Ecobank Reveals They Use Agency Banking To Drive Entrepreneurship & Wealth Creation

Ecobank Reveals They Use Agency Banking To Drive Entrepreneurship & Wealth Creation

Eco bank has stated that it’s a vision to provide funding to support micro, small and medium enterprise (MSME), provide employment, drive entrepreneurship by using agency banking scheme is yielding profits, not less than 32,000 people comprising of their former staffs, farmers and retirees have used the scheme to sustain their everyday living.

According to the bank apart from helping to drive its financial inclusion strategy in Nigeria, the agents were empowered to create wealth and enjoy financial freedom.

Head of Agency Banking, Ecobank Nigeria, Olanike Kolawole stated this while responding to media questions in Lagos.

According to Kolawole the customer experience is very good as customers can do simple deposits, payments, and transfers in their neighborhoods rather than travel for hours to a bank branch.

“These are all parts of our efforts as a bank to help more Nigerians embrace entrepreneurship as the best strategy to tackle poverty and address growing 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 society.


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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 a channel that is also being used for the deployment of national social intervention programs 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 networks – 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 comfort of establishing a purchasing cart that isn’t always tied to a client’s account however is solely certified for completing on-line bills.

The virtual card can also be shared with cherished ones as a present card for their buying.

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