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SANEF to create additional 250,000 financial access points by year end

The Shared Agent Network Expansion Facility ( SANEF), a project powered by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMB) and the Nigeria Inter-bank Settlement System (NIBSS) have assured of additional 250,000 financial access points from the current 50,000.

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A member of the Technical Committee set up by the Bankers Committee, Mr. Bolaji Lawal, disclosed this at a media briefing in Lagos.

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The project which is also in partnership with Licensed Money Operators and shared agents is aimed at accelerating financial inclusion in the country. 

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The initiative involves on-boarding 40 million low income and unserved Nigerians to the financial system, increasing the current 50,000 to 500,000 by 2020.

Lawal said, “With this, we will ensure people are brought in a safe way with biometrics and unique identifier and they can then access micro loans and insurance for accidents, as well as save.”

He said training had been ongoing for the past four months and that the committee had already achieved 70,000 access point and that it was on course to achieve 150,000 by year end. 

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