Communication Ministry proposes establishment of NIPOST Bank

The Nigeria Postal Services, (NIPOST) may soon offering banking services if the proposal of the Communications Minister, Mr Adebayo Shittu to President Muhammadu Buhari is approved.

The Minister revealed that the President’s approval being sought to establish a NIPOST bank, would enable the bank serve millions of Nigerians in the rural areas.

If President Buhari agrees, the new NIPOST bank may become Nigeria’s largest bank by branch network with 1,500 postal agencies across the country serving as financial services outposts.

The Minister said that President Buhari has asked the Attorney-General to look into the proposal to set up NIPOST Bank, similar to the Japan’s Postbank, offering people-based financial services like bureau de change alongside postal services.