First Bank of Nigeria (FBN) Limited is partnering with The National Union of Road Transport Workers (NURTW) to establish agent banking services at bus parks across Nigeria. This was revealed at the inauguration of the First Bank Agent Banking and NURTW Partnership programme at the Jabi Motor Park in Abuja. This service, which was inaugurated simultaneously in six bus parks in Kano, Aba, Maiduguri, Lagos and Port Harcourt respectively, is aimed at bringing banking services closer to operators of commercial vehicles and commuters as well.
Speaking at the event in Abuja, the Deputy Managing Director of First Bank, Gbenga Shobo, who was represented by the bank’s Regional Head, Shehu Aliyu, said commercial motor parks in Nigeria are swamped with loads of economic and social activities. As a result, they are introducing the ‘Driver Savings Account’, which comes with a lot of benefits to encourage drivers to save and earn more. Drivers would also enjoy insurance coverage from FBN’s affiliate insurance firm.
He added that operator and commuters at the parks can now transact with ease to avoid travelling long distances with money and risk getting robbed.
NURTW President, Usman Yasin, spoke of the Union’s earlier plan about the programme and urged members of the group to take advantage of the opportunity.
Bringing banking services to the operators and commuters will be of immense benefit to all parties involved and a push forward towards achieving the World Bank Group’s Universal Financial access 2020 initiative. The goal is that by 2020, adults, who currently aren’t part of the formal financial system, are able to have access to a transaction account to store money, send and receive payments as the basic building block to manage their financial lives.
The ability to access a transaction account is a first step toward broader financial inclusion. A transaction account can also serve as a gateway to other financial services such as loans, insurance and better retirement planning, all of which can improve the overall quality of their lives.