According to a report by the World Bank, around 1.7 billion adults in the world remain unbanked as they do not have a bank account. Back in 2014, this number was 2 billion. To fight this grim reality the governments of many countries have started to aggressively focus on financial inclusion.
While Nigeria, Agent Banking started in 2013 with the release of the guideline on the operations and management of agent banking. Since that time, many commercial banks have signed on agents to help drive their retail banking services.
Also, it is important to understand that availing banking services is not easy for all. Almost 59% of unbanked adults have stated the lack of affordable banking service as the major reason for them not having an account. In addition to that, the exhausting documentation process makes the matter worse for the unbanked people. But with the latest FinTech developments, banking is all set to change forever.
The Implementation of the Agency banking model has allowed banks to expand services into areas where they do not have sufficient incentive or capacity to establish a formal branch, which is particularly true in rural and deprived areas which results in a high percentage of people being unbanked. Agent banking is quickly becoming recognized as a viable strategy in many countries for extending formal financial services into poor and rural areas.
In the quest to tackle some of the challenges faced in Agency banking VIGIPAY has positioned Fidesic to drive transparency and add value using digital services.
Fidesic has a testament as one of the 1st PTSPs in Nigeria to introduce a mobile point of sales (m-Pos) device in the industry and is currently the 3rd PTSP in the industry with respect to the volume of transactions processed.
Below are the services offered by FIDESIC
- PTSP SERVICES
- PTAD (Generic pos and customized application based on client needs)
- F-Register (Merchant onboarding, verification, and validation)
- F-SUITE (Application suite that houses multiple applications)
- VAS/Bill Payment (We offer a one-stop for all payments need.
- Terminal Management System (TMS)Ability to route transactions through multiple switches
- Flexible Transaction Fee Model (Flexibility on transaction charges in flat rate and percentage rate
- Financing (We provide terminal asset/value financing support
- PTSP Partnership (Favorable partnership with super-agents/MMO with the best sharing formula for agents
- Diaspora Remittance (Cash out/receipt of remittances from diaspora remittance at the field agent location.
