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
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