NIPOST eyes banking services to boost earnings

Banking services are to be added to the functions of Nigeria Postal Services (NIPOST) to tap deeper into its potential and make more earnings.
Communications Minister, Adebayo Shittu, said NIPOST has several buildings in remote parts of the country that could be converted to banks to aid money transfer between rural and urban centres.
“The government can establish NIPOST bank capable of doing e-banking. With the properties we have all over Nigeria, our buildings can serve as cash depot for people living in the rural communities where banks are not present.
“By doing so, we will improve on the efficiency of the agency and solve cash receipt and transfer problems among people living in those communities,” Shittu explained.
He disclosed in Ibadan that other government properties lying idle across the country would also be activated for optimum use to raise revenue.
“There are many locations (where NIPOST buildings are built). For example, the Ikoyi Post Office is sitting on 10 acres of land, we are planning to build offices and shopping malls on public/private partnership arrangement.
“This will bring more money for the government. NIPOST is going to be a 21st century postal agency that will compete with other companies like banks, be it local or foreign.
“To make this work, we plan to acquire helicopters to aid and ensure quick and perfect services.”
Shittu confirmed that the government loses about $287 million revenue to software piracy annually, but his ministry has stepped up intellectual property protection and enforcement to promote creativity.
With the continuous growth in demand for online workers on international and local markets, he said, Nigeria will train its youths and enhance their Information and Communication Technology (ICT) capacity.
“As the largest economy in Africa, Nigeria is already a regional hub for West African countries. We must now become the preferred destination for vendors to set up operations that cover the entire West African sub region.
“This will provide opportunity for the country to act as a supply hub for training, skills transfer, technology leadership and investment.”