Nigeria: FCMB commences Agent Banking

Money Transfer

As part of efforts to encourage the huge number of unbanked and underbanked Nigerians living in rural communities, First City Monument Bank (FCMB) has launched an agent banking system in Otta, Ogun state.

Agent banking, which is aimed at promoting financial inclusion is to provide banking services to the people in Otta through point of sale (POS) terminals that enables customers open account instantly and obtain an ATM card as well as to deposit their money.

Speaking at the event held in Otta, the Executive Director, Lagos and South West Region, FCMB, Mr. Olufemi Bakre, said the initiative is to support the central bank’s financial inclusion initiatives aimed at reaching out to millions of the unbanked Nigerians in the financial system and also empowering them to become economically viable.

He explained that the agents would carry out basic banking activities including account opening, deposit, withdrawal, money transfer from account to account, payment of bills like DSTV, GoTV, electricity bills and also airtime top-ups on phones.

“All of these would happen at the agent shop/premises. An agent is someone with an existing location/address (shop, kiosk or office). This can be a chemist, supermarket, market stall, internet café, barber’s shop and provision stores among others,” he added.