SANEF Nigeria – All You Need to Know

Oasdom What Is SANEF Shared Agent Network Expansion Facility
Oasdom What Is SANEF Shared Agent Network Expansion Facility

Have you ever heard of SANEF? It is an acronym that is used to shorten the Shared Agent Network Expansion Facility.

The Shared Agent Network Expansion Facility is an initiative of the Central Bank of Nigeria -the apex of all types of banks in Nigeria.

SANEF is targeting 500 thousand Financial Access points, 70 Million BVN Bank Accounts, and 30 Million Nigerians on Micro loans, Micro insurance, Micro pensions, which has to be accomplished  by the year 2020.

This is great because this initiative has made a lot of financial banking systems accessible and it is still working hard to deepen financial inclusion in Nigeria.

What Is Financial Inclusion?

Financial inclusion is the process where people and their businesses have access to suitable or proper financial products and services of their choice in a responsible, easy and pleasing manner.

Financial inclusion by SANEF in Nigeria

There are still a lot of individuals who do not have deep access into financial products and services, SANEF is always ready to reach out to them so as to ensure they experience financial inclusion in order to increase the wealth growth of Nigeria.

There are still a lot of things to know about SANEF, if you want to know more about SANEF (Shared Agent Network Expansion Facility), Continue reading this post for you would find more below.

What Is SANEF (Shared Agent Network Expansion Facility)?

The Abbreviation SANEF is gotten from the SHARED AGENT NETWORK EXPANSION FACILITY which came into existence as a result of the activity of the Central bank of Nigeria (CBN).

meaning of SANEF - Shared Agent Network Expansion Facility

The project SANEF is powered by the the following establishments:

  • Central Bank of Nigeria
  • Nigeria Inter-Bank Settlement Systems
  • Deposit Money Banks
  • Chartered Institute of Bankers of Nigeria
  • Licensed Mobile Money Operators, and also..
  • Shared Agents

All these entities are saddled with the responsibility and goal to improve and accelerate financial inclusion in Nigeria.

Why do We Need this Initiative?

The main purpose for introducing SANEF in Nigeria is to bring financial services closer to every Nigerian just like the trader moni credit.

The Shared Agent Network Expansion Facility will deepen the financial inclusion in Nigeria with the power of an integrated ecosystem that has a strong regulatory oversight, consumer protection and similar inter-operable systems.

This project is a means of empowering Nigerians and creating jobs for them. It also gives Nigerian owned financial companies opportunity to grow by creating capable platforms for them.

Also Read: How to borrow money online in Nigeria with no collateral

SANEF (Shared Agent Network Expansion Facility) have some basic financial services like account opening, withdrawals, cash deposits, bills payment, fund transfer, airtime purchase, government disbursements and some other services.

The part of the country which is most targeted is the Northern part of Nigeria where financial exclusion is very common.

SANEF Services

SANEF is powered by some financial institutions in Nigeria and the management and control is mostly handled by NIBSS (Nigeria Inter-Bank Settlement System PLC) as directed by the Central Bank of Nigeria (CBN).

NIBSS (Nigeria Inter-Bank Settlement System PLC) has been working efficiently to provide capable and efficient technology-driven payment and settlement services for the financial systems in Nigeria.

Before NIBSS could accomplish much more of these, it needs capable workforce and skilled agents in order to improve and carry out its mission daily and effectively.

Therefore, SANEF has to be its workforce in order to increase the financial inclusion among the Nigeria Citizens. The Services offered by SANEF (Shared Agent Network Expansion Facility) are:

  • Cash in Cash out services
  • Bank verification Number capture
  • Card payments and withdrawal Transactions
  • Collection and submission of account opening and financially related documents.
  • Collections and disbursements for individuals, corporates and governments.
  • Bills payment
  • Funds Transfer
  • Airtime Purchase and many more.

 Also Read: How to check your BVN on phone

The Birth of SANEF Programme

Benefits of Sanef Services and Partners

Nigeria made a decision to reduce the adult financial exclusion rate of the Nigerian citizens in 2010 to about 20 percent by the year 2020.

Therefore, the National Financial Inclusion Strategy (NFIS) was formed on the 23rd of October, 2012.

The NFIS could not perform much up till 2016. The Central Bank of Nigeria then decided to conduct a review and form a new strategy which would lead on till 2020 so as to achieve their aims.

The central Bank of Nigeria (CBN) informed all the available banks that have agents, super agents and mobile money operators to provide daily returns to the Central Bank of Nigeria (CBN) through NIBSS.

Also Read: How internet banking works

This operational procedures would also be controlled and regulated by the Nigeria Inter-Bank Settlement System.

In other words, the Central bank of Nigeria (CBN) in partner with the other bank’s chief executives established the Shared Agent Network Expansion Facility in order to reach out to the financial excluded individuals in Nigeria.

SANEF assists the CBN-licensed super Agents, mobile money operators and other agents to deepen their financial inclusion in Nigeria by expanding their financial networks all over the country.

Also, SANEF provides enough rooms for operators to increasingly reach financial access points across the 774 local government areas in Nigeria.

With this strategy, financial inclusion would be able to reach the financially excluded individuals and citizens of Nigeria wherever they are located.

The Objectives:

  • To develop the capacity of mobile money operators (MMOs) and assist the super agents to establish financial services access points in different locations, especially where the financially excluded individuals are common.
  • To create platforms so as to reach the financial inclusion goals.
  • To increase and create job opportunities and improve economic growth inclusively in Nigeria.
  • To increase agents access to reach out to the un-banked and excluded population in Nigeria.

The Benefits of SANEF


The benefits of this project can be found below:

  • Empowering Nigerians and Creation of Job opportunities

SANEF initiative needs a huge workforce that is ready to work effectively. Both adults and youths are getting paid to move from one location to another in order to reach out to the financially excluded citizens or individuals in Nigeria.

  • The project increases the wealth growth of the country

This initiative gives high chances for the wealth growth of the country because if almost everyone have access to the financial services and as well perform online transactions, money would circulate to some extent all over the country.

Also, there will be a chance to save cost and therefore enhancing the wealth growth of Nigeria.

  • The project reduces cost

This is so because S.A.N.E.F allow Nigerians to have access to various number of online financial services and each individual is free to choose any of his or her desired services that is favorable.

  • SANEF gives room for conveniences.

There are a lot of financial services that are carried out online every day which include bills payment, fund transfer, airtime purchases and many more.

All these services could be done from home, office or anywhere of individual’s choice. It is very fast and easy to reach out to financial network services through mobile phones, without any stress or delay.

Also Read: Features of commercial banks in Nigerian and their functions

Shared Agent Network Expansion Facility SANEF (Summary)

You can also become an agent of SANEF by visiting any registered bank of your choice and you would be very welcome because it is a good means of job opportunity and empowerment.

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