New Case Study Details How to Deploy Successful Agency Banking in Africa
Today, FINCA International, in partnership with the Mastercard Foundation, released a case study to highlight FINCA’s journey in deploying agency banking in Africa over the past four years. The case study outlines ten strategic, operational and technical learnings that other finance and microfinance institutions can consider when creating or building upon a similar program.
Working jointly, FINCA and the Mastercard Foundation have deployed various digital solutions, such as agency and mobile banking, to scale up financial inclusion efforts and reach more underserved and unbanked communities in Sub-Saharan Africa.
Agency banking utilizes a network of local merchants and shopkeepers, in areas where FINCA usually doesn’t have a presence, to provide basic banking services. The agents are equipped with POS (Point of Sale) machines, a portable device that securely connects to FINCA bank accounts through biometric fingerprints. Since launching agency banking in the DR Congo in 2012, over 80 percent of all transactions by FINCA clients in that country are done through banking agents.
Photo courtesy of Mastercard Foundation.
- Inclusive Fintech