Supply Smart has secured Approval in Principle (AIP) for Super Agent License from the Central Bank of Nigeria, the primary regulatory authority for the banking and financial services sector in Nigeria.
Having fulfilled and met all the conditions stipulated by the CBN, the AIP received by Supply Smart will be one way of operating as a fully commercial licensed CBN payment Super Smart Agent. The license will help the company carry out services in Funds Transfer, Withdrawal, and Bill Payments to the underserved and other services as permitted by the Central Bank of Nigeria.
Supply Smart is a Technology platform that leverages technology to unlock access to financial services for the unbanked population in Nigeria. The platform achieves this by using Trust Anchors (Agents), who use their Mobile technology (POS) to enable the unbanked population to access financial services such as transfer and withdrawal.
With their Network of Agents (Trust Anchors), they have built an agency banking solution to drive financial inclusion and agency banking for the underserved. One of the biggest hurdles to the underbanked is Trust. Their agents (Trust Anchors) are last-mile Trusted Channels to the underbanked.
Receiving an Approval in Principle (AIP) from the Central Bank of Nigeria (CBN) is a significant achievement for Supply Smart. It will increase the company’s credibility and help project them as a Super Agent Banking Network that distributes financial products.
Supply Smart’s achievement of securing an AIP for a Super Agent License is a significant milestone for the company and the Nigerian financial services sector.
It shows the company’s commitment to unlocking access to financial services for the unbanked population and provides them with opportunities to expand their operations and provide additional financial services.
With the AIP, Supply Smart is well-positioned to become a leading financial services provider in Nigeria for the underserved and the unbanked.