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Agency banking is a model that engages Merchants or human agent networks in the provision of basic financial services to the customers of a financial institution or bank on their behalf. It brings the point at which customers can perform financial transactions much closer to them. Activities of this model include deposits, bill payments, withdrawals, transfers, and so on.
With the over 7000 bank branches in the country, many Nigerians still find it difficult to access formal banking services but thanks to the emergence of Mobile money and Agency banking model which has played a significant role in deepening access to financial services, especially in rural areas.
Looking at the factors which have discouraged patronage to formal banking institutions we see DISTANCE as a key factor among others and one which agency banking has successfully managed.
What other factors can you point out which agency banking has also managed?
Share with us your thoughts in the comment section below.