One of the challenges facing the university community before the emergence of Prof. Sunday Elom as the 3rd Vice-Chancellor of Alex-Ekwueme Federal University Ndufu-Alike, Ebonyi State was lack of banking facility in the institution.

Due to this, staff and students had to travel over 25 kilo meters to the Ebonyi State capital, Abakaliki, to access banking facilities with its attendant loss in man-hour and other associated travelling risks.

The gap in banking activities in the University also led to the proliferation of private POS vendors within and around the campus, who took advantage of the situation and were charging exorbitant rates on students for withdrawal or sending of money.

On assumption of office on 11th February, 2021, the Vice-Chancellor took notice of the gap, so while he was addressing students during his inaugural week, he pledged to fill the void by ensuring the establishment of a bank in the University to assuage the pains students go through in accessing banking facilities.

In trying to actualize this noble objective, the Vice-Chancellor hosted officials of some banks such as First Bank and Zenith Bank respectively. It was during one of those visits that the idea of Agency Banking was born as a veritable alternative to the traditional banking facility which from all indications is not feasible at the moment in the University due to some financial reasons adduced by the banks.

In order to ensure quick actualization of the objective, the Vice-Chancellor set-up a Committee, to liaise with the Zenith bank, to work-out the modalities for the commencement of Agency banking in the University.

It was therefore a cheering news, as the Vice-Chancellor, Prof. Elom, on Wednesday, 23rd July, 2021 inaugurated the AE-FUNAI Agency Bank, to be powered by Zenith Bank Plc, to ease the difficulties staff and students go through in accessing banking facilities and other financial transactions in the University.


Newly inaugurated AE-FUNAI Agency Bank
While making his opening remarks at the event, the Chairman, Committee on Agency Banking, Prof. Abel Ezeoha, stated that the purpose of establishing the bank is to offer all banking services which include, account opening, cash deposits and withdrawals, remita payments, and many other financial transactions.



He thanked the vice-chancellor for his support in making the dream a reality and also the Management for believing in the Committee, hoping that the bank will run like a conventional one and be able to fulfill the banking needs of the University community.



Prof. Ezeoha added that the staff employed to manage the Agency bank have had many years of banking experience, noting that the purpose was to ensure professionalism in the discharge of their duties, and as such induce staff and students to patronize the bank.

Continuing, he stated that Agency banking is a World Bank initiative geared towards increasing the rate of financial inclusiveness among the under- banked, which if properly handled in the University, the idea could attract the support of the Central Bank of Nigeria (CBN).


VC, Prof. Sunday Elom, inaugurating the AE-FUNAI Agency Bank yesterday, while others watch with keen interest
Speaking before inaugurating the project, the Vice-Chancellor, noted that the University’s Agency Bank will take care of the banking needs of staff and students and alleviate the pains they face going to Abakaliki for banking transactions, adding that it will also help to generate revenue for the university.



He urged the Management of the bank to charge lesser than the vendors of Point of Services (POS), scattered all over the school premises, while also enjoining them to sensitize the students on the need to bank with the Agency bank.



He thanked the Committee for their hard work and dedication in making sure the idea became a reality, stressing that the University’s Micro Finance bank has not started as expected, and when the idea of the Agency banking was muted, the University Management decided to key into it.


VC, Prof. Sunday Elom speaking during the inauguration while the Chairman, Committee on Agency banking, Prof. Abel Ezeoha, the University Bursar, Mr. Kingsley Oyekezie and others listen with keen interest
Also speaking at the event, the Branch Manager, Zenith bank PLC, Waterworks Road, Abakaliki, Mrs. Jacinta Uju Izuchukwu promised the unflinching support of their bank to make the University’s Agency bank a success.

Highlight of the event was opening of account by the Vice-Chancellor and other principal officers of the University to kick-start the operational service of the Agency bank.


VC, Prof. Sunday Elom displaying his account booklet after opening account in the University’s Agency Bank yesterday after inaugurating the bank