Agency Banking: Nigerian MFBs deploying new techs to push boundaries

In December 2018, the Central Bank of Nigeria, CBN, announced its plans to launch a national Microfinance Bank, MFB in collaboration with the Bankers’ Committee and the 774 local Nigerian Postal Services offices.

The presence of new countrywide MFB and recent mergers between existing banks are steadily increasing competition for Nigerian MFBs.

To continue growing in their markets, MFBs are implementing new technology to deliver their services to more individuals in remote, hard-to-reach communities through agency banking and delivery channels.