The Ekiti State government concerned about the departure of banks from some areas within the state has revealed its plans to extend financial services to all 177 wards in the state through agency banking.
The government has disclosed that the banks intended to participate in the proposed program include Wema Bank, Stanbic IBTC, and First City Monument Bank (FCMB).
Kayode Fasae, the State Commissioner for Wealth Creation and Employment, announced this development in Ado-Ekiti during an inter-ministerial meeting with relevant Ministries, Departments and Agencies that would play roles in the mobilisation of relevant stakeholders and participants for the programme.
He informed the relevant MDAs that over 1,000 youths would be employed as commission agents, while 200 would be engaged as sole agents to facilitate job creation.
The Commissioner said the Ministry of Wealth Creation and Employment has delineated the state into 132 units in preparation for the commencement of the guided Agency Banking Programme in Ekiti state under which many unemployed youths would be empowered.
Fasae described agency banking as a strategy in the financial industry that uses authorised agents to deliver financial services to customers living in remote areas and beyond the reach of the traditional branch network.
The Commissioner said would-be beneficiaries are to form cluster groups before they can take part in the programme.