Keystone Bank Partners NIPOST, Launches Agency Banking Platform

Peter Uzoho

As part of efforts to bring more Nigerians into the banking system, Keystone Bank Plc has signed a partnership with the Nigerian Postal Service (NIPOST) and IONEC Limited, to provide agency banking services to its existing and intending customers.

The initiative has been christened ‘KeyServ’.

Under this partnership, KeyServ offers services such as Account Opening, Bills Payment, Cash-In, Cash-Out, ATM Services, Fund Transfers, Balance Enquiries, ATM cash withdrawals, Mini Statements and a whole lot more.

The platform seeks to leverage on NIPOST’s networks and locations across the country to provide access to financial services to many

Nigerians, particularly youth and rural dwellers who are excluded from financial services.

The platform is a complementary effort of the bank towards encouraging the financial inclusion drive of the Central Bank of Nigeria (CBN).

Under the arrangement, NIPOST will through its Post Outreach system, provide outlets in different locations using people’s houses as offices for banking services while the house owner becomes an agent of the bank.

IONEC Limited on the otherhand, acts as the technical partner providing the needed technical input for the success of the

operation.

With its agency banking already operative in Lagos, Kano, Edo and other states in the country, the bank has made ATM machines available

to enable customers in the locations withdraw and deposit money with ease.

Speaking during the launch of the platform in Lagos, Managing Director, Keystone Bank Plc, Mr Obeahon Ohiwerei, said the three

partners had through the initiative, succeeded in democratising banking in Nigeria, stressing that with the agency banking, the bank can be able to take banking services to everywhere in the country.

“This is just a simple solution that is riding on the platform of NIPOST. So, we’re going to replicate this action, riding on this collaboration to take banking services to every state, every local

government, and every area in Nigeria. And what it means is that the country itself stands to benefit largely from it,” Ohiwerei said.

He added: “And we heard that about 40 million adults are not banked today in Nigeria. So, what does that tell you? If we’re able to attract

half of that using this platform, and each person banks an average of N10, 000, it then means that you have fully 200 million into the

banking system and that has several implications for the society.

“It means that if such money is available it can be applied to the key sectors of the economy – we can lend more money; we can provide more

services.”

Also speaking at the event, the Post Master-General of Nigeria, Mr. Bisi Adegboye, said the partners would use the mutually beneficial

platform which rides on technology to ensure that more Nigerians were

captured.

“The philosophy behind it is that Keystone is the principal. Whatever you can do in any of the Keystone branches in Nigeria, we can help you

to do it in any of our locations. What we are providing them is our networks in the country,” Adegboye said.

He explained that the agency banking window provided by the bank would in no small way benefit people living in the rural areas.

“Going by the demographical architecture of this country, the greater percentage of this country live in the rural areas. I know what our people in the rural areas go through.

“They are underserved, they are unbanked, they are excluded from the formal financial ecosystem that the elites of this society operate. They will benefit greatly from this platform.”

Lending his voice, Managing Director, IONEC, Mr. Kelechi Dozie, said: “This tripod will not be here without NIPOST and without the vision of

Keystone Bank. When we started this journey with NIPOST over a year and half ago, we needed a bank that has a vision to believe in

bringing services to the poor, the financially excluded and the unbanked, and that bank is Keystone Bank.”

Also, speaking at the launch, the ED Corporate Banking & South, Keystone Bank, Yemi Odusanya, added that “with this scheme, customers, especially in the rural areas will enjoy unfettered access to banking services. As at today, we have about 106 approved agents across the country.”