Lagos: Access Bank has partnered with Bill and Melinda Gates Foundation and Microsave Consulting Global Consulting Pte Ltd. to improve financial services for low-income women in rural communities across the country. This initiative aims to empower women economically by providing them with access to financial resources, education, and opportunities.
According to News Agency of Nigeria, Mr. Robert Giles, Senior Retail Advisor at Access Bank, stated that the initiative would focus on scaling female agent networks in Nigeria. This strategy seeks to expand successful programs and enhance the number and quality of female Cash-In, Cash-Out (CICO) agents throughout the nation. The project will address challenges such as limited access to finance, financial education, and training on managing an agent banking business in communities.
Giles highlighted that the program specifically targets helping more women become agents and succeed in their roles. The project examines social norms in various regions and uses data to identify successful agents, aiming to develop and support these agents for optimal outcomes. Lending to agents and facilitating community lending are also key components.
Mrs. Chizoba Iheme, Group Head of Agency Banking and Financial Inclusion at Access Bank, revealed the signing of a partnership with MSC Global Consulting Pte Ltd. and Bill and Melinda Gates Foundation to impact fifty thousand female agents. These agents perform cash-in, cash-out transactions nationwide. The initiative will provide loans to empower agents, gather gender-disaggregated data to understand female agent behavior, and offer capacity-building initiatives and customized onboarding.
Mr. Akshat Pathak, Associate Partner at Microsave Consulting, emphasized the importance of a balanced network of male and female agents for financial institutions. He noted that Access Bank’s efforts in building its retail banking business are supported by the partnership, which aims to further expand agent networks. The focus is on improving financial inclusion, particularly in northern and central Nigeria, by identifying gaps in banking infrastructure and addressing them effectively.