Royal Exchange Microfinance

From The Nation

To double its customer base and increase its market share in 2011, Royal Exchange Microfinance Bank has concluded an integration deal with its major correspondent bank, Fidelity Bank Plc.

The Managing Director of Royal Exchange Microfinance Bank, Mrs. Elizabeth Elghoche, disclosed that the this has given the microfinance bank the added advantage of using the clearing house thus ensuring added flexibility and robustness to its service delivery.

“As a microfinance bank, we have successfully overcome the constraints of operating in one local government area by integrating with Fidelity Bank and availing our customers with the services of Fidelity branch network.,” she said.

This initiative, according to Mrs. Elghoche, gives customers of the bank unfettered access to their funds anywhere, anytime, in Nigeria, using Fidelity Bank outlets.

“We use various channels of distribution for achieving easy accessibility of funds, such as Fidelity Bank/Royal Exchange co-branded ATM/Debit Cards, which can be used at various ATM terminals across the country,” she said.

Another device employed by Royal Exchange Microfinance Bank is the use of Biometric Point of Sale (POS) terminals to ensure ease of mobile transactions and safety of funds. “The biometric POS terminals, which are deployed by our field marketers rules out the necessity of signature verification as thumb prints are unique to individuals. At the end of the transaction, the POS generates a mini-statement of account, which acts as evidence of the completed transaction”, she explained.

Also, Mrs. Elghoche disclosed that microfinance bank offers traditional banking services such as Savings and Current account operations that require the use of cheque books adding that for every banking transaction completed by a customer, he receives an SMS (Short Message Service) notification, which serves to confirm the transaction.

“We wish to assure our potential and existing customers of the bank’s determination to exceed expectations and deliver superior value for services rendered to the banking public,” she added.