Fidelity partners NIPOST on agent banking

In order to further deepen financial inclusion in the rural areas, Fidelity Bank has entered into a collaboration with Nigeria Postal Services (NIPOST) to bring banking services directly to Nigerians in 266 rural communities.

At the launch of integrated banking services between Fidelity bank and NIPOST in Abuja Thursday, Deputy Managing Director of Fidelity Bank, Mr Mohammed Balarabe said a deal between the two parties was as part of their financial inclusion strategy.

Balarabe disclosed that through the collaboration, bank customers regardless of the bank they use can use POS, deposit into any bank operating in Nigeria, withdraw from any bank account in Nigeria, engage in ATM transactions, transfer to any bank account, carry out payment services like taxes, rates and levies; school fees; electricity bills and satellite television subscriptions.

Post-Master, General of the Federation (PMG) and Chief Executive Officer of NIPOST Mr Bisi Adegboye in a speech said NIPOST has come back to life to fulfil its Corporate Social Responsibility.

“The internet has taken away the old ways of making money from NIPOST but has also opened exponential opportunities by leveraging on new technology and ICT to tap into current trends of transactions like online purchases.”

He also disclosed NIPOST’s plans to give every Nigerian a digital address that will make easy for to access credit and resolve issues surrounding identity management.

He said: “This partnership also avails Fidelity Bank the opportunity to expand its network using the over 1800 post office facilities nationwide to take banking closer to the people in line with the Federal government’s Financial Inclusion policy which places high premium on providing financial services to the under-banked and unbanked populace, who work in the informal sector of the economy without or less access to financial services.

“The integrated Agency Banking services incorporate the collections of a treasury single account (TSA) on a single platform.

With this development, it means that NlPOST customers can also get banking services in the Post offices nationwide and can deposit and withdraw money, including payment of bills for utility services in Post offices where these services are available without stress.”

Speaking earlier in a welcome address, NIPOST General Manager, Finacial Service, Mr Mukhtar Baba had disclosed that government was determined to bring every Nigerian into the formal economy because those without access to banking services cannot have access to funding for their endeavours. He explained that CBN and NIPOST had been partnering on financial inclusion.

“This partnership between NIPOST and Fidelity Bank will make financial services available to Nigerians especially in rural areas”, he stated.