E-Financial
Mobile Money Agency Propositions & Operations in Nigeria
As mobile financial services industry in Nigeria takes shape with limited agency network to serve as touch points to meet the needs of the subscribers, we will examine the value adding roles of the agents in the emerging mobile financial ecosystem in Nigeria.
Mobile Money is the use of mobile devices as a means of authentication to access basic financial services. Currently about 16 providers are licensed by the Central Bank of Nigeria.
An agent is an intermediary that represents the provider that could be a Bank or a non Bank to offer the service to the last mile, the subscribers.
They are very critical to the success of the mobile money scheme because they serve as the touch points for cash in, cash out, bill processes and other services that the subscribers will want to conduct without the need for a physical visit to a Bank Branch which are limited by spread and mostly concentrated in urban areas.
Mobile Money successes depend greatly on the availability of these service points as we have seen with MPESA in Kenya and G-cash in Philippines.
Simple Products/ Simple Service
First time agents are always curious about the Banks taking their services outside the secure branch network and place their trust in them as agents to serve their communities through the use of mobile phones, POS and other devices for financial services.
While the agents are willing most times, ability to understand the service is important to signing up and long-term relationships.
In many Instances, store owners that are already positioned and actively selling similar low value / high volume products, will turn down an opportunity to become an agent due to poor product knowledge from the agent recruiter, inadequate marketing information or in some instances, absence of agent marketing materials.
It is crucial for the recruiter to be properly trained while resisting the lame attempt to push down commission earnable as the only value proposition to potential agents.
Understanding the primary business of the agent will help to unlock the best approach as we have seen that many potential agents are actually best fit as merchants and not agents. Resist the attempt to instantly sign up agents. Develop a relationship and you have a deal.
Avoid Round Robin Visits to Agents
Best practices for agent sign-up, entails first caller visits to explain the products and if progress was made, the requirements are made available for review, observation and comments by potential agents.
There is need to resist round robin and unproductive visits to the agents. Agents have primary businesses and do manage their time to attend to the demands of their businesses.
Where the recruiter keeps checking on a potential agent without new information, marketing materials or updates but rather making passing visits which are of no value, the agents might become disinterested over time.
Every single agent trip must add value in terms of record keeping checking, new features advice, branding placement, capacity building, mentoring and monitoring.
Agent Commissions
Potential agent’s main interest in becoming an agent is to earn decent commissions from the transactions.
There are non transactional earnings like registrations and transactional revenues from transactions conducted at agent locations.
Where transaction commissions earnable are vague and unclear, agents are not encouraged to sign up to the scheme.
Transparent and sustainable commissions are the core driver of agency sign-up drive.
Agent payout circle must also be clear, transparent and easy to understand.
Know-Your-Agents
Agent requirements are necessary to enable providers know who the agents are, what they do and how they are positioned to add value to the scheme.
It is very important to have clear cut requirements that are commensurate with agent categories and threshold as stipulated by the regulator and practically, implementable.
While it is desirous to have a universal set of requirements for standardization purposes, it is also critical to have non mandatory requirements depending on community size, agent location and peculiarities of targeted market.
Some documentation like Utility bill may be farfetched in some semi rural and rural communities.
After thoughts and additional agency documentation requirements, places additional burden on the agents to seek for these documentation.
Demanding Ambiguous, Conflicting and sometimes unnecessary agency documentation requirements are some of the major barriers of agency sign ups that is currently faced in the industry.
Agent ratio
Aggressive agency sign up could be seen as early day’s activities but understanding and measuring the customer to agent ratio is critical to position the network sustainably.
If agents sign ups quickly outstrip the customer coverage per community, demands will be highly fragmented across large numbers of agent which will earn very little for the given numbers of customers.
Signing up agents aggressively should be adequately balanced with plans to place some in reserve or waiting list for possible replacement where are agents dropped for non performance, fraud or non compliance with scheme provider’s provisions.
Agent /customer ratio might be a small projection in the early days but should increase over time as agents build capacity, trust and knowledge, over time.
Branding
Selling a mass driven, low value and high volume product, require lots of street visibility.
While above the line marketing via Television, bill boards, event sponsorships and newspaper adverts may have their advantages, agent location branding is extremely useful to promote product, build trust and location visibility.
It is not enough to have agent id, service availability posters at agent locations.
These are only educational and promotional materials while inside the agent’s outlet.
They do not announce the service to the passerby from a little distance away. For a traffic driven service, how will the customers know agent locations to transact?
Strong color schemes and branding are strongly linked to the successes of selling airtime tops-upsat least in developing world and should also be adopted for such services as mobile money.
Customers should be able to identify agent locations from a distance with a color code that is unique to the brand.
While not all agents will agree to paint their outlets but most will do if they perceive that it will improve traffic to their outlets for purpose of transacting mobile money which may also benefit their primary businesses.
Record keeping
Most businesses that will ever sign up to become agents did that because they are willing and they have ability to offer the service.
While willingness is a major factor to watch out for, ability is very important.
Agents might be able to provide all the necessary documentation requirements, fund their e-float account but not literate enough to records transactions or patient enough to update their record even if they are literate.
No matter how useful an agent is, if record keeping is poor, such agents must be re-trained, monitored and might be dropped if He/She, cannot consistently keep records which might be a regulatory requirement or required to manage customer / agent disputes or for back end reconciliation purposes.
Support
An efficient back-end support system is the life blood of an active agency network. In situations where things do not work as planned due to platform, people and process failures, agents should be able to reach out via telephony, email, sms or visit to resolve issues. Back end support will enable the agent build capacity, confidence and trust which are necessary for the uptake of the service and enable them function at optimal level.
e-float Management
Exchanging cash for e-money is the most critical aspect of agent functions. Where this is inefficient, re-balancing cost of the agents might increase significantly and it may also impact services which could lead to liquidity challenges and poor performance of agents.
E-float rebalancing should be efficient, easy and timely. Where agents travel long distances or wait for hours on end after funding their e-wallets account to receive notification of e-float, can be discouraging.
Ability to fund accounts through multiple channels like ATM, online, agent-to-agent, account-to-agents should be available to ensure that agents are able to funds their accounts anytime and anywhere without a physical visit to a Bank branch which can also be used for e-float funding.
Set up Demo Centers
Setting up strategic touch points in well traffic environments for potential agents to seek information, demo, support and set – up procedures will improve understanding, interaction and the knowledge of the agents.
These demo centers might be embedded inside Bank premises, gas stations, bus tops and other major interactions points to serve the needs of the agents.
In the early days, it might be owned by the scheme provider with plans to replicate such structures nationwide and eventually, transfer to third-party agent network providers.
Emmanuel Okoegwale is the principal Associate at MobileMoneyAfrica.He will be a Judge in the mobilemoney category at the Global GSMA event in Barcelona in Feb 2013.
When people and businesses gain genuine access to financial services, they gain the ability to transact securely, build savings, and access credit. That access creates the conditions for progress: more stable revenues, better business decisions, and the capacity to grow. Progress, sustained over time, is what produces financial happiness. This framework is how Moniepoint measures its impact.
According to Moniepoint 2025 Impact Report, titled creating financial happiness; “Financial happiness is the feeling of confidence and ease that comes with financial freedom and well-being. It is a condition that develops over time and requires a specific set of enablers to take hold.
For millions of people and businesses across Nigeria, those enablers, like tools and solutions to manage their finances, have historically been out of reach. Moniepoint was built to change that, and this change, for us, begins with inclusion”.
Across the world, access to digital tools is a key driver of financial inclusion. The World Bank’s Global Findex 2025 report finds that more than 60% of adults in low- and middle income economies now make or receive digital payments. In Nigeria, this figure is around 54%. Moniepoint has been a key driver in expanding this access with its POS terminals. “Our terminals also drive financial inclusion for individuals.
The report stated that, in 2025, Moniepoint enabled 100 million people to make payments via their POS terminals across the country. For customers in communities where bank branches are scarce or non-existent, a Moniepoint terminal at their local shop, market stall, or fuel station provides reliable access to digital financial services.
They can make purchases, withdraw cash, and manage their money without travelling long distances or depending solely on physical currency. Critically, customers without cards can complete transactions through direct bank transfers to the terminal’s account.
Beyond practical benefits, Moniepoint terminals have also introduced a new layer of trust to everyday commerce. “When network issues make it unclear if a payment went through, the Moniepoint terminal’s loud beep provides instant confirmation for everyone, building trust in digital payments with every transaction”.
Moniepoint POS terminals operate across all 774 local governments in Nigeria, ensuring that small sellers and large stores can accept payments reliably, regardless of location.
In 2025, millions of Nigerians, businesses and individuals alike, accessed Moniepoint services through its mobile app. Top among them are groups like women and low-income earners, who have historically been excluded from formal banking. Inclusion of women is particularly important, as they typically manage household spending and informal savings but are frequently left out of structured financial systems. “Through our app, they are gaining financial independence and greater control over their economic decisions,” the report added.
For millions of Nigerians, debit cards represent a move away from the limits of cash transactions. They enable safer, more reliable everyday payments, particularly as more local businesses begin to accept digital payments.
Moniepoint debit cards are designed to meet this need. In 2025, Moniepoint customers completed over 300 million card transactions at physical locations, largely driven by essential, food-related purchases. Most of this spending took place at neighbourhood provision shops where households buy everyday items such as rice, cooking oil, and soap.
“We’ve made access to our cards intentionally simple. Customers can get a Moniepoint debit card by requesting it within their mobile app or from neighbourhood agents, without lengthy paperwork or waiting periods. By lowering these barriers, more people are able to access financial tools and participate in the formal financial system.
“Our cards also safeguard our customers’ financial information. They don’t carry special markings or any identifiers that could expose our customers or put their financial security at risk. In the event of loss, this reduces the likelihood of targeted fraud or misuse.
“When people can pay with their debit cards at their neighbourhood stores, they can manage their spending, reduce cash handling, and transact more securely. Merchants also benefit, recording higher transaction volumes and more consistent customer activity.
“Moniepoint helps millions of businesses and individuals across Nigeria access seamless payments and banking, every day. The widespread adoption of our tools and services, as highlighted, demonstrates our critical role in expanding financial access, supporting everyday commerce, and enabling more Nigerians to participate safely and consistently in the digital economy,” the report noted.
ChatPay has launched Africa’s conversational banking platform, enabling individuals and businesses to access financial services through WhatsApp.
The Lagos-based fintech startup, is in controlled rollout, connecting WhatsApp to linked-bank management, airtime and supported electricity payments through simple conversations.
The company said the platform is designed to enable users to send money, pay bills, buy airtime and manage business transactions within WhatsApp conversations, subject to the completion of regulatory approvals and integration with licensed banking partners.
According to ChatPay, the platform is operated by CP Technology Limited and is currently undergoing a phased rollout ahead of its planned public launch.
The company said the initiative is intended to simplify access to financial services by leveraging WhatsApp, which it estimates is used by more than 50 million Nigerians monthly.
Speaking on the idea behind the platform, Adeoluwasubomi Odebunmi, product lead and co-founder, said the concept emerged while she was studying Software Engineering at Babcock University.
“I saw the gap while I was still in school—how much friction there was just to move money. I didn’t want to just study the problem. I wanted to help fix it,” she said.
Odebunmi said she had previously worked on software solutions spanning e-commerce, real estate management, school administration and artificial intelligence applications before co-founding ChatPay.
Aseoluwa Siyanbola, growth lead and co-founder, said his experience managing Nigerian bank accounts while studying abroad highlighted some of the challenges users face with digital banking services.
According to him, difficulties such as one-time password (OTP) failures and inconsistent banking applications inspired the team to explore conversational banking solutions.
“We each encountered similar challenges and came together to build a solution that simplifies everyday financial transactions,” he said.
cAbraham William, tech lead and co-founder, said the company is focused on improving access to financial services through a platform that many Nigerians already use daily.
“We want to make financial services easier to access by allowing people to carry out transactions through a familiar messaging platform,” he said.
William said he oversees the company’s engineering, technology strategy and system architecture.
ChatPay said its services will be introduced in phases as regulatory requirements are met and integrations with banking partners are completed.
The company added that its newly launched “Founding 2,500” programme will enable selected early users to test features, provide feedback and participate in product development before the platform’s wider rollout.
According to the company, interested users can register for the waitlist and the Founding 2,500 programme through its website.
Founded by Odebunmi, Siyanbola and William, ChatPay said its long-term goal is to expand conversational banking services beyond Nigeria into other African markets after its domestic rollout.
United Bank for Africa (UBA) Plc has been named Nigeria’s Best Bank for Retail Banking and Best Bank for Sustainability Leadership (ESG) at the 2026 Euromoney Awards for Excellence, reinforcing its position as one of Africa’s leading financial institutions.
The awards were presented on July 17 at The Peninsula London in the United Kingdom, recognising financial institutions that have demonstrated outstanding performance, innovation, customer impact and sustainable banking practices.
The double recognition highlights UBA’s growing influence in retail banking and its commitment to advancing environmental, social and governance (ESG) principles across its operations.
According to Euromoney, UBA distinguished itself through a series of sustainability initiatives, including the introduction of a Green Financing Facility designed to support households and businesses transitioning to renewable energy.
The publication also cited the bank’s ₦5 billion financing programme, implemented in partnership with the Bank of Industry (BOI), to provide funding for women-owned businesses.
Euromoney further recognised UBA’s commitment to achieving net-zero carbon emissions by 2050, describing it as a demonstration of the bank’s long-term sustainability strategy.
The publication also highlighted the bank’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building programmes that have trained more than 16,000 employees across the UBA Group.
In the retail banking category, Euromoney noted that UBA continued to consolidate its position as one of Africa’s largest retail banking institutions.
According to the publication, the bank expanded its customer base to more than 37 million by the end of 2025, while retail banking revenue increased more than fourfold to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital banking innovation, particularly enhancements to its artificial intelligence-powered chatbot, LEO.
Euromoney noted that LEO became Africa’s first AI-powered banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS).
Commenting on the awards, UBA’s Group Managing Director and Chief Executive Officer, Mr Oliver Alawuba, described the recognition as a validation of the bank’s commitment to delivering value to customers while promoting sustainable development across Africa.
“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing.
“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives.
“These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality,” he said.
Also speaking, UBA’s Group Head, Marketing, Brand and Corporate Communications, Mrs Alero Ladipo, said the awards reflected the bank’s unwavering commitment to putting customers at the centre of its operations.
According to her, every innovation, investment and banking solution introduced by UBA is aimed at creating exceptional value for customers while expanding access to financial services.
“These awards are a powerful affirmation of our Customer First philosophy.
“Whether it is supporting entrepreneurs with access to finance, enabling seamless digital payments, advancing clean energy financing or expanding financial inclusion across Africa, UBA remains focused on delivering meaningful impact.
“We are honoured that one of the world’s most respected financial publications has recognised these efforts,” she said.
UBA currently operates in 20 African countries, as well as the United Kingdom, United States, France and the United Arab Emirates, serving more than 45 million customers through a combination of digital banking platforms and physical branch networks.
The bank said it remains committed to strengthening financial inclusion, driving innovation and supporting sustainable economic development across Africa and beyond.
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