as cash-in, cash-out, funds transfers, bill payments, airtime purchases, government disbursements, and remote enrollment on the Bank Verification Number (BMS infrastructure) will now be readily available through these agents, making financial empowerment accessible to everyone, irrespective of their socio-economic status.