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Fidelity Bank, NIPOST Partner On Integrated Agency Banking

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Fidelity Bank PLC has launched a 266 new Integrated Agency Banking and Treasury Single Account (TSA) collections project in collaboration with Nigerian Postal Service (NIPOST). The collaboration is targeting over 1,400 other locations across the country in a short time.

The launching of the Agency Banking is part of efforts to extend financial services at affordable costs to sections of disadvantaged and low-income segments of society. The integrated Agency Banking services incorporate the collections of a TSA zero percentage 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. The collaboration is an added impetus to NIPOST’s revenue drive as it would no doubt boost our revenue profile in addition to tradition postal services, said postmaster general of the federation, Barrister Bisi Adebuyi.

Deputy managing director, Fidelity Bank PLC, Mohammed Bararabe, said the project is in line with the bank’s strategy for financial inclusion. He noted that 60-70 per cent of the nation’s population is unbanked.

“We collaborate with NIPOST to deploy banking services to all corners of the country,” he said, adding: “We will start with 266 locations in the pilot phase. We are targeting 1,400 locations for this project, but for now, we are beginning with 266 branches as pilot centres before we expand the scope. Fidelity will work through this and ensure that more of the locations are open to deepen the initiative.”

According to Adebuyi, the new project has the potential to increase the revenue base of NIPOST and enhance the savings culture of the rural dwellers as well as help in mopping excess cash from rural communities, help to drive government’s financial inclusion policy and facilitate funds’ transfer between citizens for mutual benefit’’.

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