Nigerian mobile money firm Paga has officially launched its agent network management subsidiary in a bid to partner with other industry stakeholders to boost the uptake of its financial services.

According to officials, the new unit is an independent subsidiary of Paga and is planned to help deliver an open agent network for industry stakeholders to access several basic services under a shared services model.

The firm said the subsidiary is expected to help deliver financial services and products to the over 70% of unbanked adult Nigerians.

“Our motivation is simple. We recognise the urgent need to expand access to financial services across Nigeria and our experience to date has shown us that a well-managed and sustainable agent network is the single most important factor that must be in place to make it happen,” said founder and chief executive of Paga, Tayo Oviosu, said.

He said since receiving its license in 2011, Paga has built a network of more than 4,000 agents across 25 states in Nigeria.

“We have developed a deep expertise in this area and now we will offer the service to the rest of the market,” said Oviosu.

"Our announcement will allow Diamond Bank, First Bank, Mansard, LAPO or any other firms with well thought-out plans for agency banking to offer their products directly through a strong agent network," Oviosu said.

According to the official, Paga and Paga Agent aggregators plan to take responsibility for building and managing the robust agent network for the benefit of multiple partners.

“These partners can then focus on delivering great savings, loans, insurance or investment products that the Nigerian consumers are demanding,” said Oviosu.