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It is typical for people to encounter the need for light financial services in the course of living their daily lives, either to ‘transfer’ money to loved ones or creditors, withdraw money for spending or even save money they have no immediate need for, amongst others. When these needs arise they usually have to travel far, spend so much to get there or even reluctantly postpone these very important needs due to unavailability of such financial service points as and when required. In Nigeria, Banks have done a great deal over the past 100years in trying to bring their branches closer to the people but clearly this may not have been very effective as over 76% of the populace do not have access to banks (under banked), and many of the ones that do have access to banks do not always readily get services (under-served). 3Line has birthed a win-win solution for all key stakeholders on the Freedom Network. Our system is based on a POS based technology which promises to promote financial inclusion for the masses.
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The Freedom Network community is described as any group of people that physically visit a particular environment creating familiarity with the ‘focal point’ within the environment where some form of cash handling or financial transacting occurs. This positions the community to adopt various forms of financial services once a structured platform has been established to provide such services. Examples of communities include Schools, motor parks, bus stations, estates (residential or industrial), associations, eateries, petrol stations etc. One or several Freedom Service Points can be established to provide financial services to the community.
To become a merchant, call : + 234 1 271 4967 now.
3Line: Freedom Card® Scheme and Freedom Network® platform owner. 3Line provides the electronic platform, switch, processor, CMS and TMS technology on which transactions are processed. As the certificate owner, 3Line defines the rules governing the relationship between participants (i.e. issuer, acquirer, merchant bank, FN members) within a community.
Banks: Issues Freedom card to registered members of a community and performs settlement on their transactions. Maintains and manages float balances. This is in line with CBN Regulatory Framework.
Merchants: Manages the Freedom Service Point. He/she is trained to use the POS terminal to render light financial services to the community in which he maintains a focal point with considerable foot traffic. He/she is well known by the community members.
Freedom Network Members: Freedom Network (FN) members include customers participating in one transaction or the other at any authorized Freedom Service Point. These customers would have completed a FN membership KYC form and thus qualified to enjoy the benefits of Street Banking services.
Central to the Freedom Network Concept is the Freedom Service Point . This is the merchant location where light financial services are offered to members via a POS terminal. All Freedom Service Points are uniquely branded as such, to enable FN members’ easily identify spots where they can enjoy services.
FN members depending on the community in which they find themselves will be able to enjoy the following services at Freedom Service Point's:
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