Perpetrated by agents with access to sensitive systems, these frauds can undermine customer trust, compromise business integrity, and result in financial losses. A GSMA report indicates that mobile money providers have experienced approximately $1.06 million in losses due to insider fraud. Yet this figure likely underrepresents the full scope, given the sector’s under-reporting, fragmented oversight, […]
Agency Banking Needs a New Mindset The numbers are compelling: In Tanzania alone, agency banking witnessed remarkable growth with net cash deposits hitting TZS 14.4 trillion in the first quarter of 2024, up significantly from TZS 9.1 trillion in the same period the previous year. Similarly, Rwanda’s banking sector reported substantial gains in digital financial […]
Over 60% of agents operate in low-traffic areas, struggling to generate enough transactions to stay profitable. In Africa alone, more than 90% of the population relies on cash-based transactions, making it hard for smaller agents to grow without flexibility. This creates a tough balancing act: – How do you ensure security and control without limiting […]
But change is on the way: Agency banking is stepping up to bring banking right to people’s local shops and businesses—places they already know and trust. And now, the Aggregated Agency Banking model is taking it even further. This model is reaching more communities than ever, making banking as simple as a stop at the […]
Without a streamlined target and performance management solution, effectively allocating targets becomes challenging, leading to unfair reward distribution. In the game of business, when targets are reached, goals become the ultimate victory. Tree-based target management: Rooted in mission Assigning the right targets to each agent based on their expertise and market potential is a structured […]
In today’s banking landscape, agency banking has emerged as a crucial model for enhancing financial inclusion. By using agents to deliver banking services, financial institutions can expand their reach into areas where setting up a traditional branch might not be practical. But what motivates these agents to offer these services? The answer lies in the […]
Digging deeper into clawback mechanisms Commission clawback refers to the process of identifying and recovering wrongfully awarded commissions. By analyzing transaction data, financial institutions can detect suspicious patterns indicative of fraudulent activity. These patterns are flagged, and clawback models are generated to assess the severity of the offense. If an agent repeatedly engages in such […]
The agency banking revolution: Country-by-country analysis Tanzania: leading the charge Tanzania has emerged as a powerhouse in the agency banking arena, setting the pace for the rest of the continent. By 2022, the country boasted an impressive network of over 1.2 million active agents – a number that has continued to grow into 2024. This […]
Leveraging AI, accurately predict your agents’ fund levels, optimizing your agent network performance. Discover how this data-driven approach can revolutionize your agent network liquidity management. Agent float in agency banking Agent float is the lifeblood of agency banking. It’s the cash or credit available to agents, enabling them to conduct financial transactions on behalf of […]
In the face of such challenges, agency banking has emerged as a growth engine for Africa’s financial ecosystem. By leveraging existing networks of local businesses and entrepreneurs as banking agents, agency banking solutions expands the reach of financial services beyond physical bank branches. This approach not only addresses logistical and cost barriers but also brings […]
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