Statistics show that only around a quarter of households in developing nations have financial savings with formal banking institutions. That’s quite alarming no?? In today’s times’ access to financial institutions is the most vital necessity. Financial Inclusion is way more than being able to get the occasional loan.
Every single person from even the most remote areas on earth must remain connected to a national payment system, a lot like the national telephone or electricity network. We are all connected to the national electricity or telephone network, isn’t it?
Almost 90% of the major banks have realized this and instead of opening up new bank branches, they are opting for the agent banking system to reach their underbanked & unbanked customers.
Banks need to set up an agent banking network that allows their agents to deliver financial services on their behalf outside the traditional bank branches. This is where Arttha’s agent banking services come into play.
Agent Banking has umpteen number of benefits for customers, agents and banks. Go through the infographics to know about the challenges faced by traditional banks and how agent banking is helping alleviate it.