Tuesday April 17, 2018/15: 49 /Wema Bank

Wema Bank Plc, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank ALAT, has introduced its agent banking service in Bauchi as it seeks to deepen its retail presence in the country’s informal economic sectors.

Agent Bank is a cost effective means used by banks to provide financial access to unbanked, underbanked, and branchless communities. This is the provision of basic financial services such as opening an account, depositing cash, withdrawing cash, transferring funds, paying bills, recharging airtime, etc., via third parties (agents).

Wema Bank has recruited four agents within Bauchi to support the continued retail push through its recently opened branch in the state. These agents have so far integrated more than 500 farmers and rural workers in the state’s informal agricultural sector as well as those residing in neighboring towns to the north.

According to Dotun Ifebogun, Head of Retail Banking at Wema Bank, Agent Banking offers a cost effective way to quickly expand the Bank’s presence and capture a largely untapped market of those operating in informal business sectors across the country.

“We believe this strategy greatly complements our retail expansion plan and ensures that we can target unbanked and hungry branch communities in a quick and cost effective manner,” Dotun added.

The Bank has successfully introduced banking agent services in all geopolitical areas of the country, with more than 600 agents (itinerant and fixed agents) serving clients.

Over the years, Wema Bank has continued to develop its retail capacity by providing solutions tailored to the lifestyle of its customers and designed to deliver value to all stakeholders.

Last May, the Bank launched ALAT, a digital bank that allows you to open a fully functional account without going to a physical branch. The Bank encourages savings by setting an interest rate of 10% on the savings target. ALAT customers can also save together as a group in a model similar to the popular Ajo or Esusu.

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