Agent Banking Services In Uganda
Agent Banking means providing limited scale banking and financial services to the underserved population through engaged agents under a valid agency agreement, rather than a teller/cashier. It is the owner of an outlet who conducts banking transactions on behalf of a bank.
Agent Banking Services In Uganda
Agent banks act on behalf of other parties in financial matters, and can work in various capacities to meet the needs of the individual, business, or another bank. They offer a variety of services that can help with conducting business both domestically and internationally.
The most important banking services are checking and savings accounts, loan and mortgage services, wealth management, providing Credit and Debit Cards, Overdraft services. Agency banking allows customers to access their funds on an immediate basis, enables them to check the status of their cheques, also a customer can complete its banking transaction in real-time. It helps financial institutions make their payments on time.
Banks act as agents of the customers since they perform all the tasks and activities on behalf of the customers. The bank and the customer are bonded by a level of trust where the customer depends on the bank for all their financial transactions. Agency banking allows customers to access their funds on an immediate basis, enables them to check the status of their cheques, also a customer can complete its banking transaction in real-time. It helps financial institutions make their payments on time.
If too much cash is taken in, the agent may run out of e-float and not be able to accept more deposits. If there are too many withdrawals, the agent will accumulate e-float but run out of cash. In either case, customers will get discouraged if the agent cannot provide the services they need when they need them. Agent banking provides opportunity for Banks to grow their branch network in an exponential way as well as revenue while keeping down cost. The more efficient Banks will commit more resources to building Agent network than funding operational inefficiencies. Within the banking industry, there are different types of institutions that serve distinct customers and offer varying services. They may also differ in the way they generate revenue and make profits. The industry includes retail banks, private banks, commercial banks, and investment banks.
They provide a range of services such as checking and savings accounts, loan and mortgage services, financing for automobiles, and short-term loans such as overdraft protection. Many also offer credit cards.
What Criteria Must Agent Banking Services Meet In Uganda
Requirements. To become a Agent Banking Services, interested parties should be registered entities with regulatory bodies in the country. These can include: Uganda Registration Service Bureau, National Drag Authority, Bank of Uganda, Uganda Microfinance Regulatory Authority, The NGO Bureau among others.
Is a registered and licensed business.
Have a physical address.
Have adequate and secure premises.
Have an account in a financial institution licensed by the Central Bank.
Have been engaged in a commercial activity for at least 12 months (Agent cannot operate.
How Much Does It Cost To Be Part Of The Banking Agent Services In Uganda
Ideally for one to start this business, you will be required to at least have Shs5million but because the economic conditions are hard-hitting, some commercial banks have lowered this to Shs3 million for one to start.
List Of Agent Banking Services In Uganda
Below Are The Partial List Of Agent Banking Services In Uganda
Centenary Bank, Head Office: Mapeera House,
Plot 44-46 Kampala Road & Plot 2 Burton Street.
P. O. Box 1892 Kampala
Tel: 0800 200555, +256 317202315, +256 417 202 002.
Centenary Bank is regulated by Bank of Uganda
Self-Registration For Agent Banking Services With Centenary Bank
How to self-register using a USSD Code – *211#:
1. Dial *211#
2. Select Agent Banking
3. Select Register
4. Input your account number
5. Input CenteVisa card PAN number
6. Input CenteVisa card PIN.
7. A unique PIN shall be sent to you
8. You are ready to transact!
United Bank For Africa
Plot 2 Jinja Road, Kampala Uganda
P.O Box 7396, Kampala Uganda
+256 800100030 (Toll Free)
Bank Of Africa
Call The Office : – +256 414 302001
Call TollFree ;- 0800100 140
Whatsapp +256 776400 601
Email :- email@example.com
EQUITY BANK OF UGANDA
+254 763 063 000/763 000 000
Stanbic Bank Uganda
Plot 17, Hannington Road
Dialling locally : – 0312226600
Dialling locally :- 0800 250 250
International : – +256 312 224 600
IM BANK UGANDA
(Toll Free) 0800 144551
(WhatsApp) +256 701 144551
(Fax) +256 414 348039
Email us at: firstname.lastname@example.org
CAIRO BANK UGANDA
General line: 0800 211 025
Call Center Help line: 0800 211 025
General email: email@example.com
WhatsApp: 0786 650 966
P.O.Box 7052, Kampala – Uganda.
Head Office location:
Plot no. 16, Mackinnon Road – Nakasero.
Ground, First and Ninth Floor.