Agency banking seems to be making an impact in the global market, with Brazil leading the way in this particular banking initiative. A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, and transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and many more.
Banks around the world, especially in South America and Africa, are now beginning to see the benefits of Agency bank which can be used to reach the unbanked population and is much cheaper to startup when compared to setting up a bank branch. Banking agents help financial institutions to divert existing customers from crowded branches providing a “complementary”, often more convenient channel.
In order to meet this growing need for Agency Banking, Globasure is introducing its own Agency Banking solution to Nigeria.
The Globasure Agency Banking Solution (GABS) enables expansion and the availability of banking services by using modern channels and devices, without major investments in infrastructure and manpower. Implementation of GABS technology enables Financial institutions to involve Agents to operate on their behalf, retaining full insight, control and accountability of its business. Agents become an extended arm of Financial institutions that participate equally in the provision of services to end-users.
GABS is supported by the high level technology that outsources significant part of branch banking services, such as cash withdrawal, cash deposit, money transfer, balance enquiry etc. via different channels, such as: EFT-POS terminals, electronic kiosks, ATMs, mobile and internet. It is suitable for the emerging countries with poor infrastructure where the cost of traditional branch establishment is high and very often not feasible.
Do not hesitate to contact the Globasure team for more information about our innovative Agency Banking Solution. Contact Us