Polaris Bank has introduced its Agency Banking Solution to serve as a vehicle to reach the unbanked and underbanked, as well as deepen financial inclusion across the country.
The product known as ‘SurePadi’ was designed to provide convenient and easy access to funds and other banking services in far-flung neighbourhoods, through partnerships with existing and new retail outlets.
Polaris Bank Chief Digital Officer, Dele Adeyinka, said the introduction of SurePadi was in line with our plan to deepen financial inclusion by serving the huge unbanked and underbanked population, especially in locations where basic banking services are far from reach.
He further stated: “With Nigeria’s financial exclusion rate currently at 36.8 percent according to CBN, the goal of achieving 20 percent this year to close the exclusion gap of 16.8 percent is also a factor driving our SurePadi Banking Solution.”
“The SurePadi banking solution is also one of the ways we are helping to reduce unemployment in the country because when you sign up an agent, one of the benefits is that it provides a means of earning additional disposable income,” he added.
Agency banking service is a convenient way of providing limited banking services to customers through the use of Agents who usually are non-traditional bankers or banking businesses.