The partnership aims at bringing millions of the unbanked in Nigeria into the mainstream financial system, mobilemoneyafrica.com reports. Ecobank Nigeria is a key partner in the implementation of Bank of Industry’s financial inclusion programmes for poverty alleviation, wealth creation, enterprise promotion, employment generation and other related objectives.
Supporting the financially excluded has been a critical part of Ecobank’s strategy. Ecobank is a microfinance provider in six African countries , offer ing banking services to all, including unbanked populations through its digital platform. Under the memorandum of understanding, Ecobank Nigeria will deploy its extensive distribution network nationwide comprising branches and an array of digital channels including automated teller machines, points of service and agency networks across Nigeria.
This will make for efficient administration of Bank of Industry ’s various financial inclusion initiatives covering loan disbursements, collections and monitoring. To ensure inclusion of target beneficiaries into the financial system, disbursement of funds will include digitised transfers to beneficiary bank accounts, including know your customer’ self - service digital accounts or e-wallets linked to mobile phones powered by Ecobank Mobile.
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