Access Bank Moves to Dominate Agency Banking

One of the leading financial institutions in Nigeria, Access Bank in its bid to enhance financial inclusion has noted its intentions to significantly increase its customer base and deepen wallet share of the banking population riding on its agency banking platform.

Access Bank agency banking ‘Access Closa ’ recently hit a milestone of having 100,000 agents currently spread across Nigeria as the bank further plans to increase its footprint by having a minimum of 50 agents in each of the 774 LGAs across the country.

Group Head, Agency Banking, Access Bank Plc, Chizoba Iheme, in a statement noted that due to the limited number of financial institutions, especially in rural areas, Access Closa is Access Bank’s strongest retail channel used in providing banking services to a large population of unserved and underserved Nigerians.

She said: “Our plan is to bank one in two Nigerians as this will see us increase our customer base and deepen our wallet share of the banking population.”

“Going by the high youth and adult population, the resources of Nigeria’s financial institutions are being overstretched in providing physical and human resources and were unable to cope with gaps that existed in meeting banking needs of Nigerians hence the need for Agency Banking as envisaged by the Central Bank of Nigeria (CBN) in 2013.

“Therefore, Agency Banking helps financial institutions decongest crowded branches by providing a matching and more often convenient channel for their customers. In instances where reaching customers in rural areas is often highly expensive for financial institutions because transaction numbers and volumes do not cover the cost of a branch, agency banking helps in serving them.”

Furthermore, she added that becoming an agent has become a means to empower and reduce unemployment in Nigeria.