Access Bank deepening financial access to Nigerians through CLOSA Agents

By Chris Uba

Access Bank Plc, a leading financial institution in Nigeria  is using its  agency banking outfits called CLOSA  to deepen financial inclusion in  the country. The initiative  is designed  to ensure  that  every Nigerian  and businesses have access to useful and affordable financial products and services that meet their needs  including  transactions, payments, savings, credit and insurance delivered in a responsible and sustainable way through the bank’s agents spread across the country.

 This policy initiative  lines up  with the  Central Bank of Nigeria (CBN) policy of ensuring the availability of affordable financial products and services to all individuals and groups of people in the country; irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

As part of the process to achieving  financial inclusion objective, the CBN had  unveiled a National Financial Inclusion Strategy to reduce the percentage of  Nigerians that are excluded from financial services from 46.3% in 2010 to 20% by 2020.The goal is to ensure that the number of Nigerians included in the formal sector increased from 36.3% in 2010 to 70% by 2020.

Being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money, and send and receive payments. A transaction account serves as a gateway to other financial services, which is why ensuring that people worldwide can have access to a transaction account is the focus of the World Bank Group’s Universal Financial Access 2020 initiative.

A banking agent is defined as an authorised third party (a retail or postal outlet) contracted by a financial institution to process clients’ transactions.  An agent bank, also known as agency bank, can offer a wide variety of services for businesses looking to expand internationally. These banks generally act on behalf of another bank or group of banks, but they can act on behalf of a person or business.

So, known as  Access CLOSA , the initiative “ provides access to financial services right within your neighbourhood. Our authorized Agents process transactions quickly and easily via platforms such as Point-of–Sale (POS) terminals or Mobile Phones.”

 The Head, Agency Banking, Access Bank, Michael Ogbaa, while introducing the bank’s Omni-channel agency banking application at the bank’s agency banking forum, in Lagos,  said there  were  only 307,000 PoS terminals in Nigeria as at July 2019, of which only 167,000 are active.   He also revealed that there are less than 7,000 ATM, about 6,000 branches all over the country, adding that these channels are grossly inadequate for a country with over 99 million adult populations.

 Said Ogbaa:  “This is the reason agency banking has become not only important but inevitable in achieving the Federal Government’s financial inclusion strategy: the Omni-channel agency banking application, which customers can access via mobile application, web, POS, and USSD. 

 “It promises to redefine the way clients have been doing before now. Access Bank has over 6.5 million Mobile Apps, over 7.1 million cards, over 600 branches, 3,134 Automated Teller Machines (ATMs), 26,065 Point of Sale (PoS) terminals.” 

 He listed the challenges of agents to include charges, settlement and reconciliation issues, restrictive agency banking application and the platform, inadequate PoS terminals and support among others, which are being addressed with the launch of the new App as well as the multi-channel application.

 “The new agency banking solution is a robust application that can now offer all the services you have been waiting for. We are also dedicating exclusive staff for PoS support settlement reconciliation and issue resolution at our contact centre.

 “In addition to this , we are rolling out branding and promotional items to the first 10,000 agents and subsequently we will introduce more. We are also procuring additional 5,000 android enabled PoS terminals for our agents. We have also reviewed our commissions upwards.”

 The Group Deputy Managing Director of the bank, Roosevelt Ogbonna, was once  quoted as saying that   one of the lender’s commitment is  to attract the financially-excluded into the inclusion net, adding that  Access Bank will collaborate with its partners across the country that are closer to the market and understand the locality better than any bank, to drive financial inclusion in Nigeria.

 “Financial inclusion is something we want to champion and drive. We have credible partners across the country who are closer to the market, understand their locality better than any bank would do and these we are calling our partners and relying on to be able to drive financial inclusion conversation.

   “Today, we start a new face of agency relationship. I think it is one that is truly embedded in partnership. So this is not about Access Bank, it is about our agents, celebrating, and appreciating them for the work that they have done.

   “We are now about to take this to a whole different level, and we need you to hold us to account and push us to be better. If the platforms are not working, let us have that conversation. We are going to grow our customer base and working with you to grow the customer base, we grow the economy because there is more conversation around financial inclusion,” Ogbonna added.

In line with its mission to deliver superior value to its customers and provide innovative solutions for the markets and communities it serves, Access Bank  has successfully commissioned and empowered 74,000 Access CLOSA Agents to provide financial services to customers across Nigeria.

The bank in a statement stated that these Access CLOSA Agents are spread across the 774 Local Government Areas in the country, the bank has significantly grown access to finance and banking services to millions of previously under-banked Nigerians, provided alternate streams of income for micro small and medium enterprises, promoted financially literacy and also advanced its ambition to bank one in every two Nigerians by 2025.

 Senior Banking Advisor, Retail, Access Bank , Robert Giles  has  also been quoted assuring Nigerians  that  the bank’s agent network was part of the its promise to ensure easier and safer access to financial services for every Nigerian.

 “As a bank driven by innovation, we must deliver better outcomes for customers in terms of speed, security and service to enhance customer experience in all the locations that we operate. With the recent mapping of over 70,000 Access CLOSA Agents, customers and non-customers of the bank who are travelling for business, events or to visit loved ones in any location in Nigeria will continue to enjoy uninterrupted banking services as our CLOSA Agents are available in several rural and semi-urban locations across the country.

“They can also access financial services from a CLOSA Agent near them, by simply searching for “Access CLOSAAgent” on Google Map instead of walking long distances in search of a branch,” Giles assured.

 Another  official  of the bank  who  spoke in similar vein is  Head, Agency Banking,  Tolulope Oyeyipo, said: “The Access CLOSA Agent network is a bespoke channel through which Access Bank expresses her passion and commitment to broadening the opportunities and access to financial services for every Nigerian and African, irrespective of where they might be.”

With over 70,000 agent locations spread across every neighbourhood in the country, we are making sure our customers and indeed customers of other banks can enjoy seamless banking services close to where they live and work, in a safe and convenient manner. By offering basic financial services such as cash withdrawal, cash deposit, bill payments and account opening, our continuously growing agent network is increasingly making the need to visit a bank branch unnecessary for everyone. We are committed to being at the forefront of providing digital financial services in Nigeria,” Oyedepo concluded.

  “By offering basic financial services such as cash withdrawal, cash deposit, bill payments and account opening, our continuously growing agent network is increasingly making the need to visit a bank branch unnecessary for everyone. We are committed to being at the forefront of providing digital financial services in Nigeria.”

Access Bank remains committed to delivering “More than banking solutions” to its customers leveraging the power of technology. The geographical location tagging of Access Closa agents on Google Maps through internet-connected devices is one more way the Bank is living up to its brand promise as it will assist customers and non-customers of the Bank locate and access Closa agents within their communities, truly bringing financial services closer to the people.

As part of  the strategy  to  achieve  the financial inclusion in the country every year , Access Bank rewards CLOSA Agents.  Recently winners  emerged in the Access Closa Agents’ promo. One hundred and eighteen (118) agents won cash prizes ranging from N20,000 to N100,000.