Agency Banking

Agency Banking Overview

Agency Banking is the new way in which the banking industry takes banking services to the unbanked and under unbanked at a more affordable rate. It allows banks to implement branchless operations through training and enlisting a network of agents who engage in banking services on behalf of the banks.

The purpose of agency banking is to create a cost efficient a platform where the banks enlist agents to their banks and monitor their activities. The system links the bank through the bank staff, the agent and the customer through the agent staff.

Through the system, the bank is able to recruit agents to the bank and in turn the agent will be able to open outlets and register staff who will be assigned to each outlet.

Man conducting banking transaction at a kiosk through Agency banking

Key Benefits

  • Account Balance querying

  • Inter Bank Funds Transfer

  • Internal Funds Transfer

  • Utility Bill Payments

  • Full statement download

Benefits to Bank

  • Banks experience growth at a lesser cost as there is not complex branch infrastructure.
  • Increase footprint and market share.
  • Supports market research as banks can collect data on consumer habits from that large market.
  • FinAgency Banking integrates with core-banking system and is scalable.

Benefits to Agent

  • Additional source of income.
  • Affiliation with a good financial institution.
  • Attract more people to their shop.

Benefits to Customer

  • One-stop shop for banking and shopping by the client
  • More affordable banking services as there are lower transaction costs
  • Less congested than banking halls
  • Agents offer a more personalized service