Deputy Governor, Louis Kasekende unveils Equity Bank Church House Kampala recently.
Kampala. Equity Bank has closed 2018 with 1,683 agents, a year after the financial institution embraced agency banking.
Agency banking, which was launched in April, seeks to ease accessibility to financial services with specific focus on low income earners and the rural population.
Agency banking, which was launched in April, seeks to ease accessibility to financial services with specific focus on low income earners and the rural population.
In an interview early this week, Mr
Philip Otim, the Equity Bank communications and marketing manager, said
agency banking has been a bridge for the unbanked population, especially
in the countryside, where conventional banking systems have for years
been lacking.
Out of the 1,683 agents 1,400 agents are the most active.
“We have enjoyed tremendous success since we launched agency banking. We have 1,683 agents out of which 1,400 are the most active,” he said, adding that such agents have been key in conducting banking services with between 10,000 and 11,000 transactions registered on a daily basis.
The bank, which operates its agency banking through Equi Duuka, has according to Mr Otim, also experienced growth in its account book with more than 400,000 accounts opened through agency banking out of the 683,000 that were opened in the period under review.
Technology has been key in transforming banking services and many banks including Equity have invested heavily with the view of creating different banking avenues.
Out of the 1,683 agents 1,400 agents are the most active.
“We have enjoyed tremendous success since we launched agency banking. We have 1,683 agents out of which 1,400 are the most active,” he said, adding that such agents have been key in conducting banking services with between 10,000 and 11,000 transactions registered on a daily basis.
The bank, which operates its agency banking through Equi Duuka, has according to Mr Otim, also experienced growth in its account book with more than 400,000 accounts opened through agency banking out of the 683,000 that were opened in the period under review.
Technology has been key in transforming banking services and many banks including Equity have invested heavily with the view of creating different banking avenues.
Mr Julius Musiime Apuuli, the Equity head of
agency banking, said the service has been key in providing services
such as customer deposits, money transfers, withdrawals and bill
payments, which on average translates to a daily average of Shs3b.
“The amount of cash that can be transacted through agents ranges from Shs15m to Shs100m,” he said.
The bank expects to at least recruit between 4,000 and 5,000 agents in the next one year with targeted transactions of about 50,000.
“The amount of cash that can be transacted through agents ranges from Shs15m to Shs100m,” he said.
The bank expects to at least recruit between 4,000 and 5,000 agents in the next one year with targeted transactions of about 50,000.
moketch@ug.nationmedia.com
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