Nigerian Fintech mobile money company, Funds and Electronic Transfer Solutions, fets, operators of Fetswallet on Wednesday commenced the immediate disbursement of N20, 000.
It was said that the N20,000 conditional cash will be transfer to the poorest and most vulnerable as directed by President Muhammadu Buhari in his address to the Nation on Sunday 29 March.
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It is however not clear to many Nigerians how the Minister of Humanitarian Affairs, Disaster Management & Social Development Sadia Umar-Farouk and her team arrived at the figure of those who are poorest and vulnerable in Nigeria.
Neither are many Nigeria sure whether the government has any mechanism in place to track down those who have collected the N20,000 and those who have not.
Despite the partial shutdown of retail operations by deposit money banks following the President’s directive restricting movements in some states, fets’ has been able to facilitate the timely physical cash transfer to the vulnerable as organised by the Ministry of Humanitarian Affairs, Disaster Management and Social Development at the Kwali Area Council of the Federal Capital Territory, Abuja.
The Minister, Sadia Umar-Farouk who was present to kick start the disbursement said: “due to the scourge of COVID-19, the Federal Government is giving out N20, 000 per person.”
She said further: “Because of this COVID-19, the vulnerable groups have to expand because we are aware that there are people who live on a daily wage.”
“We have directed immediate cash transfer to the poorest and most vulnerable households in the country,” she stated while carrying out oversight on the disbursement.
Having been responsible for processing transactions valued at hundreds of billions of naira to date, fets’ has since 2011 when it was licensed by the Central Bank of Nigeria as a mobile money operator continue to lead the pack among its peers.
Its platform now serves over 2 million customers for payment of bills, money transfers, airtime top-up, among others.
This disbursement further proves fets’ resolve to reach a greater number of the country’s unbanked population through the deployment of its financial technology (Fintech) tools to reflect convenience, reliability, affordability and most importantly, accountability.
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