Wema Introduces Agent Banking in Kano

Wema Bank Plc has introduced agent banking in Kano as it seeks to deepen its retail footprint across the North-western states and to drive financial inclusion within the entire northern region 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, fund transfer, bills payment, airtime recharge, among others, through third parties.

Wema Bank explained in a statement that it was keen to rapidly expand its presence across the state and capture the larger market by employing agent banking to recruit at least one agent in each LGA.

It stated that already, 13 fixed agents had been engaged and trained by the bank.

“These agents will support the bank’s aggressive push to capture the retail market by banking small and micro businesses as well as informal workers and rural dwellers,” the statement added.

According to the Head of Retail Banking at Wema Bank, Dotun Ifebogun, Kano offers the bank a strategic inroad into an attractive economic region in the North-west.

“Leveraging agent banking helps the bank to meet two strategic objectives; support the central bank’s financial inclusion drive while using 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,” he said.