150, 000 Nigerians to benefit from Interswitch empowerment initiative

Wednesday, September 7, 2016

The economic and social development of a country is largely dependent on the productive employment of its working age population. Empowering our working age population will improve their lives as well as allow them to contribute meaningfully to Nigeria's national development.

The Nigerian Bureau of Statistics (NBS), in its latest report, stated that Nigeria's employment crisis worsened in the first quarter of 2016, with unemployment rate rising to 12.1% in March Quarter of 2016, up from 10.4 percent in the fourth quarter of 2015, reaching the highest since December of 2009. The number of unemployed persons rose by 18 percent to 9.485 million.

Meanwhile, youth unemployment increased to 21.5 percent from 19 percent.

Multiple sources, such as the Trading economics, have estimated that Nigeria's Unemployment Rate is projected to trend around 12.56 percent in 2020. This is why there is an urgent need for the private sector to support the government's efforts in creating empowerment platforms and opportunities for its working population.

It is on the backdrop of such projections, that in July 2016, Interswitch formally launched its latest initiative, 'Quickteller Paypoint', with an aggressive target to build a network of over 150, 000 active Agents by 2020.

Set up to improve access to financial services for the unbanked and under-banked Nigerians, by bringing a rich bouquet of financial services closer to them. This will be a one stop service point where consumers are able to pay bills, initiate funds transfer, top up airtime, receive funds, etc. To achieve this, Quickteller Paypoint will in the next 5 years empower over 150,000 Nigerians, by building a vast network of Agents across the country who would act as Paypoint Agents.

With cost of living on the rise, disposable income dwindling, and unemployment rates rising, Quickteller Paypoint seeks to provide enterprising Nigerians with a stable source of income for the unemployed, and an additional source of income for the employed.

The double arrow benefit that comes with rolling out Quickteller Paypoint is enormous and exciting. An initiative that seeks to offer thousands of Nigerians the opportunity to earn additional income, create job opportunities for the unemployed across the country, and promote private enterprises, as well as influence the economic behaviors of the unbanked and under-banked, will no doubt contribute immensely to the socio-economic development of Nigeria.

Interswitch's commitment to promoting a financially inclusive ecosystem, where no one is left out and access to financial services is available for all, has only been reiterated with the introduction of Quickteller Paypoint.