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Inlaks gets CBN license as super agent (Demo)

Inlaks, a financial technology solutions provider in Nigeria and sub-Saharan Africa, has received the Central Bank of Nigeria approval-in-principle to operate as a super agent in the nation’s financial services system.

This was made known in a statement by the company on Sunday.

It said Inlaks would work closely with the CBN and other partners to reach the underserved population as well as the financially excluded in line with the nation’s financial inclusion plan.

According to the company, the aim is to ensure that informal workers in Nigeria have access to affordable financial services through its agent network, which will address social challenges in key areas such as health insurance, credit accessibility, savings and wage payment, among others.

To launch the service, Inlaks said it would leverage the Nigerian Inter-Bank Settlement System switching infrastructure to enable inter-scheme cash-in-cash-out at all its agent locations, as approved under the CBN regulatory framework.

It added, “The Inlaks’ super agency platform therefore shall be enabled to communicate with all its agents and shall also have visibility of its agents’ transactions through integration with NIBSS according the CBN framework.

“As stated in this framework, super agents in Nigeria shall be responsible for the management and monitoring of the activities of their agents only, and shall not hold electronic money value and would also have information on the volume and value of transactions carried out for each type of service by each agent.

“The framework also states that the volume and value of transactions should be made available to the principal to monitor effective compliance with set limits and establish other prudential measures in each case. Measures such as onsite visits will be carried out to ensure that agents operate strictly within the requirements of the law, guidelines and the contract.”

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