NIGERIA:FCMB, 3line boost agent banking

JULY 30,2014.

PUNCH.

First City Monument Bank Plc and 3line Card Management Company have collaborated to promote the Central Bank of Nigeria’s cashless initiative.

Specifically, 3line said it was powering FCMB’s agent banking services.

The Executive Director, South-West, FCMB, Mr. Femi Bakre, said at the inauguration of one of the bank’s agent banking service centres in Sango-Ota, Ogun State last week that the lender was committed to the agent banking model

“It is in line with our promise to our clients that you won’t labour before you get selfless services from FCMB. Our plan is to ensure that pain is taken off you. The bank already has eight agents in Lagos and we have plans to roll out 4,600 agents within two years,” he explained

The agent banking centre is located inside Kuntel Pharmacy in Ota.

The executive director noted that the agent banking centre would offer customers of the bank the opportunity to enjoy services without necessarily visiting the conventional banking halls.

Meanwhile, the Director, Business Development, 3line Card Management, Mr. Femi Omogbenigun, explained that the flexibility of the solution had enabled FCMB to meet its objectives of extending financial services to under-served Nigerians, while leveraging on a cost-effective and efficient electronic payment and processing infrastructure.

He said, “FCMB customers are able to open bank accounts with instant issuance of ATM cards and activate the cards at the agent location for cash deposit, withdrawals, funds transfer, bill payment, airtime recharge and government revenue collection.

“Along with the agency banking solution, a daily thrift collection product is also included. This product enables customers to make daily contributions, which they are able to cash at the end of the specified savings cycle.

“The thrift product automates the traditional esusu and gives customers the ability to manage their funds. Customers are able to check their balances at any ATM and agent terminals, but they are not able to withdraw until the end of their saving cycle. This takes out the inefficiencies of the traditional model fraught with cash suppression and misappropriation of funds by the thrift collectors.”

Over the years, 3line has developed solutions targeted at the unbanked and under-banked community. The company was the first e-payment firm in Nigeria to launch agency banking after the CBN issued it a licence.