How Airtel is driving financial inclusion

By Erhumu Bayagbon

A 2012 Access to Financial Services in Nigeria Survey conducted by Enhancing Financial Innovation and Access (EFINA), an independent financial sector development organisation, indicates that 56.3 million adults, representing 64.1 per cent of the adult population in Nigeria, do not have bank accounts. The study also revealed that 76.2 per cent of the rural population had no bank accounts. Curiously, it was in that same year, 2012, that leading financial institution, Access Bank, partnered with leading   telecommunications services provider, Airtel Nigeria, to develop a mobile money value offering that will not just enhance financial inclusion but also offer Nigerians – regardless of their social status, income level, educational background or location – a convenient and easy outlet to perform financial transactions.

The resolve by the two organizations to transform the mobile money landscape with a big-bang value offering became a reality recently (November 19^th, 2014) when the Chief Executive Officers of both companies came together to sign a Memorandum of Understanding (MoU) on Mobile Money at a colourful ceremony held at the Eko Hotel & Suites. At the same event, both organizations announced a joint intervention that will help bridge the wide divide between the banked and unbanked population in the country. Dubbed Access Money, the new product, according to the companies, will help Nigerians who have access to mobile phones to perform financial transactions instantly and with great ease. Even rural dwellers in remote areas will not be left out as Access Money runs on basic handsets without data or Internet features.

Access Money empowers users to perform a wide range of financial activities on their mobile phones, including bill payments, airtime purchase, money transfer, card-less withdrawals from ATM and deposits, among others features, at the dial of *903#. Managing Director & Chief Executive Officer of Access Bank, Herbert Wigwe, described Access Money as an innovative service that will transform the mobile money domain in Nigeria. While admitting that the product was not the first Mobile Money value offering in the country, he noted that the service is unique is several ways as it is a result of hardwork, careful design and extensive research, saying the product was deliberately designed to be very simple and user-friendly.

He noted that through Access Money, Access Bank and Airtel will be providing financial access to more and more people and small businesses; creating an easier channel for the distribution of financial aid; and also making it easier for government to receive taxes and deliver welfare payments. According to him, Access bank and Airtel agreed to introduce Access Money powered by Airtel, into Nigeria’s financial landscape in line with the Financial Inclusion initiative of the Central Bank of Nigeria (CBN) even as it serves as a platform to bring more and more of the under-banked and unbanked into the world of banking. “It is something that reaches new groups of people and helps them to build and grow the success stories of tomorrow. And it’s something we are proud to champion with Airtel,” he said.

Wigwe added that Access Bank, in partnership with Airtel has successfully implemented the requisite technology infrastructure, secured the operating license, and conducted extensive pilot operations in different parts of the country in accordance with the requirements of the Central Bank of Nigeria.

Also speaking at the occasion, the Managing Director and Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya, stated that the new mobile money offering bears testimony to Airtel’s relentlessness in offering innovative, relevant and practical products and services that positively transform the lives of the people and communities it serves, noting that “at Airtel, it is our tradition to always go the extra-mile to delight and exceed the expectations of our customers.”

Explaining the benefits of Access Money, Ogunsanya said with the service, customers can now buy and share airtime; send money to friends, business associates and loved ones; pay utility bills such as DSTV and PHCN bills; perform mobile banking; withdraw and deposit cash. “Interestingly, you do not need an Internet-enabled mobile phone to perform all these services. Airtel and Access Bank have made the service very simple, easy to use and user-friendly, empowering millions of people regardless of income level, education, social status and location to benefit from this unique service.”

According to Ogunsanya, Airtel and Access Bank are empowering millions of Nigerians to own a functional bank account in the comfort of their homes and also enabling them to perform financial transactions with their mobile phones from anywhere and at any time. He also assured that Airtel has a robust network to support the Access Money platform. “At Airtel, we are committed to improving Quality of Services (QoS) and this is evident in our investments in network coverage, quality and capacity. We will also continue to invest in the quality of our network to delight our customers as well as exceed their expectations,” he said.

To access the Access Money powered by Airtel, customers are to dial *903# to get registered and then follow the instructions thereafter to get started. Customers who wish to make deposits into their Access Money powered by Airtel wallet are provided the option of either approaching any of the authorized agents or walk into any Access Bank branch. Also any registered Access Money user can transfer funds from their own bank account to any wallet. A notification SMS will be received by all customers as confirmation for transactions performed.

Airtel and Access Bank will be leveraging on their wide distribution networks to leverage Access Money. Ogunsanya said over 1,000 Access Money Agents will be available to kick-start the distribution and ensure availability of the product, assuring that more distributors will be recruited to enhance the value chain. Access Money is aimed at promoting financial inclusion for those with no access to formal financial services. This collaboration between Airtel and Access Bank is geared towards deepening financial inclusion and bringing more Nigerians into the formal financial system. It will also serve to support CBN’s financial inclusion target of 80% of Nigerians by 2020.

*Bayagbon is the Public Relations Manager for Airtel Nigeria