By Rogers Wanambwa
KIU Main Campus - According to the Uganda Bankers' Association (UBA), agency banking has grown to a monthly average of UGX2.2trillion transactional volume since its inception in Uganda in 2018.
Agency banking has revolutionalized the banking sector in that through third parties like mobile money agents, banks are now able to reach millions of people even in areas where the banks may not have branches. This also goes for internet banking too.
According to UBA, the agency banking platform now has nine banks that have joined and this includes Centenary Bank and KCB who joined just last week.
The other banks on the platform include, Stanbic, Absa(formerly Barclays), Bank of Africa, Diamond Trust Bank, DFCU, Housing Finance Bank, and GT Bank that pioneered the agency banking platform in 2018.
Currently, the platform transacts an average UGX2.2trillion monthly and has 12,154 agents across the country. An unprecedented feat for the banking industry.
Source: Daily Monitor