News Column

Sterling Bank Empowers Osun Indigenes

June 18, 2014

Sterling Bank Plc said it has empowered over 100 indigenes of Osun State through its financial inclusion and agent banking scheme.

The bank's Head, Financial inclusion, e-Business of Sterling Bank, Richard Oshungboye, made this known to journalists after a seminar for the executive members of different Cooperative Societies in Osun State. Oshungboye said the bank has equally enriched the lives of the cooperative members.

He explained that financial inclusion and agent banking system involves an agent with an existing business and those who also have a physical business location or address.

"There is a limit to how much an agent can transact with, the agent and the bank shall agree on a limit that is determined by how much the agent is willing to deposit," he explained.

Speaking on how transactions could be carried out at the agent location, he explained: "Transactions are carried out using issued personalised cards on a Point of Sale (PoS) terminal. The customers must confirm all transactions using one of his/her finger prints."

"However, when an agent exceeds his/her limit, the agent's PoS terminal will be blocked from receiving/giving cash. The agent will have to deposit any excess cash at the nearest bank to allow him/her continue to transact."

Shedding light on what happens if agent decides to relocate, the Sterling Bank official stated that another agent would be appointed to serve the customers in that location while the relocating agent may continue to be the establishment agent in his new location if he decides to.

He further explained that the bank would do all it could to see that it makes people in the society more productive and self-reliant, but advised them to comply with the guidelines of the bank on the newly introduced scheme.

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Source: AllAfrica

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