FBN Bank Ghana, as part of its banking strategy to bring financial services closer to customers, has continued to leverage new and evolving technologies to facilitate access to everyday financial services.
The First Bank of Nigeria Limited subsidiary in Ghana is demonstrating passion and commitment to broadening the opportunities and access to financial services for the unbanked and underbanked segment of our society with access to convenient and affordable financial products and services. The Bank is now scaling up its agent-banking project to complement its digital banking channels to increase access for financial services to customers.
The Managing Director of FBN Bank Ghana, Victor Yaw Asante, said that its network of agents will present a convenient and comfortable alternative for customers that require simple and easy to use digital channels. He noted that the bank’s agent banking project will go along with continuous innovation and a roll out of new and improved electronic ways of carrying out transactions within their communities. In a world of COVID – 19, these enhancements will promote physical distancing and the reduction of physical interactions of people, thereby guarding against the spread of the coronavirus.
Mr. Asante was concerned about the number of Ghanaians who do not have access to financial products and services, which hinders the financial inclusion process in the country.
According to World Bank’s Global Findex Database, Ghanaian adults with a registered financial account improved from 41% in 2014 to 58% in 2017. Also, in 2017, 54% of women had an account with a formal financial institution, compared to 58% for the general population and 62% of men, implying that there are still many Ghanaian adults who do not have accounts due to lack of access and other reasons.
He believes FBN Bank’s agent banking will help increase access to financial services and improve the financial inclusion.
The FBN Bank Managing Director recounted that agent banking helps individuals as well as families and opens up communities for economic growth. He also noted that it provides them with the ability to manage their resources and save money enabling them make the right financial decisions in an affordable, simple and secure way.
FBN Bank Agents are dotted in the Accra-Tema Metropolis to provide opportunities to individuals and businesses. This enables customers to access appropriate, affordable, and timely financial products and services like account opening, cash deposits, cash withdrawals and funds transfer, through the agents’ point of sale devices, the bank’s mobile app and the quick banking *894#.