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Agency Banking: Improving Service & Rural
Community Penetration in Nigeria
By
Gbenga Ajibade
Brief Introduction
Agency banking was started with the aim of
penetrating under-served areas such as rural
communities that do not have access to financial
services hence the reason for The Central Bank of
Nigeria’s introduction of agency banking which is
aimed at connecting rural dwellers to the financial
system
Agency banking in Nigeria: Improving service and rural community penetration by Gbenga Ajibade
Agency Banking Model
Designed to help banks lower
their cost of offering banking
services
Improving earnings as more
people are offered opportunity to
access financial services
Agent
Outlet owner who conducts
banking transactions on
behalf of the bank
Payment facilitators who recruit
and train agents
Super Agents
Agent banking: The provision of banking services by a third-party
agent to customers on behalf of a licensed, prudentially-regulated
financial institution
Who can be an Agent
Banking Agent Network Model
Vertical Model Horizontal Model
Financial Institution
Super Agents
/Facilitators
Agent AgentAgent Agent Agent
Financial Institution
Agent AgentAgent Agent Agent
Pros of Agency Banking
For Bank
● Expand customer base
● Reduce infrastructure & manpower cost
● Increased revenue
For Agent
● Additional income generation & Lower cost of Ownership
● Affiliation with well known banks provide competitive edge for them
For Customer
● Unbanked & underbanked customers have easy access to the bank
Services
● Reduced travel time
● Lower transaction fee
Agency Ecosystem
Banks
Service
Providers
Agents Customers
Banks
● Commercial Banks,
● MFBs
Providers
● Telcos, FinTech,
● Payment Facilitators,
● Super Agents,
● Device Resellers,
● Payment Tech
Agents
● Retailers,
● Pharmacy Stores,
● Telco Agents,
● Super Markets
Agency banking will play an important role in the coming
years for financial inclusion. Acting as proxy banks,
agents will provide individuals and small businesses with
the financial services they need to stimulate local
development and economic growth
Justin Ho, Vice President, Mobile Financial Services, Amdocs
August 2017
80%of the adult population in
Africa’s developing regions are
either unbanked or underbanked
The Market
Scenario
Telco
Agent
(500m)
POS
(600m)
ATM &
Post
Office
(1500m)
Actual
Bank
(5km)
Present Challenges
● Agent’s startup capital unavailability
● Liquidity (float) related problem
● Network failure
● Perceived credibility (trust)
● Security around cash handling
● Provision of loan to agents
● Mini vault with an insured daily limit
● Improve mobile network accessibility
● Investment of time and effort by bank to train agents
● Vetting location for the setup of the agent outlets
Recommendations
● Simplicity of User Interfaces
● Proximity of Agents
● Liquidity of Agent
● Credibility
● Security
● Effective dispute management
Service Improvement Methods
Thank You
Gbenga Ajibade
15-03-2018

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Agency banking in Nigeria: Improving service and rural community penetration by Gbenga Ajibade

  • 1. Agency Banking: Improving Service & Rural Community Penetration in Nigeria By Gbenga Ajibade
  • 2. Brief Introduction Agency banking was started with the aim of penetrating under-served areas such as rural communities that do not have access to financial services hence the reason for The Central Bank of Nigeria’s introduction of agency banking which is aimed at connecting rural dwellers to the financial system
  • 4. Agency Banking Model Designed to help banks lower their cost of offering banking services Improving earnings as more people are offered opportunity to access financial services
  • 5. Agent Outlet owner who conducts banking transactions on behalf of the bank Payment facilitators who recruit and train agents Super Agents Agent banking: The provision of banking services by a third-party agent to customers on behalf of a licensed, prudentially-regulated financial institution
  • 6. Who can be an Agent
  • 7. Banking Agent Network Model Vertical Model Horizontal Model Financial Institution Super Agents /Facilitators Agent AgentAgent Agent Agent Financial Institution Agent AgentAgent Agent Agent
  • 8. Pros of Agency Banking For Bank ● Expand customer base ● Reduce infrastructure & manpower cost ● Increased revenue For Agent ● Additional income generation & Lower cost of Ownership ● Affiliation with well known banks provide competitive edge for them For Customer ● Unbanked & underbanked customers have easy access to the bank Services ● Reduced travel time ● Lower transaction fee
  • 9. Agency Ecosystem Banks Service Providers Agents Customers Banks ● Commercial Banks, ● MFBs Providers ● Telcos, FinTech, ● Payment Facilitators, ● Super Agents, ● Device Resellers, ● Payment Tech Agents ● Retailers, ● Pharmacy Stores, ● Telco Agents, ● Super Markets
  • 10. Agency banking will play an important role in the coming years for financial inclusion. Acting as proxy banks, agents will provide individuals and small businesses with the financial services they need to stimulate local development and economic growth Justin Ho, Vice President, Mobile Financial Services, Amdocs August 2017
  • 11. 80%of the adult population in Africa’s developing regions are either unbanked or underbanked The Market
  • 13. Present Challenges ● Agent’s startup capital unavailability ● Liquidity (float) related problem ● Network failure ● Perceived credibility (trust) ● Security around cash handling
  • 14. ● Provision of loan to agents ● Mini vault with an insured daily limit ● Improve mobile network accessibility ● Investment of time and effort by bank to train agents ● Vetting location for the setup of the agent outlets Recommendations
  • 15. ● Simplicity of User Interfaces ● Proximity of Agents ● Liquidity of Agent ● Credibility ● Security ● Effective dispute management Service Improvement Methods