Agent Banking Strategy

The right strategy is key to success in agent banking. Implementation of agent banking should support the bank’s retail and commercial customers. The appropriate distribution strategy will depend on a range of factors including, the existing branch network, competition, customer base, the availability of super-agents, aggregators, and shared agents. In a low-cost channel, the business case is less about the income derived directly through net commissions and more about the how agent banking benefits the business of the bank. Indirect benefits can include deposit mobilisation, loan interest from the channel servicing nano loans and client acquisition.  

Reference Assignments

In these assignments I headed the agent banking strategy, but, worked alongside an implementation team from MSC Consulting. 

• Centenary Bank, Uganda: Centenary Bank rolled out its agent network and quickly found benefits in acquiring customers, and in deposit mobilisation, retiring 75% of its fixed deposits. 

• First Bank, Nigeria: First Bank already had a mobile money implementation, First Monie, the new agent banking strategy was customised to the Nigerian banking environment. Agent banking enabled First Bank to deepen its delivery channels around its branches and to better serve lower population densities. 

To read more on agent banking see the blog: Understanding Agent Banking Strategy