Sanef Nigeria: Everything you should know

You may have been hearing about the Shared Agent Network Expansion Facility (SANEF) without knowing what it is all about. This article will tell you what you need to know about this initiative.

What is SANEF all about?
SANEF is a project by the apex bank and other financial bodies in Nigeria with the aim of fostering the financial state of the country. The following bodies are the pioneers of the SANEF project;

Central Bank of Nigeria
Chartered Institute of Bankers of Nigeria
Mobile Money Operators
Shared Agents
Deposit Money Banks
Nigeria Inter-Bank Settlement Systems

Local businesses can register with the project and acquire a SANEF identity. With a SANEF identity, businesses can carry out primary financial services like cash deposit, cash withdrawal, money transfer, account opening and payment of bills. Whilst fostering financial inclusion in the country, SANEF provides a merged ecosystem connecting these businesses and provides good customer protection. This also serves as a job creating opportunity for Nigerians as these businesses would need to employ staffs and it will also promote their business.

Since its introduction, the SANEF initiative has been a major boost to the financial ecosystem in Nigeria. Being run by a co-founder of CeBIH, Mr. Ronke. Kuye, the facility has adopted a simple API for account creation which makes it more interesting for prospective participants.

How to register as a SANEF agent
In other to be a participant in the SANEF initiative, you will be expected to pay the sum of N10,000 (Ten Thousand Naira Only). However, you can register for free by registering as a Pocketmoni or eTranzact sent. Before you can register, you must meet the following requirements;

You must own a registered and verified business. You will be expected to provide your business documents for agent documentation

You will fund your wallet with a minimum of N2,000.00. You will need to carry out 2 money transfers and an airtime purchase or a bill payment for your wallet to be activated

The N2,000 you are paying will still be used by you so we can still say the registration (via eTranzact or Pocketmoni) is free of charge. With the two steps listed above completed, you are qualified to participate in the SANEF initiative. After you send in your application, you will be visited by an agent to inspect and check your business documents and IDs. It takes about 5 days for your application to be reviewed and if approved you will receive a letter of offer. This letter will contain the terms and conditions of the project and you are to duly sign it to affirm that you accept them.

The SANEF – Shared Agent Network Expansion Facility – project is a major improvement in the Nigerian financial sector. It will expand the sector so that more Nigerians can get easy and quick access to financial service. If you are interested in the program and you meet the requirements, you can go ahead and register.