Ecobank wealth creation using agency to drive entrepreneurship
Ecobank Nigeria says its mission of using agency banking to promote entrepreneurship, create jobs, and help Micro, Small, and Medium Enterprises (MSMEs) is bearing fruit, with over 32,000 Nigerians, including former employees and retirees, using the plan to make ends meet.
According to the bank, the agents were given the opportunity to create money and enjoy financial freedom in addition to assisting in the implementation of the bank’s financial inclusion policy in Nigeria.
This was revealed by Olanike Kolawole, Head of Agency Banking at Ecobank Nigeria, in response to media questioning in Lagos.
The customer experience, according to Kolawole, is excellent since customers can make simple deposits, payments, and transfers in their own neighborhoods rather than traveling for hours to a bank branch.
“All of this is part of our efforts as a bank to encourage more Nigerians to embrace entrepreneurship as the best strategy for overcoming poverty and addressing rising unemployment.
We are happy with our agency banking services providers also known as our Xpress point agents, knowing they are playing a critical role in helping us reach out to the unbanked and underbanked in the society.
They are bringing more people to the banking space through their services. They carry out financial transactions on our behalf and earn commission on every transaction processed.
Also, the Xpress Point is also a channel that is also being used for the deployment of national social intervention programmes of the government”. She stated
Nike Kolawole cataloged the services offered by the Xpress point agents as cash in, cash out, fund transfer, bills payment, airtime recharge, remittance and account opening, among others.
She said the services are available for “sole proprietors, partnerships, co-operative societies, microfinance banks, companies with large distribution network – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair saloon and others.
Ecobank boasts of a bouquet of digital channels comprising solutions aimed at delivering convenient, accessible and reliable financial services.
The USSD platform: *326#, makes it possible to open an Xpress account and Xpress Save account instantly.
The bank’s mobile banking app, Ecobank Mobile offers the option of generating a virtual card; this comes in handy as customers are continually turning to web payments for their shopping.
There is also the Ecobank virtual card, which offers the flexibility and convenience of creating a shopping card that is not linked to a customer’s account but is fully capable of carrying out online payments.
The virtual card can also be shared with loved ones as a gift card for their own shopping.