Ecobank Pioneers Agency Banking in Liberia

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Ecobank MD and his guests

Ecobank Liberia has launched Agency Banking, a service that delivers convenience directly to customers – as the bank partners with retail outlets nationwide to provide limited scale banking services.

The Managing Director of Ecobank, Mr. George Mensah-Asante, presented the bank’s array of digital offerings at its Head office on 11th Street in Sinkor, Monrovia.

The Ecobank Agency Banking service expands the bank’s network and enables customers to deposit or withdraw Liberian dollars from accredited agents, within their communities.

It also creates job opportunities for many and enhances the businesses of Ecobank’s existing and potential partners.

Mr. Mensah-Asante said: “With the launch of our Agency Banking services today, Ecobank is stepping up the game and raising the bar even higher. Previously, our customers had to visit our banking halls to transact on their Xpress Accounts or generate an e-token via the Ecobank Mobile App to withdraw funds from our ATMs but with the introduction of Agency banking, we are bringing banking closer to your doorstep.

“Agency Banking comes at an appropriate time in Ecobank’s digital journey. It is the key component that completes the Digital Financial Services Environment that Ecobank is creating in a bid to contribute to the pro-poor agenda of the Liberian government,” Mensah-Asante added.

Also speaking at the ceremony, the Deputy Governor for Economic Policy at the Central Bank of Liberia, Dr. Mounir Siaplay, commended Ecobank for taking the lead to introduce Agency Banking in the Country.

He said Agency Banking will expand the revenue base of commercial banks, by onboarding new customers who were previously out of their reach. He stated that Agency Banking will save time and resources for residents in the leeward counties who constantly travel long distances for simple banking transactions.

“With Agent Banking, you do not have to travel miles before you can transact banking business. You can perform your banking transactions at a shop, store, supermarket, gas station etc. near you. This model promotes government’s pro-poor agenda.”

On his part, the Deputy Minister for Fiscal Affairs at the Ministry of Finance and Development Planning, Mr. Samora Wolokollie, said the initiative of Ecobank to introduce Agency Banking is in line with the government’s financial inclusion policy which gives opportunity to the under-banked and unbanked populace, who work in the informal economy with less access to financial services.

He described the gesture of Ecobank as a clear manifestation that the bank’s management is cognizant of the Liberian government’s pro-poor agenda and pledged government’s support to the achievement of the Agency Banking Service.

Ecobank Liberia provides products and services through 15 branches and over 39 ATMs in Liberia. With the Agency Banking service, customers can now deposit and withdraw Liberian Dollars at over 25 agent locations across the country and also carry out transactions on their mobile phones.

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