A Review of the Nigerian Energy Industry

Forte Oil partners GTBank on agent banking service

Forte oil04 August 2014, Lagos – Forte Oil Plc, Nigeria’s foremost petroleum products retailer, is partnering Guaranty Trust Bank Plc on a comprehensive agent banking service, ‘GTExpress’, which will be available at its locations nationwide.

The partnership is part of GTB’s efforts at bringing banking services to the door step of its existing and potential customers.
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.
Through this partnership, GTBank will leverage the extensive 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.
Having already entered into a similar agreement with MTN, a globally recognised 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 pursuit of building its forecourts into a web of unrivalled shopping convenience where its customers are poised to enjoy services beyond purchases of petroleum products through strategic partnerships with global and reputable brands.
Commenting on this new initiative, the Managing Director of Guaranty Trust Bank Plc, Mr. Segun Agbaje said 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,” he said.
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”.
Guaranty Trust Bank plc was established in 1990 and has within the last 24 years come to be recognised as one of the most innovative and service focused banks in the Nigerian financial market space.
Forte Oil Plc is Nigeria’s foremost energy group with interests in downstream petroleum operations, power generation and upstream petroleum services. The company aims to become the foremost integrated energy solutions provider in Nigeria.

– Ejiofor Alike, This Day

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