Nigeria-based Sterling Bank is, reportedly, looking to attract 10% of the 35 million unbanked population in the country into the financial system.
The move by Sterling Bank would increase its access to credit, and in turn create jobs and enable sustainable economic growth.
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Sterling Bank executive director, Davendra Puri, was quoted by The Sun as saying that the bank had decided to take the agent banking approach to reach millions of unbanked Nigerians in the financial system and by so doing, empowering them to become economically viable.
"The challenge being experienced in Nigeria is the unbanked people estimated at over 35% of the population, which was a similar problem in India back then when financial inclusion started years ago.
"Financial inclusion is a course dear to Sterling Bank because we are not doing it with profit motive in mind but to ensure that the fruits of development are spread among the people," Puri added.
According to Sterling Bank e-Business head, Fatai Amoo, they intend to depend on agent outlets, microfinance banks and franchisees to change the financial landscape of Nigeria business community.
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