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Why we introduced agency banking, by Ecobank

By Chijioke Nelson
13 June 2016   |   1:25 am
The pursuit of increased retail distribution network has been unveiled as one of the most important reasons for Ecobank’s foray into the Agency Banking business.
Ecobank

Ecobank

The pursuit of increased retail distribution network has been unveiled as one of the most important reasons for Ecobank’s foray into the Agency Banking business.

Besides, the bank has disclosed that with the service, it would provide basic banking services to its customers as well as offer payment services such as bank transfers, bill payments and airtime top-up to the general public and affordable prices.

The agency banking model designed by the Central Bank of Nigeria (CBN) is a financial inclusion strategy to make banking services available to the general public, with cost reduction uppermost.

According to the Head, Cards and e-Banking, Ecobank, Ayotunde Kuponiyi, agency banking is a part of the bank’s distribution strategy to take banking service to the door-step of the customer, adding that, it offers greater convenience and accessible financial services in a cost effective and secure manner

It would be recalled that Ecobank introduced Agency banking service early in the year.

The agent partners are already offering this service in Lagos at Buymore Supermarket chain in Agungi-Lekki, Kilo in Surulere; Ikeja GRA; Kenzo Retail Supermarket chain in Lekki, Festac and Apapa; and Save-a-Lot Supermarket in Egbeda.

Banking services provided by the agents banking locations include opening Ecobank Quick Account, cash withdrawal and deposit into Ecobank accounts; funds transfers into any bank account in Nigeria, bills payment (utilities, cable subscription, mobile phone airtime top up, among other services.

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