Mobile money, bank agents vows support for $1tr economy

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has emphasised the need for collaborations to enhance the Federal Government’s agenda for a $1 trillion economy by 2030 and support the Central Bank of Nigeria’s (CBN) financial inclusion initiatives.

AMMBAN reiterated its resolve to work with all stakeholders, including the FG, the CBN, and others, to achieve the agenda in order to catalyse Nigeria’s economic development and enhance the financial inclusion drive.

According to a statement made available to journalists in Ibadan by the National Vice President of AMMBAN, Adeyemo Yusuf, the association’s Acting President, Dr Oti Obiroha, made the pledge during a visit to the National Assembly, Abuja.

Yusuf said the visit focused on the state of point-of-sale (POS) business and its impact on the economy.

According to the statement, the association, led by Obiroha, was received by the Chairman of the House Committee on Banking and Ancillary Institutions, Hon. Pastor Eze Inwanchu Eze, and Hon. John Okafor, who moved a motion on POS matters in the National Assembly.

Obiroha maintained that digital financial services drove financial inclusion to the last mile.
The acting president expressed AMMBAN’s commitment to working with stakeholders to improve the sector.

He informed Hon. Eze of the association’s efforts to combat human identity theft and mitigate fraud in the industry using the Agent Joint Task Force (AJTF) with support from security agencies and providers.

Obiroha lauded the National Assembly for discussing the POS business, highlighting its contribution to the economy, including employment opportunities for over 1.5 million Nigerians and billions of dollars in investments.

The statement read in part: “AMMBAN and the National Assembly will work together to address challenges in the POS industry and drive financial inclusion.

“The meeting highlighted the importance of digital financial services in driving financial inclusion. The discussion emphasised the need for a collaborative approach to enhance the Federal Government’s agenda for a $1 trillion economy by 2030.

“Hon. Eze and Okafor promised to support the sector with proper legislative policies under the leadership of Hon. Speaker Tajudeen Abbas.

“Hon. Eze promised to support the sector with proper legislative policies to improve the lives of Nigerians. Hon. Eze appreciated AMMBAN’s proactive approach and commitment to making the industry better for FinTech, investors, agents, and consumers.

“AMMBAN is inviting Hon. Eze to a one-day summit to discuss these efforts further, and he has promised to attend upon receiving the invitation.’’