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GTBank uses Forte Oil network to grow business

By on August 8, 2014

Guaranty Trust Bank Plc has leveraged the reach of Forte Oil’s network of over 500 stations nationwide to further bring banking services such as account opening, cash deposit and withdrawal via ATMs, customer enquiries, bills payment and funds transfer closer to the people.

The bank has rolled out in 14 Forte Oil locations in Lagos, a statement by Forte indicated.

The customers at the locations will also be able to access Forte Oil’s premium petroleum products, such as premium motor spirit, Automotive Gas Oil; its lubricant brands, as well as other non-fuel services such as telecommunications, quick services restaurants, grocery stores, car wash and quick vehicle repair.

This services, according to the statement, will be offered under the ‘GTExpress’ platform, which is a comprehensive agent banking service.

GTExpress is banking via agent locations such as supermarkets, schools, cinemas, markets and restaurants. It is an initiative to reach out to the under-banked and unbanked segments of the population in a cost-efficient manner through the use of non-banking retail channels.

Having already entered into a similar agreement with MTN, a telecommunications brand to bring communications services within the reach of Nigerians at hundreds of Forte Oil outlets, the partnership with GTBank further reinforces Forte Oil’s commitment to building its forecourts into a web of shopping convenience, it added.

The Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje, was quoted as saying, “The unbanked sector of the economy presents a significant growth area for banks in emerging markets. Our objective is to offer banking products and services to this segment via non-banking outlets thus breaking down barriers to financial inclusion such as accessibility and cost. This is a great step in achieving a more inclusive financial services industry”.

Also commenting, the Group Chief Executive Officer, Forte Oil Plc, Mr. Akin Akinfemiwa, said “We are pleased with the GTBank partnership as it reinforces our vision of being a one stop shop whilst affirming the wide reach of our retail network. With this alliance, our customers who patronise GTB Plc will be able to reduce commuting time and cost in attending to their various needs.

 

[Punch]