…initiative set to create job opportunities for youths across the state
In a bid to bridge the unemployment gap in Ekiti State, the government, through the office of Microfinance and Enterprise Development Agency (MEDA), is set to partner Wema Bank on Agency Banking.
The programme is designed to empower over 100 youths across the 16 Local Government Areas of the State.
While addressing beneficiaries at a briefing, Director-General of MEDA, Otunba Kayode Fasaye said that the initiative is part of Governor Kayode Fayemi-led administration’s effort to tackle unemployment in Ekiti while creating banking presence across the state.
He also said that Agency Banking provides banking services in communities where there are no Banks, adding that the advantage will aid transactions even in remote communities.
“Ekiti State Government wants to ensure that banking services are duly circulated across the state to aid transactions and the ease of doing business even in remote areas. We understand that this initiative will also create job opportunities for our people. For instance, we are going to be having at least 10 agents across the 16 Local Government Areas of the state.
“Governor Kayode Fayemi’s administration will continue to develop new ideas that will elevate the standard of living of the people while creating opportunities for empowerment, capacity building, and business funding,” he said.
Explaining how Agency Banking works to beneficiaries at the briefing, the Manager, Fountain Payment System and Solutions (a facilitator), Mr. Toye Akinleye said that through an application designed by Wema Bank, agents get to operate remote banking and provide necessary banking services to intending clients.
“Wema Bank as the principal financial institution for this project has created a platform usable on internet-enabled phones to render basic banking services to the people. This application allows the agents to open accounts for intending customers who want to send and receive money. This platform also provides other services such as Bills Payment, Cash Transfer, Sale of Recharge Cards and other basic banking transactions,” he said.
Speaking on how agents will benefit from Agency Banking, Akinleye said that agents will earn money on a commission basis, adding that there are charges attached to every mode of transaction which accumulates by the end of the month for withdrawal.
“This system runs like a mini bank and so it generates income for the agents handling various accounts. Agents will earn income based on the number of transactions carried out monthly as there is a fee attached to each form of transaction carried out,” he said.