Headline: Financial Inclusion: Banking on Retail Agents in Nigeria

Monday, March 17, 2014

Given the high percentage of the unbanked population in the country, there have been a lot of initiatives targeted at bringing more people into the banking system.

Today, Nigerian banks are increasingly developing products that support the financial inclusion initiative of the Bankers’ Committee, one of which is retail agency.

Access to financial services is a fundamental tool for managing a family’s well-being and productive capacity as well as an indicator for economic growth.

Nevertheless, in order to achieve improved participation in the banking system, financial institutions have started adopting systems that would support low-value, high volume transactional environment and to build retail networks of customers.
This system which is being promoted through the agent banking channels, according to experts, would remove the barriers to banking.

Source: This Day Live (link opens in a new window)

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branchless banking, financial inclusion, financial innovation