Agency Banking

Agency Banking is a strategic approach to enhance financial inclusion and provide convenient banking solutions to a broader population.

Functions:

Financial Transactions : Agents facilitate deposits, withdrawals, and transfers.

Bill Payments : Customers can pay utility bills and other services.

Account Management : Agents assist with opening accounts and managing existing ones.

Loan Disbursement and Repayment : Agents handle loan-related transactions1.

Types of Agent Banks:

Retail Agents : Local shops or businesses acting as banking agents.

Mobile Agents : Agents using mobile technology to offer banking services.

Benefits:

Accessibility : Brings banking services to areas without bank branches.

Convenience : Provides a local point of contact for banking needs.

Cost-Effective : Reduces the need for physical bank branches.