The conditional cash transfer project is one of the social protection program (others include employment and empowerment of youths, home grown school feeding, free tertiary education, micro credit for MSMEs and teach Nigeria) sponsored by the Federal government of Nigeria in partnership with the Department for International Development (DIFD) and the World Bank. This project is aimed at providing safety nets to the poor and vulnerable citizens in the country. This is done through the bi-monthly disbursement of N10,000 to alleviate their situation. The project is managed by the National Cash Transfer Office (NCTO) under the office of the Vice President.
fets is one of the payment service providers (PSPs) responsible for the bi-monthly disbursement of funds to the beneficiaries. We started in May 2017 and we have disbursed about three billion naira to over eighty thousand beneficiaries in 5,645 communities across seven states including Ekiti, Oyo, Osun, Bauchi, Borno, Kaduna and Kano states.
We had the opportunity to publish one of the most interesting articles on the African Fintech market on our website not long ago,written by Omotade Odunowo, CEO of fets Ltd. In this interview, Omotade speaks on the present state of the Nigerian Fintech Market and the opportunities available;
1) Hello Omotade, could you please tell us about yourself?
I joined fets as Chief Risk Officer in 2012, shortly after the company was founded. I worked my way up to Managing Director and am now CEO, providing the overall strategic leadership, direction and guidance for the growth, expansion and diversification of the company.
Funds & Electronic Transfer Solutions Limited (fets) has announced plans to boost its agent network across the country, as part of its determination to reduce the percentage of Nigeria’s unbanked population.
Parts of the plans include the recruitment of more agents across the country; especially in the country’s rural areas where formal banking has limited presence. According to the company, with a country-wide agent network, it will design new and exciting products and services for the population through a combined technology and distribution channel to enable a rapid reach out, thereby altering the lives of the beneficiaries.
Its Managing Director, Mrs. Omotade Odunowo said the company realizes the importance of having a vast agent network in the achievement of its set goals of bridging the gap in the Nigerian unbanked space, describing it as an important component of financial inclusion.
fets received the award for ‘’Best Mobile Payment Technology Company of the Year 2015’’ from the Institute for Government Research & Leadership Technology as they held their 2015 African Governance and Corporate Leadership Awards on Friday, November 28th 2015. The institute is a Federal Government of Nigeria registered project initiative of the African Foundation established by CAP 436 Law of the Federation of Nigeria 1990. It is a non sectarian, not-for-profit educational institution with the aim of providing world class training and research services for the government, persons seeking elective positions and corporate citizens.
fets is the proud winner of the Kalahari ‘Best mobile utilities payment provider in Africa’ Award for 2016
The 6th Remittance and Mobile Money Expo-Kalahari Awards recognizes the best innovations and achievements in the Remittance and Mobile Money industry, those companies that have contributed to ensuring mobile financial and remittance services are more affordable, available and impactful in Africa. The awards are dedicated to acknowledging creativity, commitment and excellence in the digital payments and remittance industry across Africa.