The management of Heritage Bank Plc has expressed the bank’s commitment to focus more on retail banking, while availing low-income earners and rural dwellers the opportunity to be financially included.
The bank’s Chief Executive Director, Mr Ifie Sekibo, who disclosed this yesterday, emphasised that one of the ways the bank intends to grow by catering to the specific needs of its customer base across segments; including those in need of retail banking and the unbanked.
The bank CEO also stated that Heritage Bank Plc aims to be more consistent with its growth strategies in 2019 by building an enduring and resilient banking franchise in the country.
“We are very optimistic that the Heritage Brand will continue to soar over the current economic tide through its collective efforts to remain an enduring institution.” -Sekibo
But Heritage Bank is not the only bank making this move
Other banks in the Nigerian banking industry have already stated their commitment to focus more on retail banking this 2019.
As we reported, Zenith Bank’s Chief Executive Officer, Mr Peter Amangbo, stated earlier this week that the tier-1 bank plans to intensify effort in the area of retail banking in 2019. The bank will do this by lending more to SMEs and households, and at affordable interest rates too.
Mr Amangbo emphasised the bank’s commitment to retail banking, noting that they are being aggressive about it because “we believe that it is an area with a lot of potential; we are looking at individuals, households, small businesses.”
Similarly, Sterling Bank’s CEO, Abubakar Suleiman, recently disclosed his bank’s plans to open more branches across the country, especially in rural areas. The idea is to target more customers in need of retail banking, whilst also actualising financial inclusion for rural dwellers.
As Nigeria makes effort to achieve financial inclusion for millions of its unbanked citizens, it appears commercial banks are finally waking up to their responsibility in this regard. It appears the competition posed by is a major source of motivation after all.