If the plan to offer services through agent banking is executed effectively, many small and medium enterprises will feel motivated to start businesses in rural areas,
On behalf of the banks, the agents can transact cash, distribute remittance, gather information for bank accounts, accept loan applications, transact and recover loans and receive applications for credit and debit cards.
Bank agents can in addition obtain utility bills and passport fees and distribute government assistance under social safety net programmes.
In agent banking, a third party signs an agreement with the bank and offers some banking services directly to the client on behalf of the bank.
In place of setting up branches, the agent banking system has been accepted in many countries as a means of financial inclusion, as per to the statement.
Agent banking has become famous in many developing countries in
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Ford Tremor: Easy to Park, Hard to Pay For
- What Hamas and Israel Hope to Gain in Gaza
- WWE Showing Off Its Muscles
- As Jobs Market Strengthens, Many Don't Feel It
- Target Taps Pepsi Exec as New CEO
- NASA Plans to Make Oxygen on Mars
- House Shelves Immigration Bill, Goes on Vacation
- Notorious RBG Tells All in Couric Interview
- Why Samsung Shares Plunged in the April-June Quarter