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Agency banking: bridging the gap between users and bank
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Cut down operational costs with branchless banking

Reduce operational cost and boost financial inclusion by offering innovative, convenient, and simplified branchless banking services to your users.

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Agency banking: bridging the gap between users and bank

Agency banking solutions are an effective way for traditional banks to cut costs and to extend their services with the help of several authorized agents.

  • Boost financial inclusion
  • Increase product availability
  • Advanced risk management

Participants in Agency banking ecosystem

Agency banking consists of many components which works in sync to achieve a common goal. Below mentioned are all the components involved in the agency banking ecosystem.

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Agent Banking Service Provider

An agency banking service provider is responsible for cash handling, marketing, branding, operating service, license and regulatory compliance for services.

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Banks and Financial institutions

Banks and financial institutions acts as a host which consists of agents and consumers accounts. Banks are the entities from where the real cash flow via services.

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Banking agents

Banking agents are retailers that are authorized by the banks and the financial institutions to perform various banking functions like cash deposit, withdrawal, and many other.

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Mobile Operator

Mobile operator provides their network and carries out all the mobile transactions, SMS, USSD connectivity, and all the processes taking place over the phone.

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Consumer

Ultimately the one who gets the benefit of the agency banking is the consumer. Consumer is generally an un-banked individual who has access to the mobile services.

How agency banking works?

Agency banking allows consumers to access a large range of banking services at retail outlets, supermarkets, and many other places without going through the complicated procedures of a bank. Few of those services are mentioned below.

Banking Agents

  • First, the banking service provider enrolls and authorizes a retailer or any other person as a banking agent.
  • Once a retailer is enrolled as an authorized banking agent, he/she then carries an operator signage on their retail outlet.
  • The banking service provider then creates an mWallet for the banking agent in which the banking agent must deposit a prepaid balance to initiate the process.
  • Banking agent performs functions like deposits and transactions either via super-agent or directly with the banking service provider.
  • At last, the banking agent executes transactions by accessing various services via user friendly options on their mobile.

Consumers

  • For consumers to create their bank account, they simply need to visit the nearest banking agent with a valid ID.
  • To deposit money in the account, consumers pay cash to the banking agent. The banking agent then transfers the same amount of money from his/her mWallet to the consumer’s account.
  • For cash withdrawals, consumers use USSD menu on their mobile phones.
  • In the first step, the consumer transfers the amount to be withdrawn to the banking agent’s mWallet. The banking agent then pays corresponding amount to the consumer in cash.
  • Consumer can also withdraw cash from the ATM.

Use cases of agency banking

Agency banking allows consumers to access a large range of banking services at retail outlets, supermarkets, and many other places without going through the complicated procedures of a bank. Few of those services are mentioned below.

Agency Banking Partner Types

Agency banking is versatile in nature and thus it offers various solutions in the form of partnership with the below entities.

What you can achieve with Agency banking

Banks are quickly adopting agency banking worldwide as it provides a plethora of benefits. Below mentioned are few of the benefits.

Low cost of operations

Since all the banking services are outsourced and provided via the banking agents, the banks save enormous amount of cost in the operations.

Greater reach

Agency banking also allows the banks to extend their reach over large geographical areas without spending extra money in setting up new bank branches.

Easy platform

Agency banking offers a simple alternative to conventional banks for accessing various banking facilities like money withdrawal, deposit, fund transfer, and many other.

Supports various transactions

Agency banking supports a plethora of transactions such as merchant’s services, top-up prepaid voucher sale, voucher-less prepaid top-up, account balance queries, loan repayments, and many more.

Real-time transactions

One of the major benefits that people opt for agency banking is that all transactions take place in real-time. Consumers no longer have to wait for long periods for the completion of transaction.

Enhanced security

Agency banking helps in reducing cash transactions considerably and thus increases the overall security. Moreover, the banking agents can provide magnetic chip card and bank pin to further strengthen the security.

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