3Line Card Management Limited, at the weekend in Lagos, redefined the concept of banking by launching street banking through its Freedom Network which it said will take care of the huge number of the unbanked in the country and further help push the idea of a cashless society. The firm which is Nigeria's premier electronic payments processor for low value transactions, has become the first and only e-payment company to design a bouquet of network services for the bottom of the pyramid. According to the firm's statement, “Freedom Network is a community of banks, service providers, government agencies and merchants that offer instant financial services such as cash withdrawal, money transfer, airtime top ups, ticketing, payyas you-go vehicle insurance and utility bill payment at authorized retail shops and Freedom Network service points within neighborhoods.” The brand's objectives include the provision of a single, common platform to provide street banking services to stakeholders, provide financial inclusion for the informal sector, bridge the gap between users and providers of financial and non-financial services in Nigeria as well use cost-effective technology to provide Nigerians affordable financial services within communities. Funke Ade-Ojo, general manager of the firm explained that the Central Bank of Nigeria (CBN) gave its approval to the initiative, stressing that its network “conforms with the CBN's regulatory framework as it pertains to e-payment in the country.” According to her, based on CBN's directives, the company “designed, developed and implemented a pre-banked model for both merchants and customers, which provides needed anti-fraud guarantees for all stakeholders and participants on the Freedom Network.” She added that the aims of Freedom Network are to bring about and expand the aspiration of Nigerians in the under-served and un-served areas through the availability of a secured platform and infrastructure that is open to all. BM
