By Babajide Komolafe

The Central Bank of Nigeria (CBN) and the banks should increase awareness on agent banking in order to enhance public confidence and acceptability of the scheme.

Managing Director/Chief Executive of Future Benefits Venture Limited, a member of the Sterling Bank agent banking network, Mr. Lawal Olanrewaju made this call in Lagos at a media briefing by the bank. It would be recalled that last year, the CBN introduced agent banking model as a means of increasing access to financial services for the millions of under-banked and unbanked Nigerians. Agent banking is the use of agents to deliver banking services outside traditional brick and mortar bank branches, through additional financial access points such as existing retail stores, petrol stations, post offices or via technology such as ‘Point of Sale’ (POS) devices and mobile phones.

Olanrewaju commended the introduction of agent banking as an innovation that would affect the society positively. He noted that from the experience of his organisation, there is interest in the use of agents to access financial services.  He said there is however need for increased awareness for this interest to be widespread and sustained

“There is need for continuous awareness. We need to be involved in massive awareness around the community.

“We have started doing that as agents, but being the originator, the banks and central bank equally need to be on the streets with us so that we would make people know the benefits of agent banking and let them know it is not fraudulent. To also let them know that their monies are safe in agent banking,” he said.

On his part, Group Head, E-Business, Sterling Bank, Mr. Fatai Amoo, said that the bank is committed to deploying agents across the country, in order to ensure that every Nigerian have access to financial services. He said that the agent banking scheme of the bank is been driven by the deployment of biometric Point of Sale, which allows the use of finger print to open and operate bank accounts.

He said, “We have over 30 million adults who are unlettered and whenever they want to use their ATMs they would tell anybody around their pin. We all know that, that is risky and a lot of people have fallen victim.