E-Financial
Sustaining Financial Inclusion Through Viable Agent Network
By Fasasi Sarafadeen Atanda
As it is today, financial inclusion is stakeholders’ slogan; the awareness has been created Agents are everywhere, but there is a threat and that threat is agent viability. There is no doubt about it all the stakeholders, such the banks, the MNO, MMO have realized that agents play very key role in delivering digital financial services.
If you look at all the strategies of the mobile network operators, mobile money operators and the banks you will find aggregators that show that agents are key in delivering strategy.
If agents are key how then do we make agents viable? My experience has shown that we have high rate of agents’ turnover as a major challenge at the same time provider performance instability as also a major issue. So, we have two major issues that will help to sustain financial inclusion.
Agents’ turnover rate is too high and also the providers or principal, their performance is also not stable. What I mean by that is, on the agents part of turnover, my visit to the field confirmed that the agents that the providers have invested in training, marketing, on boarding in the last three years, greater percentage of them are no longer in business.
That is a waste of resources. They now have new agents that they need to also train and brand again.
I am sure in the next one year if you visit those locations you will find a new sets of agents. In this situation, we are turning over experiences which are not going to lead into sustainability.
What are those things that are responsible for this? First is general skill-set or capacity. What we have is individual provider training agents which is good, if you are agents of Paga, Paga will train you; if you are agents of Opay, Opay will train you.
If you look at the content of the training it is specific to their platform, it is about how to transact on their platform, dispute resolution on their platform, and it is really not about profitability and knowledge of the business.
Actually, viability of agents is determined by making agency banking or agent network a business and not as a service. They don’t train agents on how they will be productive or cost analysis structure.
Training of agents should be handled by a neutral body or training consultants, to be able to deliver cost benefit training on the agents. Even if you are agents of operator A or agents of operator B you will be trained on how to cover your cost as well as how to remain in business.
As at today, SANEF has been playing that role; we want them to do more, they are in the best position to provider general knowledge in training of agents.
Secondly, is what I called platform quality; here we have mobile App platform, and POS Channel platform. This is a major factor responsible for agents’ turnover, by the time you rout transaction through a platform that has not been tested and certified good, you run into trouble and lose your money, this makes agents to be discouraged in the business and before you know it they will close shop.
For instance, if you are transacting with N100,000 capital and you find yourself transacting on a particular provider’s platform of inferior quality because of lack of security. We need to find out if such platforms are secured and feasible. Can you see the money you put in and the money going out? That is transaction history.
Again, what is the time of resolution of dispute and the channel of dispute resolution? Who is supervising this? We need to start certifying any transaction platform that will be used by agents. This has to do with involving stakeholders that have been able to work with all the platforms.
Thirdly is the support system, we have seen a situation where the principal for example, a bank with an agent network. The agent will come to a bank and won’t have a fair treatment in terms of say I want to quickly get cash and go back to location, No. Banks don’t see their agents as agents they want them to go and queue up in line like other customers. This discourages agents as they will spend the whole day in the bank.
This is contrary to what obtains in some Asian and South American countries where financial inclusion is flying, in those environments, the principals are supporting the agents. In Brazil, a bank opens a ‘Till account’ for the agents with a limit, as agents are transacting they don’t need to be looking for money up and down, they are transacting from the ‘Till account’ a sort of an advance. But, here there is no support from the principals.
Multiple taxes: Local government and state government are coming to agent location for one levy or the other. You can’t imagine State government revenue agents are coming, LCDA and LGA agents are coming to a single kiosk. It is worst these days as local government are looking for revenue everywhere, they have now printed a special receipt they called permit for POS.
It is important we borrow a leaf from countries like Uganda and Tanzania where there is a direct statement from central bank of those countries that certain categories of financial inclusion at the level of agents are excluded from these obnoxious taxes. I have closed about three locations in Niger State, five in Kaduna because every day local government harass us for one levy or the other.
On provider performance instability: If you check the statistics, the top five providers MMO, MNO in the past five years, they are not among the top ten today. Why?
A provider that can boast of 70,000 to 100,000 agents today they have crashed to 5,000 some are struggling for 2,000 agents. We need to find out why agents are closing shops.
Among the reasons are: 1. Most of them roll out without pilot even when they are doing pilot it is done within their office and they won’t get agents in the field involved for a proper product design feedback in order to know what the market requires.
I have witnessed a provider that rolled out agency platform believing that they are everywhere, unfortunately when they rolled out we discovered that their platform lack feasibility no agent history. You can’t view your transaction history. You don’t have feasibility into your transaction and they have spent so much money and can’t recall it again, imagine investment that has gone the drained. Today, they are not among the first ten providers because they have lost so much money.
Also in the strategy, I have checked through a lot of providers’ strategy across the channels; the MMO, MNO and the Banks led, I discovered that they don’t engage the practitioners before they design their strategy and their strategies have always be the same.
If you look at commission structure and on boarding processes, they are all the same, so the mistake of one is been repeated in the other. Strategy of agency banking is not cast in stone you have to look at what is obtainable in the market. These are some of the causes of the downfall of most of the providers.
Also the feedback channel, most of them don’t want to listen to feedback. I have seen providers’ WhatApp group platform where they are the only one authorised to give out information, agents cannot comment. This is funny. On their platform, they will add you as their agent but you cannot write anything there. It is only for passing of information to agents. How would they know what is happening in the market, how would they listen to complains? How would they get feedback to improve on their system?
More so, their objective is more of ‘Profit-centric’, in one year you want to recoup your investment, because of this that they give unrealistic targets to their staff, “On board” “On board” before you know it, they on board nonsense for them and as they are on boarding, people are disembodying.
The most successful financial inclusion organisation in Africa is Mpesa in Kenya. In their first year they did not sell any product, they only registered 400 agents compared to providers in Nigeria where in their first year they want to hit 100,000 agents. Providers in Nigeria should be Customer-centric and not Profit-centric.
They should try as much as possible to make sure that people accept their product and sale value to them if you want to retain them. Agents’ retention is nearly zero in Nigeria that is why you see agents on board today and tomorrow dis-on board.
On dispute resolution channels, today most of the MNO if they want to deploy terminals or retrieve PoS from agents, there are no define guard lines, some of them will lock some of their agents wallet so that they don’t have access to the funds again so that he can come to them and they will collect their terminal.
There should be human face to everything, today there are some MNO that throw in debit to agents account without notification, when you inquire they say it is charges of non-performance. Because you are not using their PoS very well they will debit you for the cost of the PoS. MNOs are behaving as if there are no regulation in the system.
Fasasi Sarafadeen Atanda is chief executive officer of partner de Ecosystem, an agent network management company.
Fidelity Bank Plc has reaffirmed its commitment to supporting Nigeria’s economic diversification agenda through capacity building and export development, as it hosted the 19th edition of its Export Management Programme (EMP) at the Lagos Business School (LBS), Ajah, Lagos recently.
L-R: Relationship Manager, Fidelity Bank Plc, Murtala Muhammed Road Branch, Kano, Victor Ngwu; Export Management Programme (EMP 19) participant, Abayomi Adewuyi; Facilitator, Gemma Ejiofor; Senior Fellow and Head, Department of Organisational Behaviour and Human Resources Mgt., Lagos Business School (LBS), Dr. Uche Attoh; Director, Export Management Programme, LBS, Prof. Frank Ojadi; and Team Lead, Export & Agriculture, Fidelity Bank Plc, Emmanuel Nwalor, during the closing ceremony of the 19th edition of the Fidelity Bank Export Management Programme (EMP 19) held recently at Lagos Business School, Lagos.
Tagged EMP 19, the programme is an intense hands-on export management workshop, organized as a partnership between Fidelity Bank, Lagos Business School and Nigerian Export Promotion Council, brought together entrepreneurs, professionals, regulators and aspiring exporters for intensive training designed to equip participants with the knowledge, skills and networks required to compete successfully in international markets.
Speaking at the closing ceremony, Divisional Head, Export and Agriculture, Fidelity Bank Plc, Isaiah Ndukwe, said the bank remains focused on empowering Nigerian businesses to leverage emerging opportunities under the African Continental Free Trade Area (AfCFTA) and expand the country’s non-oil export base.
“At Fidelity Bank, we recognize that capacity building is critical to unlocking Nigeria’s export potential. Through the Export Management Programme, we are equipping businesses with practical knowledge, market intelligence and strategic insights required to compete successfully in regional and global markets,” Ndukwe said.
“As AfCFTA continues to open new frontiers for trade across Africa, our goal is to ensure that Nigerian exporters are adequately prepared to seize these opportunities and contribute meaningfully to the country’s economic diversification agenda,” he added.
Nwalor further noted that the bank remains committed to providing exporters with the financial solutions, advisory support and strategic partnerships necessary to expand their businesses beyond Nigeria’s borders.
Also speaking, Director of the Export Management Programme at Lagos Business School, Professor Frank Ojadi, highlighted the need for continuous capacity development as international trade continues to evolve.
“The export market is always evolving. There are changes in policies, improvements in processes and increasing interest from businesses. These developments make it necessary to build the capabilities of our people to compete effectively in export markets,” Ojadi said.
According to him, this year’s programme placed significant emphasis on AfCFTA, exposing participants to both the fundamentals and practical aspects of leveraging the continental trade agreement for business growth.
“Many businesses are still learning how to take advantage of AfCFTA. Through this programme, participants gained practical insights that will help them navigate opportunities across African markets and beyond,” he added.
In his remarks, Senior Fellow and Head of the Department of Organisational Behaviour and Human Resources Management at Lagos Business School, Dr. Uche Attoh, emphasized the importance of negotiation and dispute resolution skills in international trade.
“It is negotiation that enables businesses to establish deals, while arbitration helps resolve disputes when they arise. Once participants understand the principles, they can apply them in any business environment, whether in Africa, Europe or America,” Attoh said.
Participants described the programme as impactful and transformative. Assistant Director at the Nigerian Shippers’ Council, Obinna Oforum, said the training strengthened his resolve to become an “export champion”.
Similarly, Chief Superintendent of Customs, Orji Samuel, praised Fidelity Bank and Lagos Business School for subsidizing the programme and creating an enabling platform for practical learning, noting that the knowledge gained would help participants navigate export challenges and unlock new business opportunities.
The Export Management Programme is Fidelity Bank’s flagship capacity-building initiative aimed at developing export-ready businesses and professionals capable of driving Nigeria’s non-oil export growth. Through strategic partnerships and targeted interventions, the Bank continues to play a leading role in supporting businesses, facilitating trade and creating pathways for sustainable economic development.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Federal government has engaged the banking community in Abuja to deepen understanding of the Revenue Optimisation Assurance Platform (RevOp), a digital platform designed to improve revenue generation, reduce leakages, and enhance public sector accountability.
Mr Taiwo Oyedele, minister of Finance and coordinating minister of the Economy, told RevOp sensitisation workshop, organised by the Office of the Accountant General of the Federation (OAGF) in Abuja, that RevOp is a centralised digital revenue collection and monitoring system designed to modernise Nigeria’s public finance operations.
Oyedele, who was represented by Mr Mohammed Danjuma, permanent secretary, Special Duties, explained that the platform provides a real-time, automated framework for all federal agencies to raise, collect, and report revenues, replacing fragmented manual processes that have plagued revenue collection for decades.
He reiterated the government’s commitment to improving revenue generation, enhancing transparency, strengthening accountability, and leveraging technology to drive efficiency across public financial management processes.
“RevOp serves as a critical tool in the government’s drive to improve revenue administration, reduce leakages, and enhance public sector accountability,” he said.
According to him, a lot had been achieved since the inception and implementation of the platform and that the successes were not without challenges.
He identified one of the challenges as limited awareness among some banking channels and frontline officers.
The minister explained that some banking channels are not familiar with RevOp, its purpose, or the procedural requirements to support transaction processes through the platform.
“These challenges, though operational in nature, have significant impacts on the overall customer experience and effectiveness of the initiative. This is precisely why we are here today,” he said.
The minister said that the success of RevOp would not be achieved by government alone, adding that it required strong collaboration among all stakeholders, particularly banking institutions, which serve as critical collection and service channels.
He explained that the banking institutions’ role extends beyond merely collecting or processing payments to ensuring that government revenue collection processes are efficient and user-friendly.
“Today’s sensitisation session has, therefore, been organised to deepen understanding of the platform, clarify operational processes, address concerns, and establish stronger communication channels between the project team and participating financial institutions.
“We expect that the knowledge shared here will cascade throughout your respective organisations, especially to branch operations, customer service personnel, and tellers who interact directly with customers on a daily basis,” he said.
Oyedele said the ministry remained committed to working closely with all stakeholders to address identified challenges and continuously improve the platform.
In his speech, Dr. Shamseldeen Ogunjimi, accountant general of the Federation, said that the revenue optimisation portal had been adopted as a strategic platform for improving revenue collection, reconciliation, monitoring, and reporting.
Ogunjimi, represented by Mr Felix Ogundairo, his chief of staff, explained that the platform was designed to provide greater visibility into government revenue, eliminate leakages, improve compliance, and support informed decision-making through real-time data and analytics.
“This engagement, therefore, provides an opportunity for us to discuss implementation challenges, align expectations, clarify operational issues, and strengthen the partnership necessary for the success of the application,” he said.
In his remarks, Mr. Idris Dosunmu, RevOp Product Manager, explained that the platform unifies billing, payment and settlement under one platform and that every transaction passes through secure connections, ensuring complete transparency from bill creation to treasury receipt.
“This will ensure that every penny due to the federal government goes into the coffers of the government,” Dosunmu said.
Federal government has started new efforts to improve tax collection in the Federal Capital Territory (FCT) and stop the problem of multiple taxation.
Mr. Taiwo Oyedele, minister of Finance and coordinating minister of the economy, disclosed this after a meeting with Nyesom Wike, minister, FCT, on Sunday.
According to Oyedele, the meeting focused on strengthening cooperation between the Ministry of Finance and the FCT Administration to support development projects in Abuja.
A major part of the discussion was how to improve tax administration in the territory.
He explained that the proposed tax harmonisation would create a more coordinated tax system, reduce the burden of multiple taxes on residents and businesses, and improve government revenue collection.
Oyedele said the plan is in line with the new tax reform law and is expected to help accelerate development across the FCT.
“The two ministers also reviewed plans to harmonise tax administration within the FCT,” he said.
He added that the initiative would eliminate multiple taxation while ensuring that government revenue is collected more efficiently.
The meeting also examined ways to strengthen collaboration on infrastructure projects across Abuja.
According to Oyedele, discussions centred on supporting the FCT’s ongoing infrastructure renewal programme.
He commended Wike’s approach to development, noting that the minister has focused on completing long-abandoned projects rather than starting new ones.
Oyedele said this strategy is helping to unlock economic and social benefits for residents by bringing stalled public projects back into use.
The proposed tax harmonisation is expected to make tax administration easier for individuals and businesses operating in the FCT while aligning Abuja’s revenue system with the provisions of the new tax reform law.
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