3line partners FCMB to power up agency banking services

3line Card Management, Nigeria’s premier provider of financial inclusion solutions, and FCMB have joined forces to provide agency banking services that would cater to the needs of the unbanked and under-banked Nigerians, therefore, boosting the Central Bank of Nigeria’s (CBN) cashless Nigeria scheme.

The agency banking strategy would break down the traditional barriers hindering financial inclusion of millions of Nigerians and bring low-cost, secure and convenient financial services to urban, semi-urban and rural areas in Nigeria in line with the CBN policy.

Through this partnership, FCMB would leverage on 3line’s robust electronic payment infrastructure to deliver its agency banking and financial inclusion services in a cost effective manner. The solution is implemented in line with the CBN’s agency-banking framework. The back-end system supports all requirements of the CBN such as online real time transaction processing and settlement across the transaction chain, risk management measures and various customised transaction and activity reports.

Femi Omogbenigun, director, business development at 3line, explained that the flexibility of the solution has enabled FCMB to meet its objectives of extending financial services to under-served Nigerians while leveraging on a cost effective and efficient electronic payment and processing infrastructure.

According to him, FCMB customers are able to open bank account with instant issuance of ATM cards, activate the card at the agent location, cash deposit, withdrawals, fund transfer, bill payment, Airtime Recharge and Government revenue collection.

Along with the agency banking solution, a daily thrift collection product is also included. This product enables customers to make a daily contribution, which they are able to cash at the end of the specified saving cycle. The thrift product automates the traditional esusu and gives customers the ability to manage their funds. Customers are able to check their balances at any ATM and agent terminals but they are not able to withdraw until the end of their saving cycle. This takes out the inefficiencies of the traditional model fraught with cash suppression and misappropriation of funds by the thrift collector.

Over the years, 3line has developed solutions targeted at the unbanked and under-banked community. The company was the first e-payment firm in Nigeria to launch agency banking after the CBN has issued a license to the company. It subsequently deployed a successful pilot scheme tagged, “The Freedom Network”.

The Freedom Network is a connection of financial institutions, government agencies and corporate organisations on a single platform to enable them deliver instant financial services to the customers at merchant locations (shops/stalls) within the local community or neighbourhood.

3line is a player in the electronic payment sector of the economy with the ultimate goal of using technology to provide affordable and yet secure financial services to the low income; high volume segment of the economy.

Aside the provision of a robust technology platform, 3line provides merchant identification and set up, merchant training, merchant relationship management, products launch and awareness creation at merchant location.