Samuel Oladimeji
Ezekiel Okpuzor, in this interview with the Managing Director of Accelerex Network Limited, Samuel Oladimeji, examines
the impact of mobile banking systems and related platforms
in the agent
banking space and the role the company is playing. Excerpt
What is the difference between mobile money and mobile banking?
They are different.
But in recent times, people relate more to mobile banking because agent
banking has been more successful than the core mobile money. For mobile
money to work effectively, people have to be able to open accounts and
hold mobile wallets on their mobile phones using their SIM card. Then
these wallets should be able to send money to other registered SIMS,
perform deposit transactions and effect withdrawals even without POS
(Cash in, Cash out). However, this banking process is not popular in
Nigeria. However, mobile banking as the name implies means the ability
to perform banking transactions and access related services from mobile
gadgets. Mobile banking systems and related platforms has become the
underpinning infrastructure for agent banking.
What distinguishes your brand among other competing ones?
A lot of people have
been doing outstanding work in the industry and we have had some
behemoths totally disrupt the space in the last few years. However, we
offer one of the smoothest onboarding experiences. We deploy that using
the fastest turnaround time, actively resolving disputes, manage our
relationships with agents and partners with a lot of skills and
deliberately segment our market for utmost impacts. We also boast some
of the most brilliant minds in Financial Technology (Fintech) space,
wielding both knowledge and practical understanding of what is needed to
successfully deploy cutting-edge fintech solutions through agent
networks and to consistently update same to stay relevant. In one year
of business, we have started processing an average monthly transaction
in the volume of N9billion. We have more than 6000 agents in 21 States.
We are certain, we have what it takes to get it to the last mile.
What is unique value proposition?
Our unique value
proposition is the Point of Sales (POS) deployment. Using ANP, we have
been able to create a one-stop shop for agent banking services. We are
able to ensure that starting an agent business is seamless. Furthermore,
our platform is secured and has the most robust accounting system in
the industry ensures that the agents accounting is without stress. The
users of our platform can testify to these submissions.
What are your goals and objectives?
We want to be the
manager of the most active and profitable agent network. For us, it is
always about the agents and we factor this when we price our products,
resolve issues, engage with partners and this influences our daily
decisions. If our agents are profitable, it means the organisation is
adding value.
A lot of has been said about Digital Credit in Fintech. Is your company working on this?
Digital credit is a
fascinating prospect in Fintech. In fact, it is so fascinating that
every startup or even established businesses are looking to delve into
that area. It is a massive market. For Accelerex, we are looking at this
conscientiously. We have done a pilot study and have been able to
measure the demand. It is important to state here that we are not
licensed to give loans; however, as agents of commercial banks and other
microfinance banks, we are able to leverage these platforms to extend
credits digitally to our agents through integrations. By the end of the
year, we will definitely be having conversations around how successful
it had been and the lessons we have learnt. From Accelerex, it is one of
the things we want to do.
What are your views on the new finance bill implemented by the federal government and the new CBN Pricing policy?
I believe that
businesses like ours was most affected especially as we deal directly
with agents who respond almost immediately with regards to the slightest
changes in policies. Dynamics such as stamp duty, downward review of
prices affects the market and puts pressure on businesses. However, this
is very good for the end consumer. At Accelerex Network, we are always
focused on compliance with laws and regulations because we have to do
business in Nigeria too. So our language here is to comply first while,
we continue to engage stakeholders to ensure that we are able to sustain
our business.
Research has
revealed that illiteracy is a drawback on the adoption of Agent Banking.
What your company doing to address this challenge?
We start with
acknowledging the problem. Like you pointed out in the question,
communicating value requires a certain level of understanding. Right
now, we have come to understand that the people that can clearly
communicate this value to the base of the pyramid are the ones that are
from there. This has informed our utilization of a refined aggregator
model that has proven successful as a business development model. Using
this model, we are able to close the communication gap and ensure that
value is communicated using the language that the customer understands
and at his comfort zone. We do this through advocacy, sensitisation, and
aggregator model and sometimes direct selling. So far, we can boast of
having one of the robust agent networks at the last mile.
How secured is fintech and how are you dealing with cybercrime?
No system is
100percent safe. Once in a while, vulnerabilities might appear in
systems, but it takes responsive organizations to anticipate this and
respond appropriately. In this regard, we have enjoyed the support of
Global Accelerex whose ANP (Agent Network Platform), we have rented for
this purpose. I can say that it is the most secure platform and this can
easily be confirmed by the agents.
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