News Column

Guaranty Bank, Oil Firm Partner to Expand Services

July 29, 2014

Augustine Osayande

GUARANTY Trust Bank plc has launched a comprehensive agent-banking service at Forte Oil locations nationwide as part of its efforts at bringing banking services closer to its existing and potential customers.

The initiative, GTExpress, a partnership between the bank and Nigeria's foremost energy solutions provider, aims to bring banking services such as account opening, cash deposit and withdrawal via ATMs, customer enquiries, bills payment and funds transfer closer to the people.

The bank has rolled out in 14 Forte Oil locations nationwide.

According to the Managing Director of Guaranty Trust Bank, Segun Agbaje, the initiative aims to reach out to the underserved and unbanked segments of the population in a cost efficient manner through the use of non-banking retail outlets.

"The unbanked sector of the economy presents a significant growth area for banks in emerging markets. Our objective is to offer banking products and services to this segment via non-banking outlets thus breaking down barriers to financial inclusion such as accessibility and cost.

"This is a great step in achieving a more inclusive financial services industry," he said.

Akin Akinfemiwa, Group Chief Executive Officer of Forte Oil, welcomed the partnership.

"We are pleased with the GTBank partnership as it reinforces our vision of being a one stop shop whilst affirming the wide reach of our retail network.

"With this alliance our customers who patronize GTB Plc will be able to reduce commuting time and cost in attending to their various needs," Akinfemiwa said.

Guaranty Trust Bank plc was is recognized as one of the most innovative and service-focused banks in the Nigerian financial market space.

Forte Oil is a public liability company listed on the Nigerian Stock Exchange and a foremost indigenous major marketer of petroleum products.

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Source: AllAfrica

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