Equity Agent (what is it )

Am sure you have Seen this Equity agent banners in town or you are thinking of how to do business as an agent. Kenya Commercial Bank Ltd., the country’s biggest bank by outlets, and Equity Bank Ltd. have been approved to offer agent banking, which brings financial services to places that lack them, Kenya’s central bank said. Kenya changed its banking laws in January to permit third- party agents to represent commercial banks in dealing with customers, the central bank said today in an e-mailed response to questions. It said 5,892 agents have been registered. The Nairobi-based bank is urging Kenyan commercial banks “to consider utilizing these alternative channels in order to reap the benefits of an increased customer base and reduce costs of banking services,’’ the bank said in the statement. Agent banking allows lenders to offer teller services at locations such as supermarkets and fuel stations. The bank didn’t say when Equity Bank and Kenya Commercial Bank were approved to offer agent-banking services. but from the look of thing this  is a business to watch for  🙂