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in Kenya is a commercial entity that has been contracted by a commercial bank and approved by the
Central Bank of Kenya to provide specific services on behalf of the bank. This entity is equipped with the skills necessary to provide basic banking services according to standards set by the Bank.
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entity to access financial products and services at a location nearest to the customer, thus breaking down certain barriers to financial inclusion such as cost and accessibility.
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can engage in are determined by the contracting bank after assessment of the applying entity. Some of these include:
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When an agency continues to perform prohibited activities, their contract may be terminated.
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Document collection for debit and credit cards, loan applications, and account opening
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Carry out agency banking business when an agent is no longer contracted by a bank
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266:"'The greed that sometimes drives capitalism must be tamed' – James Mwangi"
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Execute transactions during network and/or communication failure.
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Agency banking transactions are denominated in Kenyan shillings.
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Offer its own banking services apart from the sponsoring bank
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Subcontract to any business to run its agency banking
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216:Perform anti-money laundering services
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123:. The activity is regulated by the
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100:December 2020
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135:Definition
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