Shops, Kiosks to Provide Banking Services in Uganda

The Ugandan cabinet has approved proposals to enact agent banking in a bid to extend banking services to areas that are currently underserved by banks and other financial institutions.

Agent banking which has been implemented in Kenya and Rwanda allows banks to use shops, kiosks and field agents to open accounts, receive deposits and effect withdrawals.

The Centenary Bank of Uganda has entered into partnership with Ezee Money, a mobile payments provider with 15,000 agents around the country to receive customer deposits. The bank is looking to enlist about 10,000 agents at the end of 2014.

The agents will be empowered with a proper banking mandate of bank teller to open accounts, receive deposits and effect withdrawals, in a bid to improve turnover.

It has been said that extending financial services to the rural areas and the poor will have a positive impact on household incomes.

The introduction of agent banking in Kenya has led to close to 17,000 approved bank agents’ facilitating over 45 million transactions valued at over USD2.76 billion until May 2013, mainly leveraging on mobile phone technology. (allafrica.com)

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1 comment

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    Torri Thursday, 01 June 2017 10:24 Comment Link

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