The Nigerian Post Office (NIPOST) is to be unbundled into three further companies and one of them is setting up a bank.

The new Postmaster General of the Federation, Dr. Bayo Adewusi.

The new Postmaster General of the Federation, Dr. Bayo Adewusi, disclosed this on a Radio Programme in Ibadan, Oyo State.

Adewusi, who was appointed as the chief executive officer of NIPOST three months ago, said the organization is in the process of being unbundled, adding that three companies have been registered to carry out specific services under NIPOST mandate. The companies include transport and logistics, property development and banking.

According to Dr. Adewusi, the bank, which will be a bridge between commercial and micro finance bank, will operate at NIPOST branches and take banking services to the doorsteps of the masses.

It will also support businesses at local levels across Nigeria as the banks will be in the midst of the people.

He said the process of establishing the bank had begun, noting that it will progress as soon as COVID-19 lockdown is over.

He said NIPOST bank will promote financial inclusion as it will provide banking services in several areas which existing banks do not cover.

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