Polaris Bank has introduced its agency banking solution known as “Sure Padi,” to serve as a vehicle to reach unbanked and under banked, as well as deepen financial inclusion across Nigeria.
The bank said in a statement in Lagos that the product was designed to provide convenient and easy access to funds and other banking services in far-flung neighbourhoods, through partnerships with existing and new retail outlets.
Chief Digital Officer of Polaris Bank, Mr Dele Adeyinka, said: “The introduction of SurePadi is in line with our plan to deepen financial inclusion by serving the huge unbanked and under banked population especially in locations where basic banking services are far from reach.”
Adeyinka said the factor driving Surepadi banking solution was Nigeria’s financial exclusion rate which currently stood at 36.8 per cent.
He said: “The goal of achieving 20 per cent by this year to close the exclusion gap of 16.8 per cent is a factor driving our SurePadi Banking Solution.”
“The SurePadi banking solution is also one of the ways we are helping to reduce unemployment in the country because when you sign up an agent, one of the benefits is that it provides a means of earning additional disposable income,” he said
The bank said agency banking service was a convenient way of providing limited banking services to customers through the use of Agents who usually were non-traditional bankers or banking businesses.
It said services offered by SurePadi included, account opening, funds transfer, deposit funds; cash withdrawals, bills payment, airtime top up amongst other services.
The bank said SurePadi agents would earn additional income in addition to improved status in the community through brand affiliation with Polaris Bank.
He said Customers on the other hand would enjoy the convenience and ease that would come with the service.
The bank said there would be low cost transacting as they were able to save the cost of transportation to banks.
It said the product would enable customers access funds anytime of the day, beyond banking hours (weekends and public holidays).
It said a SurePadi Agent could be a registered business such as Limited Liability Company, sole proprietorship, partnership, cooperative society, a large retail distribution network, petrol filling stations (Preferably one with a Supermarket or Store) and dealers in FMCG.
It added that unregistered businesses or individuals including supermarkets, retail outlets, and distributors of mobile network operators, business centers, boutiques, provision shops, and sport viewing centres were also qualified to be SurePadi Agents.
The bank urged customers wishing to become Polaris SurePadi Agents, to visit the nearest Polaris Bank branch with a passport photograph and a valid means of identification.
