Innovectives Begins Agency Banking with Kesh Express

Innovectives has announced plans to roll out its agency banking services in six states of the federation, with over 1000 agents through its brand identity, called Kesh Express.

The company said it would launch Kesh Express in the coming week to drive agency banking, which is another form of payment channel that will complement other channels of electronic payment system, designed to further drive cashless policy of the Central Bank of Nigeria (CBN).

Speaking at a forum in Lagos, where the process of financial transaction with agency banking was demonstrated by Innovectives, its technical partners, RedCloud Technology and TSI Global Technologies said all the technicalities needed to achieve a successful agency banking with Kesh Express have been built into a solid platform for the rollout of Kesh Express.

The Chief Executive Officer, TSI Global Technologies, Mr. Tunji Agbaje, described TSI as an experienced technical partner to RedCloud Technology in Nigeria, with a role to provide the technical support needed for Innovectives to drive agency banking in Nigeria through Kesh Express.

“Since we represent RedCloud in Nigeria, we provide technical support, using the RedCloud technology solution. We are working closely with RedCloud to provide the much needed technical support that our clients may need,” Agbaje said. Speaking on the issue of interoperability and security, Agbaje said the TSI solution would address the issue of interoperability in a highly technical way.

“We already have about six banks on our platform. But any bank customer can do financial transactions with us, even when the customer’s bank is not registered with our super agent, which is Kesh Express. So long as the bank is connected to the Nigeria Inter Bank Settlement System (NIBSS), we can move money to the bank and from the bank because we have a solution that is highly interoperable,” he said.

He said various security layers have been built into the system that address the issue of online security. According to him, aside the security layers, Kesh Express would only register agents on its platform that already have an established business and such agent is already known in the community, to avoid using agents who had no prior business and could be tempted to abscond with depositors money.

The Chief Technical Officer, Innovectives, Kevwe Ogomigo, who gave full details of the operations of agency banking, said it operates ‘cash in’ and ‘cash out’ financial transactions.