Speaking on the growth of the industry, the National Chairman of AMBO, Comrade Odetunde Olawale, explained that agency banking has played a key role in expanding access to financial services through a branchless banking model that brings basic services such as deposits, withdrawals, transfers, and account opening closer to underserved communities.
He noted that the sector has helped increase trust in formal financial systems and improved financial inclusion at the grassroots level over the past decade. However, he stressed that more needs to be done to sustain this progress.
Olawale called for a review of existing policy frameworks, arguing that effective regulation must include input from operators in the field. He said collaboration between stakeholders is essential to address gaps in implementation and improve efficiency in the system.
He also raised concerns about fraud and financial crimes within the ecosystem, pointing to the need for consistent training and stronger security measures. According to him, cases of misuse of agency banking channels highlight the importance of tighter monitoring and enforcement.
The AMBO chairman further urged the Central Bank and other regulators to engage more directly with industry practitioners to develop practical and effective policies that reflect real-world operations.
He concluded that stronger partnerships and reforms would not only improve safety and efficiency in agency banking but also deepen financial inclusion and support Nigeria’s broader economic growth.
