NIPOST inks MoU with WorldThreeWords on addressing system

Mr. Adebisi Adegbuyi, post master-general, Nigerian Postal Service (NIPOST) has said that his agency has entered into agreement with ‘WorldThreeWords’, a UK-based company, to tackle the perennial issue around awkward ‘addressing system’ in Nigeria.

Also, would soon start financial services, to tap into lucrative remittances market.According to Adegbuyi, Nigerian migrant workers remit between $23 billion and $24 billion into the country adding that, “we stand to make a lot of money from remittances in Africa.

He said that NIPOST is committed to develop financial services targeted at the segment of the market.Adegbuyi said “That is the formal aspect, the informal sector has not been captured and our people pay 12 per cent on each of the remittances. When post office is involved they will bring down the cost of remittances.

“I appeared on global forum on investment, remittances and development in New York and we had a round-table on the role of postal operations in remittances. They can’t push Nigeria back because we have the number here.

“E-commerce is one area that is exponentially growing. People are buying stocks on line. If they are buying stocks online, necessarily those parcels must be delivered by an institution and the institution that is better placed to do that is of course NIPOST because of our reach, world. Another issue that is a problem all over the world is addressing system.

“The masters in that area are coming. We have signed MOU with WorldThreeWords, It is a UK based addressing solution company. We have signed MOU with Risket, it is a South African based company, they are bringing their expertise, technology and funds.”