Forte Oil Plc, Nigeria’s foremost petroleum products retailer, has signed a memorandum of understanding (MoU) with Guaranty Trust Bank Plc to site GTExpress, a comprehensive agent banking service at its locations nationwide.
Speaking on the partnership in Lagos, the group chief executive officer, Forte Oil Plc, Akin Akinfemiwa, said it is an initiative to reach out to those he called the under-banked and un-banked segments of the society in a cost efficient manner through the use of non-banking retail channels.
He 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.”
According to the Managing Director of Guaranty Trust Bank plc; Segun Agbaje “The unbanked sector of the economy presents a significant growth area for banks in emerging markets.