Thursday, October 06, 2016

Redcloud partners Innovectives to drive agency banking

 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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