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Agent Banking Services Hit Record Of 6,000 Customers

The number of citizens using agent banking services has hit record of 6000  just one year after agent banking  services was introduced, Agent Banking Company of Uganda Chief Executive Officer Richard Yego has disclosed.

“commercial banks have reported 40%in cash deposits,withdrawal,school fees payment  transaction volume growth of customers moving from traditional branches to agents. Agents have also facilitated recruitment of new customers and opened new bank accounts instantly,”Yego said.

He is however optimistic with their plan to roll out agency penetration country wide,they hope to see 80% financial transactions improved.

” with participation of all commercial banks, we expect to hit 20,000 agents by end of the year and 2million by 2020,”Yego said.

ABC was launched in  April 2018 opening new era to faster financial services to customers in urban and rural areas from the traditional banking halls.

ABC by law is mandated to supervise and drive agent banking services as means to provide financial inclusion.

According to Yego this number is projected to increase further as more banks are connected to the platform.

“So far 10 commercial banks namely, Centenary bank, dfcu bank, Barclays, Dtb, finance trust bank,housing bank,bank of Africa and Exim bank have embraced the company to provide services to their customers.we expect by end of  this month Stanbic bank, Orient bank and Opportunity bank to follow suit bringing more 800 customers on board because the integration of platform system testing has started and they are on track,” yego said.

ABC road map, at least 15 commercial banks will have been integrated on the agent banking system adding on Baroda, KCB and standard chartered Banks by July.

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