CBN-SANEF POS for Exited N-Power Beneficiaries Who Want to Be Mobile Money Agents

How To Become SANEF Agent With Just N10K in Nigeria

Last updated on August 6th, 2023 at 06:41 am


Unbelievably, you need just N10,000 to become a SANEF agent provided you meet other eligibility requirements. For exited N-Power beneficiaries, the Central Bank of Nigeria WILL provide the takeoff capital for you. Gbam!…You become CBN-Certified Mobile Money Agent in your community.

The difference between a super agent and an agent, we’ll tell you more in this post.

SANEF mobile money programme isn’t a new initiative by the Central Bank of Nigeria (CBN). It is one of the cardinal financial inclusion programmes launched by Nigeria’s apex more than two years ago.


But it became more popular immediately the Federal Government through the Ministry of Humanitarian Affairs announced that at least 200,000 former N-Power beneficiaries will be funded to become SANEF agents across Nigeria among other job options unveiled for the exited volunteers a few hours ago by President Muhammadu Buhari.

There are so many benefits attack to being an agent of SANEF. We’ll shed more light into them here.

But first…

What is SANEF?

SANEF is a CBN initiative that means Shared Agent Network Expansion Facilities (SANEF) aimed at driving financial inclusiveness among Nigerians.

SANEF is supported by other stakeholders in the monetary policies. They include Deposit Money Banks (DMBs), Nigeria Inter-Bank Settlement Systems (NIBSS), and Licensed Mobile Money Operators/Shared Agents.

Two types of agent

  1. Super Agent
  2. Agent

NOTE: Under the agent, 200,000 exited N-Power beneficiaries will be enrolled as an agent under this category.

Who are the Super Agents?

The super agents are companies who are already providing financial services across Nigeria. To make their role clear, the CBN came up with a guideline

List of SANEF Super Agents in Nigeria

  1. Xpress Payments
  2. Unified Payments
  3. Teasy Mobile
  4. MoniePoint owned by Team Apt
  5. ReadyCash owned by Parkway Projects
  6. Palmpay
  7. Paga
  8. mCashPoint
  9. LAPO Microfinance Bank
  10. Kadick Integrated Limited
  11. PayVice
  12. QuickTeller owned Interswitch
  13. KeshExpress owned by Innovectives
  14. Fetswallet owned by Fets Limited
  15. PocketMoni owned by E-Tranzact
  16. PayCentre owned by E- Settlement
  17. PayForce owned by Crowdforce
  18. NowNow owned by Contec Global
  19. Tingg owned by Cellulant
  20. Baxi owned by Capricorn Digital
  21. Cpay owned by C24 LIMITED
  22. Accelerex Network Limited
  23. 3Line
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CBN FrameWork for SANEF Super Agent

Eligible Activities

  • Only these expansion activities are eligible for finance:
  • Collection and submission of account opening and other related documentation.
  • Bank Verification Number capture.
  • Cash in and Cash-Out services.
  • Bill Payments.
  • Card payment and withdrawal transactions.
  • Collections and disbursements for individuals, corporates and governments.

Permissible Expenditures

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

  • Agent Recruitment and Training
  • Branding & Signage Fabrication / Fees
  • Signage Procurement and Installation
  • Localized Marketing cost
  • Device Acquisition for Agent transactions
  • Other Administrative costs
  • Any other activities as may be approved by the CBN

Type of Facility Allowed

  • Term Loan only with the following conditions:
  • Loan limit – N500million. Disbursements in tranches subject to satisfactory performance
  • Tenor – Maximum 10 years
  • Interest rate – 5 per cent p.a. (2% to CBN, 3% to PFI).
  • Repayments – Quarterly with moratorium of 2 years on principal and 1 year on interest

Eligibility Criteria for Super Agent

1) Obligors must have been in commercial operations for six months

2) They must have demonstrated capacity in agent network roll-out and management.

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

4) They shall not have a non-performing facility under any CBN intervention

5) They must have verified existing and running technology infrastructure (software, hardware and processes) for agent management

6) Evidence of agent banking transaction and operations based on returns to the CBN and six months transaction data on the CBN’s Global Mobile Payments Regulatory and Monitoring Platform (GMPM)

7) Certified Financial Systems platform application

8) 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:

  • Roll-out plan and distribution across States
  • Financial model and cost estimates
  • List of services to drive financial inclusion
  • Loan repayment plan.
  • Corporate profile (including details of operation and current agent spread) CBN license.
  • Credit Report from at least two (2) Credit Bureaux.
  • Any other document that may be required by the Bank
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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

4) Responsibilities of Borrowers

5) Adhere strictly to the terms and conditions of the Facility.

6) Utilize the funds for the purpose for which it was granted.

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

8) Repay loan as at when due

9) Comply with the Guidelines.

Exited N-Power Beneficiaries As SANEF Agent

It’s heartwarming for the 2016 and 2017 batch of the programme when it was announced that they have three job options to pick from.

One of them is being SANEF agent across the local government areas in the country. You’ll get your own POS and other equipment to enrol others for Bank Verification Number (BVN)

CBN will train the Exited NPower beneficiaries in the following areas:

  • Customer service,
  • Transaction settlement,
  • Liquidity management,
  • Anti-money laundering,

Functions of SANEF agent

You may want to ask: What will I be doing as SANEF agent. It’s simple: you will be a money transfer agent in your community.

The FG plans to enrol at least 200,000 beneficiaries as SANEF agent.

I’m sure you’ve heard about opay agent, paga agent, Interswitch agent and so, your functions are similar.

As an agent of SANEF here are the services you’ll be providing to your community

1) You will act as a local bank providing financial services

2) Open bank account to the people in your locality

3) Send money on behalf or your customers to their loved ones

3) Receive money for your customers from their family members from any part of the world.

4) Perform withdrawal services

5) Sell airtime online

6) Perform bills payment services like recharging of Dstv, gotv, star time etc


Ordinarily, an interested agent is required to have a takeoff capital of at least N10,000, and fill the registration form but you may not have to worry about this.

We gathered that the CBN plans to support you with an undisclosed amount to get started. But it’s going to be more than N10K, some are speculating N50-N100K.

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Let’s just wait for the right time!

Income potentials

According to the plan, a SANEF agent could make at least N100,000 or more per month depending on your location.

We gathered that arrangements are ongoing for effective collaboration with state governments and other stakeholders to ensure that former N-Power beneficiaries maintain viable income streams in the new arrangements put in place by the Buhari administration.

Benefits of becoming SANEF agent

1) You WILL get Income and commission from transactions carried out

2) Increased sales from additional foot-traffic

3) Social relevance to the community where you operate

Eligibility requirements for SANEF agent

  • N-Power registration number (for former npower volunteers)
  • Bank Verification Number;
  • Functional email
  • Bank account number;
  • Active phone number
  • Duly completed agent enrolment form
  • Proof of identity eg national ID, voters card, international passport

What should I do now?

Please don’t fill any form on the SANEF portal, for now, wait for the directive from the Ministry of Humanitarian Affairs for onboarding.

The onboarding form will be made available for you at the right time.


We urge you to get your National Identity Number (NIN) before disbursement begins to avoid fire brigade approach


1) SANEF is a project of the CBN, deposit money banks, Nigeria Inter-Bank Settlement Systems (NIBSS), licensed mobile money operators and shared agents with the primary objective of accelerating financial inclusion in Nigeria.

2) Onboarding of 200,000 former N-Power beneficiaries will help CBN achieve its financial inclusion drive.

3) It will reduce unemployment among Nigerian youth

4) As a SANEF partner agent, you become CBN-certified mobile money agent

5) As an agent, you will be placed under one of the super agents to carry out financial services.

6) You will also become BVN agent as you’d be trained on how to handle the machine for registration.

7) You’ll get your own SANEF POS (Point of Sale)

Got more questions? Share them with us


  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

4 thoughts on “How To Become SANEF Agent With Just N10K in Nigeria”

  1. Thanks for the update on SANEF Agent B-) activities; my question is can as a am Npower beneficiary would FG be a paying the cost agent monthly salary or it could depends on on what I you generate

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