Following the CBN's approval in principle in January 2023, LibertyPay has been diligently working on several groundbreaking solutions that align with its commitment to promoting financial inclusion. Among these initiatives are Paybox360, LibertyLife, and Seeds and Pennies, each tailored to meet the varied demands of the Nigerian market.
Seeds and Pennies utilizes LibertyPay’s extensive agent network to offer business support grants through onlending solutions. By employing advanced technology for underwriting these loans, Seeds and Pennies significantly lowers the default rate while enhancing access to financing for small businesses and entrepreneurs.
This platform is vital in advancing the CBN’s financial inclusion objectives, ensuring that underserved communities can obtain essential capital with reduced risk, thereby stimulating economic development and empowering local enterprises.
Moreover, LibertyLife is a holistic insurance platform created in collaboration with NEM Health, aimed at providing affordable and accessible health insurance options for individuals, families, and communities across Nigeria.
It offers financial security during medical emergencies, along with flexible coverage choices, easy online registration, and access to a broad network of healthcare providers.
Paybox360 serves as a comprehensive business management solution that enhances operational efficiency in areas such as human resources, expenditure oversight, and inventory and sales management. It features real-time analytics, automated payroll processing, employee benefits including rent and asset financing, and sophisticated inventory management capabilities. With a commitment to 99% uptime and local customer support, Paybox360 empowers businesses to boost their efficiency and profitability.
This achievement further highlights LibertyPay’s dedication to promoting financial inclusion, as the company expands its offerings of cash deposits, withdrawals, bill payments, and money transfers through a growing network of agents. With the acquisition of the Super Agent License, LibertyPay is poised to enhance its influence and reach within Nigeria's financial sector.
Oladimeji Yisa Taiwo, Director of the Payments System Management Department at CBN, noted in the approval letter that the license entails rigorous compliance obligations. LibertyPay is fully dedicated to maintaining the highest levels of regulatory compliance, security, and service excellence.
Implications for Financial Inclusion in Nigeria
The issuance of the Super Agent License represents a significant milestone not only for LibertyPay but also for the broader Nigerian financial services sector. As a Super Agent, LibertyPay is empowered to recruit and oversee a wide network of sub-agents, facilitating the delivery of financial services to previously underserved regions. This initiative aligns with the CBN’s financial inclusion strategy, aiming to extend banking services to communities that have been historically neglected.
In reference to this noteworthy accomplishment, LibertyPay's Chief Executive Officer, Oritsetimeyin Igbene, expressed, “Receiving the Super Agent License is a testament to LibertyPay’s dedication to transforming Nigeria’s financial services landscape. Since our approval in principle in January 2023, we’ve been focused on developing innovative platforms like Paybox360, LibertyLife, and Seeds and Pennies, each of which addresses key gaps in business management, healthcare inclusion, and access to finance. These platforms, combined with our Super Agent status, empower us to continue bridging the financial gap and promoting inclusion for all.”
Established with the goal of transforming payment processing in Nigeria, LibertyPay provides an extensive range of digital financial solutions tailored for small and medium-sized businesses (SMBs), entrepreneurs, and consumers. Leveraging advanced technology and innovative services, LibertyPay has rapidly emerged as a reliable partner in digital financial transactions within Nigeria, dedicated to fostering inclusive financial growth by offering accessible and efficient financial products.