Beyondbranches Launches Agent Network 3.0 In Nigeria

Details: James Barton; Category: Mobile Finance; 27 November 2013; 7616 views

Distribution networks specialist BeyondBranches launched a mobile financial agent network in Nigeria in association with integrated payment processing service provider Interswitch.

Using BeyondBranches’ Duka platform and Interswitch’s Quickteller VAS platform, the firms have created standardised processes for a robust, secure and scalable network.

Banks, mobile money operators and other entities can leverage the BeyondBranches Network to offer branchless services to their customers. Agents are identified, vetted and trained to use the service on their internet-enabled mobile handset. Once they pass a quality control test, agents are allowed to advertise BeyondBranches services. Anyone in the local community can use cash to pay over 100 different types of bills, pay to charity, buy tickets and airtime through the network of approved agents.

Using this approach, BeyondBranches has been able to bring the benefits of digital financial services within reach of those who prefer paying cash. Customers also get the benefit of not having to travel far to effect payment for such common services as airtime, utility bills, and cash lodgments into their bank accounts. As consumers begin to see the benefits of mobile payments, they can potentially become users of mobile payment services currently being deployed in Nigeria by many organisations under the Central Bank of Nigeria’s mobile payment regulatory framework.

In addition to enabling agents to quickly earn commissions as soon they are activated, BeyondBranches is going to offer a suite of small business services to help agents manage their businesses better and become more efficient using mobile devices. These services include managing store inventory, tracking store credit, accessing credit providers, buying insurance and mobile based localised advertising amongst others. These services will bring value to the agent across normal day-to-day operations thereby enabling active participation in the growing digital economy.

Over the past 6 months, BeyondBranches conducted a trial in 13 cities and towns across 10 states in Nigeria. It has developed a network of over 100 qualified agents. This network is expanding through a range of collaborations that the firm is implementing.

Gregory Ubigen, chief executive of BeyondBranches International, said: “Of 100 million adults in Nigeria, only 25% of have access to formal financial services. Almost all transactions are done using cash. This service enables consumers to enjoy the benefits of mobile payments in a simple, intuitive way, and pay with cash even in remote areas of the country.”

Mrs Titilola Shogaolu, Chief Payment and Value Added Services Officer of Interswitch Nigeria, said: “The Nigerian economy remains predominantly cash-based, which makes the BeyondBranches proposition very interesting. It enables people to pay cash at an agent and leverage the Interswitch infrastructure, thereby enabling them to participate in the digital economy. Agents will earn commissions quickly and also establish a profile that can be used to access specific financial services to help their own businesses grow. This unique combination will help drive financial inclusion and deliver a major impact on the economic development of the country.”

Simon Aderinlola, BeyondBranches Chief Operating Officer in Nigeria said: “Apart from major towns and cities, there is an almost complete lack of physical banking infrastructure. Our approach helps create a digital services infrastructure that can be leveraged by banks at a reasonable cost to bring financial services to the masses.”