Financial inclusion: Ecobank partners AMfB on money transfer

Ecobank Nigeria Limited has entered into a partnership with Accion Microfinance Bank (AMfB) to introduce Western Union Money Transfer Remittance services in some of its locations.

Speaking at the flag off program in Lagos, Deputy Managing Director, Ecobank Nigeria, Mr. Anthony Okpanachi, described the partnership as strategic and laudable, saying it is a proof of Ecobank’s commitment towards extending financial inclusion services to the individuals beyond its branches.

Okpanachi said that the collaboration will enable AMfB customers in the selected branches have access to Western Union’s services provided by Ecobank, saying, “This is part of Agency banking which Ecobank pioneered in Nigeria. We believe this partnership will be mutually beneficial to customers of both financial institutions and this will also enhance the financial inclusion programme being championed by the Central Bank of Nigeria (CBN), knowing that microfinance customers fall within the ambit of the mass market that is being encouraged to embrace formal banking relationships.”

Managing Director/CEO, AMfB, Mrs. Bunmi Lawson, said that Ecobank is not just a shareholder, but a strong partner in the actualization of electronic payment services.

“This collaboration means that our customers have the benefit of more value-added services. For AMfB, this is a major milestone in the history of our bank and a catalyst to extending our frontiers in the financial inclusion drive to reach more micro entrepreneurs and low income earners, to ensure that they have a brighter future.

“It is instructive to state that, Western Union payments in our outlets will be made in naira just as we are going to be settled in the same currency by Ecobank,” she said.

Meanwhile, with a total asset base of N7.4 billion as at December 2016, Accion Microfinance Bank provides her ever increasing customers with easy access to various financial products and services through various channels and has disbursed over N60billion in loans to over 250,000 customers since inception.

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