Banking Agents Central to Future of Financial Service – Expert

Experts have underscored the need for mobile banking agents to be well empowered and equipped with relevant resources, stating that they are critical to financial inclusion growth.

They maintained that human interference cannot be ignored in the distribution of digital services, particularly in areas with limited internet penetration or digital literacy.

Speaking at the National Conference of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) in Abuja, recently, Managing Director of Remita Payment Services Limited (RPSL),Mr Deremi Atanda said that agency banking in Nigeria has continued to record appreciable growth with a network of approximately 1.5 million agents and a staggering ₦14.2 trillion ($38.9 billion) processed transactions in 2021.

He noted that this success so far can be sustained and consolidated when operators seek a route to humanise the business model.

“The landscape of digital service distribution will persistently centre on agents. While we are on the path of increasing penetration, agents serve as pivotal locations for contact or interaction with the digital sphere and will continue to flourish”, he said.

Atanda described the next phase of agency banking as “Agency 3.0′, emphasising that data, human interaction and trust was crucial to scalability.

He said that strategic collaboration would drive valuable insights, innovation, tackle complex challenges and share best practices needed to make informed assessments.

 “In the era of Agency 3.0, agents will transcend their current role as mere transaction facilitators to become trusted hubs for digital products and services, driving financial inclusion and economic empowerment through their extensive network and deep understanding of customer needs, “he said.