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FCMB Agent banking started in the year 2014 with a revamped solution introduced in May 2017. The Agent Banking consists of a total of 44,000 agents as of July 2024.
Agent Banking is a simple, user-friendly, and cost-effective way of providing secured light banking services such as Cash deposit, Cash withdrawal, Fund transfer, Bills payment, Airtime Recharge, BVN enrolment, etc. to groups of people in a community, employing known and trusted existing retail business outlets in the same community.
It is a cost-effective solution designed to provide financial access to the unbanked and underbanked population. The national financial inclusion strategy is aimed at reducing financial exclusion to 20% by the year 2025 and Agent banking is part of the process to help achieve this target.
Agent Banking Outlets
Agent banking ‘outlets’ act as the locations where the un-banked or under-served persons transact. These outlets are owned by an individual or entity who will offer payment services to the customer and by doing so earn transactional income for the services they offer.
Services Offered
- Account Opening
- Instant Card Issuance
- Cash Deposit
- Cash Withdrawal
- Funds Transfer
- Airtime Recharge
- Bills Payment
- BVN Enrolment
- PIN Change