N-Power NEXIT: Who is a SANEF Agent

Following the disclosure by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk, that part of the NEXIT Plan is to engage 200,000 exited N-power Beneficiaries as SANEF Agents across the country, many N-power Beneficiaries have berated the decision without understanding the Operations of a SANEF Agent.

RecallTrending now: FG discloses Job Plan for Exited N-power Beneficiaries

Some of the beneficiaries hilariously likened a SENEF Agent to a "POS Operator without knowing that a SANEF AGENT does way more than a Bank Teller in various commercial banks and still being a "boss" in charge of your own business. Interesting! Let's take a ride.

What is SANEF

SANEF is an acronym for Shared Agent Network Expansion Facility.


According to the Central Bank of Nigeria (CBN), the idea of SANEF is to widen access to financial Services especially when establishment and running of Bank Branches are largely expensive.

In order words, SENAF Location stands as a Bank Branch to excluded populations (population not within the main cities) but institutionalised under the Deposit Money Banks (DMBs), and endorsed by the Central Bank of Nigeria in collaboration with the Body of Bank Chief Executives. SANEF would also recieve financing directly from CBN.

"The 'SANEF' Facility provides financing to CBN-licensed Super Agents and Mobile Money Operators, to expand their networks to deepen financial inclusion in Nigeria. The Facility will enhance the capacity of the operators to roll-out more financial access points across the 774 local government areas in Nigeria particularly in the financially excluded locations."

What can a SANEF Agent do

According to the Framework for Operation of the Shared Agent Network Expansion Facility as described by the Central Bank of Nigeria, eligible activities at agent location should include:

1. Bank Verification Number capture

2. Collection and submission of account opening and other related  

3. Cash in and Cash-Out services

4. Card payment and withdrawal transactions 

5. Bill Payments

6. Collections and disbursements for individuals, corporates and governments

Do you wonder why when you enter many Bank Branches in Nigeria today, you would see "placed signs" for Teller 1, Teller 2, 3, 4, 5 etc, but would only see 1 or 2  active Tellers in such Branches? Now wonder no more. Technology such as computer Technology and Internet has decentralised a lot of activities and it's not leaving the Banking Industry behind. Everything boils down to reaching the people (customers, clients ,end users or any name you assign to it) with ease and efficiency while maintaining reliability and consistency.

How SANEF is Financed:

The Shared Agent Network Expansion Facility provides a loan Facility of up to N500million which would be disbursed in tranches subject to satisfactory performance -  to Licensed Mobile Money Operators (MMOs) and Licensed Super Agents as Beneficiaries (Obligators). Single Obigator however can only benefit a maximum of N500,000 Loan.

The Loan Ternor is 10years at 5 percent interest rate.  Repayments shall be quarterly to CBN with moratorium of 2 years on principal and 1 year on interest.

Eligibility Criteria:

This is basically for the Licensed Mobile Money Operators (MMOs) and Licensed Super Agents

I. Obligors need to demonstrate capacity in agent network roll-out and  
management over a period not less than 6 months of commercial  

II. Obligors shall not have a non-performing facility under any CBN intervention

III. Verified existing and running technology infrastructure (software, hardware and processes) for agent management.

IV. Verified existing provision of the services stipulated in Section 2.

V. Verified existing agent structure presence in at least 10 states and 100 LGAs.

VI. Evidence of agent banking transaction and operations based on returns to the CBN and 6 months transaction data on the CBN’s Global Mobile Payments Regulatory and Monitoring Platform (GMPM)
VII. Certified Financial Systems platform application 

VIII. Payment Card Industry Data Security Standard (PCI DSS) Compliance or other relevant industry certifications (Optional)


Deposit money banks to process and forward applications of eligible companies and forward to CBN with the following:  

i. Roll-out plan and distribution across States

ii. Financial model and cost estimates

iii. List of services to drive financial inclusion

iv. Loan repayment plan Device details

vi. Corporate profile (including details of operation and current agent spread)

vii. CBN license

viii. Credit Report from at least two (2) Credit Bureaux

ix. Any other document that may be required by the Bank

In all of the Eligibility criteria and Documentation, N-power Beneficiaries  should not worry as the collaboration between the Federal Ministry of Humanitarian Affiars, Disaster Management and Social Development and the Central Bank of Nigeria is to smoothen the processes of engagement while relying on your Device and Digital Training freely dished out in the course of the N-power Program - the reason why were asked to "mention the skills you acquired during your N-power Program" in the NEXIT Record Update.

For more details on the Framework for Operation of the Shared Agent Network Expansion Facility (SANEF) as designed by the Central Bank of Nigeria, get the Portable Digital File here https://drive.google.com/u/0/uc?id=117RhdRk0yRRMLvXQpVIkwOXiEHmS4d-N&export=download

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  1. When all these N-Exit promises will arrive, we are stranded of waiting,pls. CBN ministry of humanitarian Disaster management,Min.of finance help us and provide us with support in time do we develop the business in time we are not doing anything All while,pls. Help us we have the business idea but we don't have financial support. Pls. Help us as God Almighty help you people.07061263949

    1. Pls. I have some typing errors on my comments bear with, thank you.


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