A continent like Africa lacks banking coverage to provide banking services to its population and NanoBNK has the proper solution framework to create inclusion. Powered by latest technology we act as a business enabler for banks in their quest for digital banking and payment transformation. Furthermore on the African continent , NanoBNK plans to be an active partner for banks pertaining to Financial inclusion.
Agency banking forms part of our financial platform offering that can be set up to provide the whole population with banking services for financial inclusion. Banks can create an efficient network of agents to ensure optimum banking security and make banking easy for the rural customer.
The financial inclusion aspect with financial technologies
Financial inclusion is an effort to bring all people regardless of their income level into a formal economy. It is important that no person; however poor, remains excluded from this ecosystem. Achieving a universal financial access can become reality in Africa with Financial platforms enabling access to easier, faster, safer and secure financial transactions.
Agency banking creates agents that provide banking services
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. The owner of an outlet conducts banking transactions on behalf of a bank. Agency banking model is to offer a range of selected banking services to customers without them having to visit a branch. It is meant to drive deeper financial inclusion using innovative products and technology. Agent banks can serve the needs of both individuals and businesses through a broad range of services. They can include various forms and are willing to partner on a variety of different offerings.
The services Agency banking can provide:
Personal Accounts and Small Business Banking: Individuals and businesses partner with banks to support the management of their financial and cash transaction needs. These entities rely on an agent bank for managing funds in a deposit account.
Foreign Agent Banks: A foreign bank doing business in the U.S. on behalf of its parent bank may be known as a foreign agent bank. They may also be allowed check clearing privileges.
Investment Banks: Investment banks often serve as agent banks on institutional investment deals such as syndicated loans. An agent bank serving as a syndicate manager will contract with an issuer to arrange a syndicated loan.
Third Party Agent Banks: Oftentimes a business may need the support of an agent bank in order to launch new services. Partnership with a third part agent bank is common for credit businesses who need a bank’s support in offering credit cards or loan programs. An agent bank can partner with a business to support the issuance of credit cards in a new credit card program. Many agent banks have also partnered with private lenders to support the growth of new online lending businesses. Lending Club is one example of a private lender requiring the support of an agent bank for its services. Lending Club works with WebBank to facilitate the origination of its loans to its online borrowers.
NanoBnk offering possibilities for efficient network for Agency banking
Banks can collaborate with technology innovation experts to launch an agent banking network and take their banking services to places where a bank branch cannot reach. NanoBnk Financial Solutions are instrumental in setting up a branchless bank within the reach of potential customers.
Apart from bringing the bank branch near to the customer, the transaction fees are also nominal. With the help of an agent, a person who has never carried out any banking transactions can do so with ease. This initiative is a great step to empower women and include them in the financial ecosystem too. In most of the developed countries, it is not possible for single mothers, pregnant ladies, and women who are senior citizens to walk down to a branch in some other city and carry out banking. What can be a better way to keep their money secure and allow them to be in charge of their own money than to provide them an agency banking facility next door.
The bank benefits through a larger customer base, boosting financial inclusion, product availability, and risk management.
The transactions supported are:
- Cash deposit
- Cash withdrawal
- Merchant purchases
- Account balance queries
- Loan repayments
- Bill payment (utility bills, government fees, taxes, fines etc.)
- Prepaid top-up voucher sale
- Prepaid top-up (voucher-less)
Are you a bank and you wish to ‘go branchless’ and take your banking services to the remotest corner at negligible NanoBnk has the right solution offering for you.NanoBNK positions itself as a Digital banking partner for banks in driving digital banking/payment transformation and enabling financial inclusion in Africa. Our unique business model and innovative platform enables us to support bank to have Money Remittance, Mobile Banking, Agency Banking, Digital Wallets, Bill Aggregation, Payment Gateways, Microlending, loyalty platform solution and Robotic Process Automation powered by AI, Big Data Analytics and Blockchain technology. Contact Us here. Contact us here.