UK based financial technology provider, RedCloud Technologies says it has join forces with Innovectives LLC to explore Nigeria’s banking technology stakes.
Under the partnership, RedCloud will deploy for Innovective LLC its Cloud Based solution for ‘Agency Banking’ in Nigeria alongside their partner TSI Global Technologies.
According to joint statement by the companies, Innovectives which is operating as ‘Super Agents’ within the financial system, will deploy, operate and manage interoperable agency banking and mobile financial payment networks as approved by the Central Bank Of Nigeria (CBN) with selected retail outlets operating as agents under the framework.
RedCloud’s collaboration with Innovectives will 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 (including utility bill payment, airtime top-up and other innovative financial services), the companies said.
The statement further reveals that the RedCloud One platform will connect to the 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.
Katia Hill RedCloud’s COO says: “Being able to align ourselves with an organization 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.”
Also commenting on the deal Emmanuel Agha, Chief Executive Officer at Innovectives’says: “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.”
The benefits to Agency Banking in Nigeria according to the companies include removing intermediary agents as well as speeding up processes and waiting periods.
Also, the reduction in cumbersome processes gives greater levels of global flexibility and efficiency in day to day operations as well as improving bank’s global profile, status and presence.