Agency Banking Presents Growth Opportunities For Entrepreneurs
By enabling customers to access financial services at their local marketplace, agency banking has provided the much-needed boost to financial inclusion.
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Customers are not only able to withdraw and deposit funds at their bank’s agent, but are now able to perform other more complex transactions without setting a foot at a bank branch.
But agency banking is not just a success story for bank customers; it has also created opportunities for budding entrepreneurs to venture into business as agents.
It offers even better opportunities for existing businesses in the remotest corners of Kenya to grow new revenue streams.
Sammy Githiru Njoroge, who cut his teeth as an accountant at the United States International University - Africa and now runs a computer hardware and mobile repair shop with his brother James Njoroge, in Ruaka, Kiambu county, is one entrepreneur who has seen his business grow thanks to agency banking.
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The Njoroges operate Samtech Electronics, a busy corner shop that offers a mix of services ranging from mobile money transfer, sales and repair of mobile phones and electronics.
They now offer agency banking services courtesy of Absa Bank Kenya, a service that they say complements the other services that they offer customers.
“I serve about 10 agency banking customers in a day translating to about 250 customers every month. Our customers can deposit, withdraw, transfer money and pay bills just as they would do at a bank. We are happy to be part of offering this convenience in addition to increasing our own revenue,” said Njoroge in Ruaka.
There will be many other entrepreneurs like the Njoroge brothers whose businesses will receive a major boost as Absa Bank Kenya rolls out the first phase of its agency network expansion with a plan to increase to 17,000 agency service outlets in two years.
The expansion drive is an important strategic step towards meeting the bank’s long-term growth and financial inclusion goals.
It is also consistent with Absa bank’s new customer-centric brand promise, Your Story Matters, and aims to bridge the gap for the underserved communities through third-party network.
“As a full-service Bank, we cater to customers from all walks of life – from clients who only interact with us digitally, to those who prefer the reassurance of talking to one of our colleagues in-branch or through a third party, we are a Bank for all seasons. As we embrace the evolving landscape, agency network is a critical piece of how we serve our customers, and we are keen on it. Our footprint will continue to grow over time, and we are focused on demystifying banking for all,” said Absa Bank Kenya Managing Director & Chief Executive Officer Abdi Mohamed at the launch of the expansion drive in Ruaka.
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AGENCY BANKING PRESENTS GROWTH OPPORTUNITIES FOR ENTREPRENEURS
Agency banking drives entrepreneurship — Ecobank - Daily Trust
Agency Banking Solution | Digital Payment Solution | Maximus
