Agency Banking aka branch-less banking is quickly emerging as a way to offer services to those without banking access. Financial institutions are constantly looking at new ways to reach the unbanked and serve existing customers better. As a retail banking option, this model is flexible and can meet local needs. Indeed, the adoption of agency banking has resulted in making services available to those with limited access. What makes the Agency Banking especially useful is that financial products and services can be offered by non-banking companies. Banks can partner with post offices or retailers to offer access to loans to new customers. Without doubt, such access saves banks the cost of setting up new branches while offering customers access to funding.
With the help of exhaustive portfolio of banking solutions, banks and other institutions can offer services directly to customers. In fact, the ability to offer services at a customer’s doorstep is the USP of this model. Banks also benefit through a larger customer base, boosting financial inclusion by reaching the underserved. The solution lets banks to provide essential banking services like savings accounts, deposits, withdrawals, and balance checks. Additionally, value added services like utility bill payments, mobile airtime top-up, etc. helps to gain more customers.
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