The Shared Agent Network Expansion Facility (SANEF) framework from CBN


In an effort of the CBN to continuously empower Bank Agents and Mobile Money Operators to deepen financial inclusion in Nigeria and towards the attainment of the CBN financial inclusion goal of 20% financial excludability of eligible Nigerians. The Shared Agent Network Expansion Facility (SANEF) was introduced by the CBN in conjunction with the Body of Bank Chief Executives.

What is SANEF

It is a finance program targeted toward CBN-licensed Super Agents and Mobile Money Operators, to enable them expand their networks to deepen financial inclusion in Nigeria. The finance facility is expected to enhance the capacity of the operators to roll-out more financial access points across the 774 local government areas in Nigeria especially in underserved and unserved locations and to create jobs.

Eligible Activities

Only these expansion activities are eligible for finance:

1. Bank Verification Number capture.

2. Collection and submission of account opening and other related documentation.

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.

SANEF Permissible Expenditures

1. Associated cost for on-boarding of agents. Twenty five percent (25%) of the agents must be located in financially excluded areas particularly in the North Western and North Eastern States.

2. Agent Recruitment and Training

3. Device Acquisition for Agent transactions

4. Signage Procurement and Installation

5. Branding & Signage Fabrication / Fees

6. Localized Marketing cost

7. Other Administrative cost

8. Any other activities as may be approved by the CBN

Type of Facility Allowed

Term Loan only with the following conditions:

1. Loan limit – N500million. Disbursements in tranches subject to satisfactory performance

2. Tenor – Maximum 10 years

3. Interest rate – 5 per cent p.a. (2% to CBN, 3% to PFI).

4. Repayments – Quarterly with moratorium of 2 years on principal and 1 year on interest

SANEF Eligibility Criteria

1. Obligors must have been in commercial operations for 6 months and demonstrated capacity in agent network roll-out and management.

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

3. Obligor must have verified existing and running technology infrastructure (software, hardware and processes) for agent management

4. Obligor must have verified existing agent structure presence in at least 10 states and 100 LGAs.

5. 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)

6. Certified Financial Systems platform application

7. 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:

1. Roll-out plan and distribution across States

2. Financial model and cost estimates

3. List of services to drive financial inclusion

4. Loan repayment plan.

5. Corporate profile (including details of operation and current agent spread) CBN license.

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

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

SANEF Financing

1. The single obligor limit shall be N500,000,000 (Five Hundred Million Naira)

2. Loan will be disbursed through banks for on-lending to MMOs and Super Agents within the timeframe prescribed by CBN

3. The facility shall not be used to refinance/restructure an existing facility

Responsibilities of Borrowers

1. Adhere strictly to the terms and conditions of the Facility.

2. Utilize the funds for the purpose for which it was granted.

3. Make available records for inspection/verification by the CBN and banks.

4. Repay loan as at when due

5. Comply with the Guidelines.

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