Guaranty Trust Bank, GTBank, has unfolded a new agent banking service, GTExpress, as part of effort to take banking services closer to existing and potential customers.

GTExpress is a new service platform by the bank through agent locations such as supermarkets, schools, cinemas, markets, restaurants and petroleum products marketing outlets.

The bank said it was partnering with Forte Oil Plc, an independent petroleum marketing company, in an effort to reach out to its customers that are among the underserved and unbanked segments of the population.

Forte Oil PLC, a public liability company listed on the Nigerian Stock Exchange, has over 500 retail outlets across the nation and Ghana.

The new platform would provide services for account opening, cash deposit and withdrawal through Automated Teller Machines, ATMs, customer enquiries, bills payment and funds transfer in a cost efficient manner through the use of non-banking retail outlets.

The bank said on Tuesday that the partnership would leverage GTBank capacity to bring banking services further to the masses using Fort Oil’s products through more than 500 marketing outlets across the country.

Managing Director of GTBank, Segun Agbaje, who said that the unbanked sector of the economy presented a significant growth area for banks in emerging markets, revealed that new banking services had already been inaugurated at 14 Forte Oil locations in Lagos.

GTBank had launched the service in Lagos since November 2013, on an experimental basis.

“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,” Mr. Agbaje said. “This is a great step in achieving a more inclusive financial services industry.”

Group Chief Executive Officer, Forte Oil Plc, Akin Akinfemiwa, said the company see the partnership with GTBank as a reinforcement of its management’s vision of being a one stop shop for its products, whilst affirming the wide reach of its retail network.

“With this alliance our customers who patronise GTBank Plc will be able to reduce the commuting time and cost in attending to their various needs,” Mr. Akinfemiwa said.

He said the GTBank had consistently pushed the innovative boundaries to make banking a convenient experience for its customers. (NAN)