NIGERIA:GTBank Partners Forte Oil on Agent Banking

JULY 30,2014.

Guaranty Trust Bank Plc (GTBank) said it has launched 'GTExpress', an agent banking service at all Forte Oil locations nationwide.

The bank said the move is part of efforts at bringing banking services closer to its existing and potential customers.

GTExpress is banking via agent locations such as supermarkets, schools, cinemas, markets and restaurants. It is an initiative to reach out to the underserved and unbanked segments of the population in a cost efficient manner through the use of non-banking retail outlets.

Through this partnership, a statement explained that GTBank would leverage the extensive reach of Forte Oil to further bring banking services such as account opening, cash deposit and withdrawal via ATMs, customer enquiries, bills payment and funds transfer closer to the people.
To this end, the bank has rolled out in 14 Forte Oil locations in Lagos, such as Surulere, Ikoyi, Ikeja, Festac, Mushin, Shomolu, Ikorodu Road, among others.

GTBank formally launched the service in November 2013 in Lagos and said it had recorded tremendous success at the location since inception.
Basic banking services and any other activity as the Central Bank of Nigeria may prescribe from time to time, can be carried out at these agent locations.

According to the Managing Director of GTBank, Mr. Segun Agbaje, “the unbanked sector of the economy presents a significant growth area for banks in emerging markets.

“Our objective is to offer banking products and services to this segment via non-banking outlets thus breaking down barriers to financial inclusion such as accessibility and cost. This is a great step in achieving a more inclusive financial services industry."

Also commenting, the Group Chief Executive Officer, Forte Oil, Akin Akinfemiwa said: “We are pleased with the GTBank partnership as it reinforces our vision of being a one stop shop whilst affirming the wide reach of our retail network.

“With this alliance our customers who patronise GTB will be able to reduce commuting time and cost in attending to their various needs.”