Ecobank, Bank of Industry say they have partnered to enhance financial services delivery to micro, small and medium enterprises in Nigeria.
Ecobank says the partnership has the potential of bringing millions of the unbanked in Nigeria into the mainstream financial system.
Ecobank says it plans to deploy distribution network nationwide and digital channels including automated teller machines, points of service and agency networks across Nigeria.
[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]Ecobank says the partnership will make for efficient administration of Bank of Industry’s various financial inclusion initiatives covering loan disbursements, collections and monitoring.[/quote]Ecobank says the partnership will make for efficient administration of Bank of Industry’s various financial inclusion initiatives covering loan disbursements, collections and monitoring.
The bank says that disbursement of funds will include digitized transfers to beneficiary bank accounts, including simple minimal ‘know your customer’ self-service digital accounts or e-wallets linked to mobile phones powered by Ecobank Mobile.
Patrick Akinwuntan, Group Executive for Consumer Banking at Ecobank Transnational Incorporated said: “We are delighted to partner with the Bank of Industry, a key development finance institution, on financial inclusion in Nigeria. Bringing all the unbanked in Africa into the mainstream financial system in an economically viable manner is the right thing to do.”
He adds that leveraging their “unparalleled digital platforms across Africa, reduces poverty and ensures the economic and financial development of Africa, which is the vision of the founders of Ecobank.”
Charles Kié, Managing Director of Ecobank Nigeria says the memorandum of understanding with BoI will boost the implementation of Bank of Industry’s financial inclusion programme for poverty alleviation, wealth creation, enterprise promotion, employment generation and other related objectives in Nigeria.