Agency Banking is an alternative distribution strategy for traditional retail banking and financial institutions to hire authorized agents to expand the branch network in a cost-efficient manner. The goal of agency banking is to bank the unbanked and provide very basic financial services as cash-in, cash-out and transfer. Agency banking promotes financial inclusion as it makes it possible to reach more people and more locations in a very cost-effective manner.
Agency Banking is an alternative distribution strategy for traditional retail banking and financial institutions to hire authorized agents to expand the branch network in a cost-efficient manner. The goal of agency banking is to bank the unbanked and provide very basic financial services as cash-in, cash-out and transfer. Agency banking promotes financial inclusion as it makes it possible to reach more people and more locations in a very cost-effective manner.
Apart from essential services such as opening account, deposit and withdrawal of cash, top-up, bill payments and balance inquiry, Agency Banking provides diverse added-value services like insurance, inter-bank transfer, etc.