C24 expands retail financial services offering with CPay Agent Network
C24 Limited has expanded its reach to provide last mile retail financial services to over 39.5 million adult Nigerians who are financially excluded from the launch of its CPay Agent Network.
On the heels of the approval in principle granted to the company as a Super Agent by the Central Bank of Nigeria in July 2019, the company is now able to facilitate domestic payments, remittances, and sundry lifestyle outflows in communities without easy access to traditional brick and mortar bank branches.
In the latest World Bank Digital Economy Diagnostic Report on Nigeria, it posits that African countries require five fundamental foundations to build a sustainable digital economy. Digital Financial Services and Digital Entrepreneurship are two of these foundations. “For us at C24 Limited, our CPay Agent Network provides a veritable tool to encourage the use of digital platforms to provide financial services and disrupt conventional entrepreneurship models,” says Gbadunola Sokunbi, CEO of the company.
“We are aware of the stiff competition in the agency banking and mobile money sector. But we are not deterred; our vast knowledge of retail finance and consumer behaviour significantly impacted our product development process. That is why the deployment and usage of our POS terminals are free, for example, and our rates are the most competitive in the market today. We have a singular focus: to contribute significantly to meeting the 95 per cent target for financial inclusion by 2024 as set by the Central Bank,” Sokunbi said further.
To many rural dwellers in Nigeria, who mostly earn less than $1 per day, accessible banking facilities could mean the difference between walking for about three hours to get to the nearest bank and going hungry for the day.
This is why efforts towards financial inclusion must be pursued aggressively across the nation by all concerned institutions. According to EFInA, financial inclusion refers to “…the provision of a broad range of high-quality financial products, such as savings, credit, insurance, payments, and pensions, which are relevant, appropriate and affordable for the entire adult population, especially the low-income segment.”
Given that over 50 per cent of Nigeria’s 200 million population live in remote areas across the country, the entry of nimble and more independent players like C24 Limited through its CPay agency network will help to bring more excluded adults into the financial system.