Many people around the African continent don’t have a bank account and this is due to various reasons including:
- Limited access as there are no bank branches in remote/rural areas.
- Unavailability of affordable banking services.
- Complex onboarding processes that require a lot of documentation.
This has seen a pressing need for financial inclusion to the unbanked in remote areas/in low-income brackets emerging. To reach the unbanked customer, banks should partner with a trusted technology solutions provider to facilitate provision of banking services so those who are currently under-serviced.
Bringing banking services to a currently unbanked is made possible and seamless with Fintech’s Agency Banking system, finAgent. finAgent allows banks to implement cost-effective branchless operations, where banks enlist a network of agents who engage in banking services and monitor activities on their behalf. With Agency Banking, there is no need for a full branch team or complex infrastructure as the agent takes care of the basic banking processes.
Fintech is able to facilitate availability of basic banking in East and Southern Africa through finAgent, our Agency Banking system.
We advocate for branchless Agency Banking as it is not only beneficial to the bank and end customer; it also promotes financial inclusion which contributes to the continent’s social and economic development.