How Agent Network Has Changed The Banking Sector

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With the presence of the likes of Opay, Paga, First Monie among others, there has been a rise in the rate of agent network in the money market in the past few years

In case you do not know, Agent Network is mostly retailers who have move banking activities closer to people.

It is also known as Agency banking,  a type of branchless banking that allows the traditional banks to extend their network of branches and services in a cost-efficient manner through authorized agents.

In Africa where banks have been unable to reach people in rural areas and villages, agent network has filled up space and have help banks to move closer to the people and also help customers to have even more control on their money.

Gone are the day when you have to travel a long distance to carry out any banking transactions because banks are far away, however, in today’s world with agent network and mobile banking, almost every transaction can be done without visiting the bank.

Below is how the agent network have to change the banking sector;

1. Agent Network have brought banks closer to the people

The coronavirus pandemic increased the number of agent network as many people could no longer visit banks to avoid long ques. Agent network has made banking easy as you can now deposit, receive and send money within few meters from your house.

2. Agent Network has been a means through which banks have been able to create more employment

With as little as an open space or a shop, you can start an agent network and make money. Banks through agent network have helped to create employment in both rural and urban areas.

3. Agent Network has increase profit made by banks

With a wider reach, banks are sure of making more profit as their customers in rural areas especially can now transact.

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