Freedom Network gets super-agent licence

The nation’s financial inclusion strategy has received a new boost as the Central Bank of Nigeria (CBN) granted a “super-agent” license to 3Line, one of the payments’ processing companies in the country.

The apex bank granted an approval-in-principle (AIP) to 3Line Card Limited to operate as a super-agent, a development that would see to the increase in financial services transactions.

To realize the objective of financial inclusion, 3Line will work closely with the apex bank, commercial banks, microfinance banks, other financial institutions, government, ministries, departments, and agencies and other stakeholders to provide financial services to the underserved and unbanked population.

The network, aimed at ensuring access to affordable financial services through its agent network, Freedom Network, would recruit 200,000 agents in five years, to address social challenges in key areas such as savings, credit accessibility, insurance and government’s social intervention disbursements.

The Managing Director/Chief Executive Officer of the company, Femi Omogbenigun, commended the CBN for approving the super-agent license.

He said it would assist the company to deliver numerous gains to the Nigerian economy, including enhancing financial access, financial inclusion, sustainability and growth of the small and medium enterprises.

He explained that the company would redefine the concept of agent banking through the Freedom Network, and would assist in the provision of financial services to the unbanked Nigerians as well as deepen the idea of a cashless society.

According to him, the Freedom Network is a multi-channel agent banking network that allows the agent to choose their preferred mode of operation, including the Point of Sale, mobile phone, mobile point of sale or a Web interface to perform transactions. These services run on a single, robust electronic payment processing infrastructure.

“We will provide financial inclusion to the under-banked and unbanked, bridge the gap between citizens  and providers of financial and non-financial services in Nigeria and use cost-effective technology to provide Nigerians affordable financial services within communities”, he said.