Gov Sanwo-Olu Bags AMMBAN Award For Financial Inclusiveness

Receiving the award on his behalf at the 6th AMMBAN National Conference with the theme: “Agency Banking in the Digital Age: Enforcing Standard, Seizing Opportunities and Managing Risks”, held at D’Podium International Event Centre, Adeniyi Jones, Ikeja, the Honourable Commissioner for Finance, Dr. Rabiu Olowo, stated that the State Government has continued to design support structures to ensure the protection, sustainability and growth of mobile and banking agents in Lagos State.

The Commissioner, who was represented by the Director of Insurance, Ministry of Finance, Dr. Olugbenga Oluwole, stated that in ensuring financial inclusiveness and to effectively compete in the global economic space, the Lagos State Government recently launched the upgraded Lagos State Resident Identity Card (LAD ID Card).

In his words, “In a bid to protect Lagos residents from fraudulent activities faced by Point of Sales (POS) operators in the course of doing business, the Lagos State Government, through the Lagos State Residents Registration Agency (LASSRA), has expressed its readiness to work with the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) through the registration of all POS Machines”.

“The new LAG ID Card is intended to serve as a multi-application smart card that offers registered residents a means of personal security and identity verification and points of accessing various government services and to applying for loans from the Lagos State Employment Trust Fund”, he added.

Olowo emphasised that the LAD ID Card project is pivotal to the Lagos Smart City initiative, for the purpose of planning and distribution of infrastructure, security, social protection, financial inclusion, disaster and emergency response management. He added that Governor Babajide Sanwo-Olu would continue to seek effective collaborations to ensure the financial inclusiveness of the residents of the State which will further deepen the capacity to improve the economic viability of residents of Lagos State as a whole.

Speaking further, Olowo averred that the successful implementation of financial inclusion programmes will improve revenue generation and drive up economic indicators such as the tax-to-GDP ratio of the State to globally recommended standards.

He, therefore, charged AMMBAN to leverage the new LAG ID card by ensuring that all POS operators in Lagos State register with LASSRA for effective guidelines and monitoring while creating awareness of the emerging issues and innovations in mobile banking to propel the industry to greater and more secure heights.

In his earlier remarks, the National President, Association of Mobile Money and Bank Agents in Nigeria, Olojo Victor stated that the industry has recorded a significant milestone in the year 2022, he, however, maintained that despite its growth, the association is faced with insecurity, cost of running business delays in the reversal of failed transaction and the rising cases of fraud amongst others.

While appreciating the Lagos State Government for its support through partnerships and collaboration and for making the State conducive for business activities in accordance with international best practices, he encouraged the Mobile Banking Agents to key into the New LAG ID Card registration and validation of their old cards for their own safety in particular and the safety of Lagosians in general.

The programme was well attended by stakeholders in the financial sector, including, the Head of the Strategy Department, Lagos Business School, Professor Olawale Ajai; Representative of the Development Finance Department, Central Bank of Nigeria (CBN), AbdulRahman Hassan Tom; Chief Executive Officer, Shared Agent Network Expansion Facility (SANEF), Mrs. Ronke Kuye, Vice President FintechNGR & CEO, Stanbic IBTC Financial Services Limited, Stanley Jacob and PPRO, Lagos Police Command, Benjamin Hudeyin amongst others.