Connect with us

BUSINESS

Financial inclusion: Access Bank targets 65m customers by 2022

Published

on

Determined to boost financial inclusion, Access Bank Plc says it is targeting a customer base of 65 million by 2022, through financial digital products.

Chinedu Onuoha, Access Bank Head, Business Development and Planning, gave the figure at the unveiling of ‘Access Money Wallet’, a product introduced to drive financial inclusion in Lagos on Friday.

Onuoha said that the bank was targeting a minimum of 65 million customers by 2022 which would be driven through financial solutions.

He said: “We have about 30 to 31 million customers presently, by 2022 we intend that we will have a minimum of 65 million customers, and the effort to drive the figure is through financial solutions like Access Money Wallet.”
Onuoha, who is also Chairman, Association of Licensed Mobile Payment Operators, said “all the statistics shows that a good number of Nigerians don’t still have access to financial services”.

He said that the bank, from time to time, reviewed processes to drive the financial inclusion drive of the Federal Government by ensuring that all Nigerians, especially adults, had access to financial services.

He stated: “What we do from time to time is to see what is it we can do or change; and operate differently from the way it is being done today  to induce these Nigerians to financial services and also to bring these services closer to them.”

Onuoha explained that financial services accessibility was the key issue in ensuring financial inclusion.

Speaking on Access Money Wallet product, he said that the product was designed for customers who had abandoned their accounts because of inability to provide the needed Know Your Customer.

He stated: “Access Money Wallet is a different type of account which we make available to or design for customers who for some reasons do not have all that is needed to provide for KYC for other types of bank account.

“There are some accounts that you want to open they will ask you to bring utility bill and address, among others.

“But we know the peculiarities of our country Nigeria, some Nigerians are good citizens who work every day to earn a living but don’t have places where you have utility bills and addresses.

“What we have done with Access Money Wallet is to say just come, give us your name, give us your date of birth, give us your gender and your age.
“And once you are an adult and a legitimate citizen we will give that wallet. It’s an account that allows transactions to be done through the mobile phone or also by going through our agents outlets across the country.

“So, that is what we are trying to do with Access Money Wallet to deepen the financial inclusion.”

According to him, the bank has in the market the highest number of  financial inclusion customers of roughly 18 million customers.

He said: “What we discovered over time is that due to the way the market is operated and due to do some regulations that come from time to time a good number of these customers do not meet some requirements for operating properly the way accounts traditionally were been operated.

“Some of them pulled back and stayed back, our recent campaign is to tell them that we have a solution to it.

“We have roughly about 15 to 18 million customers who are financial inclusion customers, the current campaign is to make them reactivate their accounts.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Awoof Berekete: Access Bank launches campaign to promote electronic services

Published

on

Leading Nigerian retail bank, Access Bank Plc, has launched a campaign to promote its Access Mobile Wallet service.

Tagged Awoof Berekete, it is a savings reward scheme, which runs from August to November 2019.

During the period of the campaign, customers who use their Access Mobile Wallet to make transactions will be rewarded handsomely.

Customers can get 20% cash back up to N1,000.00 when they purchase airtime via Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

Head, Business Development and Planning at Access Bank, Chinedu Onuoha, said: “We are the largest bank in terms of customer base. Cumulatively, we have about 30 to 31million customers. By 2022, we intend that this should be a minimum of 65million customers and to achieve this, we came up with Awoof Berekete, which is another way to reward our customers.”

“Awoof berekete intends to encourage those whose accounts have been dormant or inactive due to various reasons – insufficient documentation, BVN etc. Customers will get 20% cash back up to N1,000.00 when they purchase airtime on their Access Money Wallet as well as receive 10 times their initial deposit (up to N10,000) when they fund their Access Money Wallet and save for 7 days.

Further, he stated that: “What we are essentially doing incentivizing them (customers) to be more productive.

Sometimes you pay N200 as transport fare to go and pay somebody N2,000. What we are saying is that you can stay in the comfort of your home and do that transfer; also that market woman on her way home can drop the vegetables for you. Those kinds of things can happen and help people promote efficiency and also make them live better lives.”

The Access Mobile Wallet is an electronic wallet service which allows users to save, transfer, and receive money. It provides access to a wide range of financial services offered by Access Bank and access to all the Bank’s branches and agents nationwide.

Continue Reading

BUSINESS

FirstBank supports educational institutions with FirstEdu

Published

on

FirstBank MD, Adeduntan

The premier and leading financial services provider, First Bank of Nigeria Limited, has announced its educational solution – FirstEdu – specifically designed to enhance the educational facilities in schools. The FirstEdu product includes FirstEdu loan and FirstEdu portal.

FirstEdu loan is targeted at private Nursery & Primary and Secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead of competition at all times.

The product enables the schools to access facility with no tangible collateral, apart from domiciliation of school fees account with the Bank.

In addition, FirstEdu portal is a modular and robust web-based enterprise portal that enables Tertiary educational institutions manage academic, administrative, professional, logistics and payment challenges. The basis for its robustness is to take the stress of logistics, administrative and payment challenges off the institutions, as they focus on meeting their year-long, medium and long-term objectives.

The product features and benefits include; e-Learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic & student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers. It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; no licensing, installation and maintenance cost and plugs avenues for revenue leakages amongst others.

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “with FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire. With over N5 billion loans already disbursed to schools this year alone, we are committed to supporting growth in this key sector of our economy.”’

For further information on FirstEdu, visit the FirstBank branch nearest to you or contact us on our social media channels.

Continue Reading

BUSINESS

CBN okays AIP to 3 payment service banks

Published

on

In line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment, the Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs).

The three institutions issued approvals in principle to operate as Payment Service Banks are Hope PSB, Money Master PSB and 9PSB.

This was disclosed in Abuja by the Director, Corporate Communications Department of the CBN, Isaac Okorafor, who explained that the approval in principle was part of the processes the institutions had to fulfil in order to be granted license to operate as fully-fledged Payment Service banks.

According to Okorafor, the decision of the CBN to issue the AIP to the applicants followed the institutions’ satisfaction of documentation and other laid down conditions.

Sequel to the issuance of the AIP to the three banks, he said they are expected to submit their respective applications for the grant of a final licence, not later than six months after the AIP.

Speaking further, he disclosed that the CBN code of corporate governance for banks would also be applicable to the PSBs.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending