Wema Bank Introduces Agent Banking in Bauchi, Targets Informal Retail Sector

By InstinctBusiness Apr 17, 20180

Wema Bank Plc, Nigeria’s longest serving 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 footprint across informal economic sectors of the country.

Agent Bank is a cost-effective medium employed by Banks to provide financial access to unbanked, underbanked, and branch-starved communities. It is the provision of basic financial services such as Account Opening, Cash deposit, Cash withdrawal, Funds transfer, Bills payment, Airtime Recharge etc., through 3rd Parties (Agents).

Wema Bank has recruited four agents within Bauchi to support the ongoing retail push by its recently opened branch in the State. These agents have so far onboarded over 500 rural farmers and workers within the informal agric sector of the State as well as those residing in neigbhouring cities in the North.

According to Dotun Ifebogun, Head of Retail Banking at Wema Bank, Agent Banking offers a cost-effective medium to rapidly 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 complements greatly our retail expansion plan and ensures we can target unbanked and branch-starved communities in a quick and cost-effective manner,” Dotun added.

The Bank has successfully introduced Agent Banking services across all geopolitical zones in the country, with over 600 Agents (Roaming & Fixed Agents) serving customers.

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

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