Polaris Bank unveils agency banking solution

As part of its digital banking strategy, 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 Nigeria.

A statement said the Polaris agency banking solution, 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.

Research showed that lack of accessible financial service points was a key factor responsible for Nigeria’s high financial exclusion rate, it stated.

The Chief Digital Officer, Polaris Bank, Mr Dele Adeyinka, said, “The introduction of SurePadi is 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 added, “With Nigeria’s financial exclusion rate currently at 36.8 per cent according to CBN, the goal of achieving 20 per cent this year to close the exclusion gap of 16.8 per cent 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 as an agent, one of the benefits is that it provides a means of earning additional disposable income.”

Agency banking service is a convenient way of providing limited banking services to customers through the use of agents who usually were non-traditional bankers or banking businesses, it stated.

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