C24 Enhances financial inclusion with CPay Agent Network

By InstinctBusiness Dec 31, 20190

An online loan company C24 Limited has launched its CPay Agent Network with the aim to expand its reach to provide sufficient retail financial services to over 39.5 million adult Nigerians who are financially excluded.

It stated that after the approval in principle granted the company as a Super Agent by the Central Bank of Nigeria in July 2019, the company was now able to facilitate domestic payments, remittances, and sundry lifestyle outflows in communities without easy access to traditional brick and mortar bank branches.

According to the statement, in the latest World Bank digital economy diagnostic report on Nigeria, it posited that African countries required five fundamental foundations to build a sustainable digital economy.

Digital financial services and digital entrepreneurship were two of these foundations, it stated.

The Chief Executive Officer of the company, Gbadunola Sokunbi, said, “For us at C24 Limited, our CPay Agent Network provides a veritable tool to encourage the use of digital platforms to provide financial services and disrupt conventional entrepreneurship models.

“We are aware of the stiff competition in the agency banking and mobile money sector. But we are not deterred; our vast knowledge of retail finance and consumer behaviour significantly impacted our product development process.

“That is why deployment and usage of our POS terminals is free, for example and our rates are the most competitive in the market today. We have a singular focus: to contribute significantly to meeting the 95 per cent target for financial inclusion by 2024 as set by the Central Bank,” Sokunbi added.

To many rural dwellers in Nigeria, who mostly earned less than $1 per day, accessible banking facilities could mean the difference between walking for about three hours to get to the nearest bank and going hungry for the day, it stated.

“This is why efforts towards financial inclusion must be pursued aggressively across the nation by all concerned institutions.”the statement added.