Banking
Access Bank Deploys Strategies to Dominate Agency Banking
By Modupe Gbadeyanka
Tier-one financial institution in Nigeria, Access Bank Plc, is not resting on its oars despite recently hitting a milestone of having 100,000 banking agents spread across the country.
The lender is planning to dominate agency banking business in Nigeria and to achieve this, it wants to further increase its footprint by having a minimum of 50 agents in each of the 774 LGAs across the country.
According to the bank, this is part of efforts to deepen financial inclusion, increase its customer base and deepen the wallet share of the banking population through the Access Closa agency banking platform.
In a chat with newsmen recently, the Group Head of Agency Banking at Access Bank, Ms Chizoba Iheme, noted that due to the limited number of financial institutions, especially in rural areas, Access Closa is Access Bank’s strongest retail channel used in providing banking services to a large population of unserved and underserved Nigerians.
“Our plan is to bank one in two Nigerians as this will see us increase our customer base and deepen our wallet share of the banking population.
“Going by the high youth and adult population, the resources of Nigeria’s financial institutions are being overstretched in providing physical and human resources and were unable to cope with gaps that existed in meeting banking needs of Nigerians hence the need for Agency Banking as envisaged by the Central Bank of Nigeria (CBN) in 2013,” Ms Iheme was quoted as saying in a statement from the lender on Wednesday.
“Therefore, agency banking helps financial institutions decongest crowded branches by providing a matching and more often convenient channel for their customers. In instances where reaching customers in rural areas is often highly expensive for financial institutions because transaction numbers and volumes do not cover the cost of a branch, agency banking helps in serving them,” she added.
The banker said becoming an agent has become a means to empower and reduce unemployment in Nigeria, noting that, “Our commission structure allows an agent to earn up to N500,000 and more monthly in commission including incentives and opportunities for agents to grow their business and partner with a reputable brand is an attraction to the Closa brand.”
Furthermore, on risks associated with agency banking in the country and how Access Banks moves to mitigate it, she added: “There are four major risks that we have identified. These are technological, legal, and fraud/reputational assets.
“Technological Risk, to prevent software and hardware failures, the bank is investing in new infrastructure with the capacity to absorb service disruptions that will have minimal impact. As part of our onboarding process, the bank’s agents are required to execute a service agreement that stipulates the roles and responsibilities of each party.”
“Also, agents are trained at the point of activation on Anti-Money Laundering (AML) and Terrorism Financing. This training also takes place every year to reiterate the dangers and consequences associated with fraudulent actions.
“Besides, the bank has set a maximum daily limit on the amount and frequency of transactions that can be performed by an agent. Lastly, a quarterly risk profiling exercise is carried out on all agents for effective management,” Ms Iheme added.
Access Bank is the leading retail bank in Nigeria with over 600 branches and more than 40 million customers. The bank offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demographic.
By Dipo Olowookere
About N130 million has been set aside by Stanbic IBTC Bank for 874 of its lucky customers in the Reward4Saving Promo season 4.
This year’s campaign, which was launched recently, has more cash prizes, providing customers even more chances to save and win big.
The promotion encourages Nigerians to develop a savings culture and reward their loyalty. Simply fund your new or existing savings or @ease wallet with a minimum of N10,000 for at least 30 days. The more multiples of N10,000 they save, the higher of their chances of winning.
To participate, eligible individuals must maintain a minimum balance of N10,000 in their Stanbic IBTC Bank Savings Accounts or @ease Wallet for at least 30 days to be automatically entered into the promotion.
Non-account holders are encouraged to open Stanbic IBTC Bank Savings Accounts and maintain a balance of N10,000 to participate. Winners will be selected through a transparent random draw process and receive exciting cash prizes ranging from N100,000 to N5 million.
To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from National Lottery Regulatory Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON).
The promo has won The Most Transparent Consumer Promotion Award, two years in a row at the Industry Awards.
The financial services provider in Nigeria said it created this campaign to reinforce its commitment to fostering a strong savings culture among Nigerians.
“We are committed to empowering our customers to achieve their financial goals.
“The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed a widespread circular claiming the country has introduced two new large denominations— N5,000 and N10,000 notes.
The apex bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter).
The alleged circular said the new notes were set for circulation from May 1.
Business Post gathered that the notes were generated with Artificial Intelligence (AI) showing the late Obafemi Awolowo, who is originally on the N100 note, on the N5,000 note and the late Nnamdi Azikiwe, originally on the N500 note, on the N10,000 version.
“The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management,” the viral circular widely shared online and falsely attributed to the CBN, stated.
The document further alleged that one Deputy CBN Governor, Mr Ibrahim Tahir Jr, justified the move as a way to reduce cash-handling costs while offering Nigerians more efficient options for larger transactions.
However, the apex bank refuted the claims, urging the public to verify information through its official website.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the CBN stated, emphasising its commitment to transparency and accurate communication.
In 2022, the apex bank announced the redesign of the N200, N500, and N1,000 notes with the new notes entering circulation on December 15, 2022. This initiative aimed to address issues such as currency counterfeiting, the prevalence of currency outside the banking system, and to promote a cashless economy.
According to the CBN, under then Governor Godwin Emefiele, said the redesigned banknotes feature enhanced security measures and updated designs to improve their durability and aesthetic appeal.
The CBN emphasized that introducing new designs aligns with global practices, where national currencies are periodically redesigned to combat counterfeiting and enhance security.
The old versions of these denominations remained legal tender and circulated alongside the new notes until January 31, 2023, after which they were phased out.
By Aduragbemi Omiyale
A tier-2 financial institution, Sterling Bank, has confirmed the introduction of a zero-transfer-fee policy for customers with immediate effect.
The bank has urged others in the banking industry to emulate this initiative, saying customers should not be overburdened with bank transfer charges.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” the Growth Executive Leading the Consumer and Business Banking Directorate at Sterling Bank, Obinna Ukachukwu, stated.
Recall that on April Fool’s Day, Sterling Bank announced waiving bank transfer fees for customers and many thought it was just a marketing prank.
But in a statement today, the lender reaffirmed that it introduced this policy to set a new benchmark for customer-focused banking in Nigeria by championing the cancellation of bank transfer charges.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
Under the new policy, Sterling Bank customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
This customer-first orientation is not new for the bank. During the COVID-19 pandemic, the company stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
“We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added.
Sterling Bank’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.
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