Home » FinTech » Post Office to Become Western Union Agent as NIPOST Moves to Boost National Financial Inclusion Strategy

Post Office to Become Western Union Agent as NIPOST Moves to Boost National Financial Inclusion Strategy



With the focus to boost the Central Bank of Nigeria [CBN]’s financial inclusion strategy, the Nigerian Postal Service (NIPOST) has said that it will turn the post offices nationwide into Western Union agents where money can be claimed easily.

NIPOST in 2018 was granted a Super Agency License by the CBN. Post-Master-General, Barrister Bisi Adegbuyi while speaking at the Guardian organised ‘Advancing Financial Inclusion Forum 2019’ said the term ‘financial inclusion’ gained importance in early 2000 as a result of findings of financial exclusion and its direct correlation to poverty.

Adegbuyi, while making reference to the UN goals of financial inclusion, said there must be accessible, and at a reasonable cost for all households to have a full range of financial services, including savings or deposit services, payment and transfer, credit and insurance.

Already, it is estimated that about 3.8 billion working adults globally have no access to any type of formal financial services provided by regulated financial institutions.

In sub-Saharan Africa, only 24 per cent of adults has a bank account even though Africa’s formal financial sector has grown in recent years. Financial inclusion is meant to promote investment, access to credit facilities, stimulate economic activities and job creation.

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“We are now working towards a full commercial license. Following from this, NIPOST has launched an Agency Banking scheme and have already signed up with a number of commercial banks and other stakeholders.

“We have therefore launched what is call ‘bank@post’ to serve as the super-agent of the post office where customers of every financial service provider can have access to service.”

Recognising that accurate address is very critical in ‘Know Your Customer” (KYC), he said the organization has developed Digital Addressing System (DAS) to enable every citizen to obtain an address free of charge, an initiative, which he claimed is without a second of its type in the whole of Africa.