The Federal Government has announced the appointment of a Bangladeshi firm, International Investment Facilitation Company, as advisor on a project that will transform the Nigerian Postal Service into a financial services provider.

The Minister of Communication Technology, Dr. Omobola Johnson, made the announcement at the signing of a Memorandum of Understanding between the Bangladeshi firm and the Federal Government in Abuja on Tuesday.

Johnson, who was represented at the event by the Permanent Secretary in the ministry, Dr. Tunji Olaopa, said the project was aimed at reducing the number of Nigerians without access to financial services, especially in rural communities.

Working with different financial services solution providers, the project being financed by the Central Bank of Nigeria, will see to the transformation of post offices and postal agencies across the country into financial service hubs in order to extend services to unbanked communities.

The minister said the multi-agency initiative involved the Ministry of Communication Technology, the CBN, Bureau of Public Enterprises, Infrastructure Concession Regulatory Commission, and the Public-Private Partnership unit of the Ministry of Finance.

According to her, the project will utilise the vast network of post offices across the country to create and improve the access of rural dwellers to financial services as part of the financial inclusion drive of the CBN.

Johnson said, “With the signing of the contract today, the NIPOST-CBN financial inclusion project has moved into its procurement phase. During this phase, the transaction adviser will support government in deciding the best way in which financial services should be provided via the post office network as well as support the process of selecting a private entity that will partner NIPOST to provide these services.

“The IIFC was selected after a rigorous and transparent procurement process that saw a number of international and domestic consortia expressing interest in supporting the project. A total of six companies were invited to submit proposals, with IIFC emerging as the preferred candidate.”

The minister said the company would be working with its Nigerian partner, the law firm of Abdulai, Taiwo and Company, to complete the assignment.

The Post Master General of the Federation, Mallam Ibrahim Baba, expressed delight at the project, highlighting its potential not only to transform the postal system but also the country’s economy.

Punch