Enterprise software provider of
leading mobile financial services technology, RedCloud Technologies, has signed
a partnership agreement with Innovectives LLC to deploy its cloud based
solution for agency banking across Nigeria, in conjunction with its partner,
TSI Global Technologies, reports ITRealms.
According to Katia Hill, the chief
operating officer, RedCloud, the alliance would enable Nigerian banks, mobile
operators and other financial institutions to grow their business and improve
customer experience in the market by reaching users in remote areas, offering
customer registration and giving over-the-counter customer financial
transactions such as utility bill payment, airtime top-up and other innovative
financial services.
“Being able to align ourselves with
an organisation like Innovectives, truly supports our commitment to enable
banks to reach more customers and offer innovative and convenient financial
services. This cooperation is a stepping stone for RedCloud in Nigeria, where
much is still to be made for financial inclusion.”
Already, Innovectives has an existing
network of over 1000 agents comprising small and established institutions such
as retailers, petrol stations, and service providers. The goal is to reach over
one thousands institutions in the next five years in order to achieve its vision
of being the leading integrated fintech company contributing at least 30% in
the market.
Nigeria’s move to enhance financial
inclusion as set by the Central Bank of Nigeria [CBN] includes the issuance of
two licenses to Innovectives Limited. Operating as Super Agents within the
financial system, the company will deploy, operate and manage interoperable
agency banking and mobile financial payment networks as approved by the CBN
with selected retail outlets operating as agents under the framework.
The World Bank has reported that the
ten countries with one of the highest proportion of residents living unbanked
in extreme poverty are located in Sub-Saharan Africa. Even remotely, mobile
financial usage is more widespread than having a bank account.
Agency Banking benefits in Nigeria,
she explained would include removing intermediary agents as well as speeding up
processes and waiting periods. The reduction in cumbersome processes gives
greater levels of global flexibility and efficiency daily operations as well as
improving bank’s global profile, status and presence.
MD/CEO, Innovectives, Emmanuel Agha,
said, “Our choice for RedCloud was based on their proven expertise in financial
services and agents management in emerging markets. Their product readiness,
flexibility and configurability allow us to deploy our services throughout our
agent’s networks and set-up tailored agent hierarchy and fees management to
suit the specificities of our business.”
RedCloud One platform would connect
to Nigeria Inter-Bank Settlement System (NIBSS) to access all licensed banks
and financial service providers in Nigeria and provide complete
interoperability to Innovectives network of agents. RedCloud is supported
by its local partner TSI Global Technologies for integration, deployment and
support services. TSI Global Technologies has already helped many Financial
Institutions in the area of integration and its core operations. Its
consultants have been involved in a number of Apex banks integration in the
subregion.
Chuks Egbune/GEE
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