Will SANEF achieve 70m BVN target by year-end?


Our Reporter

 

ONE of the Shared Agent Network Expansion Facility’s (SANEF’s) target is to help the banks achieve 70 million Bank Verification Number (BVN)-linked accounts by the end of the year. The BVN-linked accounts stood at 43.6 million as at September 27.

The BVN roll-out has been aggressive with the Nigeria Interbank Settlement System (NIBSS) partnering Agent Managers appointed by banks, Other Financial Institutions, Mobile Money Operators, Super Agents and other licenced  firms for remote BVN enrolments but is unlikely to meet SANEF target of 70 million.

The NIBSS was also mandated to  train agent/managers for the proper hand-holding as may be required for the BVN enrolment. “NIBSS is expected to provide the BVN enrolment devices for the agents. Remote capture devices will be made available to agents across Nigeria particularly rural areas with priority for Northeast, Northcentral and Northwest,” SANEF report said.

However, findings showed that despite the campaign to get more people into the financial system, Northeast and Southeast regions have the least access to banking based on financial access touch-points data.

With about five per cent financial access touch-points for the Northeast and seven per cent for the Southeast, both regions remain disadvantaged in access to financial services despite efforts by the Central Bank of Nigeria (CBN), Bankers’ Committee and commercial banks to take banking to the grassroots, the SANEF report has shown.

Southwest is leading on financial access touchpoints with 54 per cent; Southsouth 12 per cent; Northcentral 11 per cent and Northwest 10 per cent.

SANEF said Nigeria has 5,600 bank branches, 17,600 Automated Teller Machines (ATMs); 15,000 Point of Sale terminals and 51,754 Agents as at last December.

Other details showed that southwest is leading on financial access touchpoints with 54 per cent; Southsouth 12 per cent; Northcentral 11 per cent and Northwest 10 per cent.


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