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Mobile Money Agents/Agent Bankers take financial services to the unbanked and underbanked. Let's examine what financial services are in general, and the specific services that Mobile Money agents offer to people.

The term “financial services” comprises many different things. Generally speaking, there are 6 Distinct types of financial services:

  1. Savings: Putting some of your money away for the rainy day, so you can always access it when you need it.
  2. Investment: Putting your money to work so you earn interest on it.
  3. Pensions: Putting some money aside now, so when the person is old and cannot work, he/she can access that money (with interest) to be able to survive.
  4. Payments: Enabling people pay for specific goods and service (e.g electricity bill, cable TV, etc)
  5. Insurance: Paying a small fee to mitigate your risk in the occurrence of an unforeseen circumstance like sickness, accident, etc.
  6. Credit: Accessing loans to grow your business or solve a pressing need.
As an agent banker, you are in the financial services industry, and you will be selling these services to people around you.

The entire idea behind agent banking is that the general public will not need to go directly to a bank to perform most of the activities they currently do to access any of the already listed financial services. Instead, all they need to do is come to an agent banker and they will be able to perform the same service. Some of the services that Mobile Money/Bank Agents perform are:

  • Account/wallet Opening (for banks)
  • Debit Card Issuance
  • Cash Deposit (Into accounts held any bank)
  • Cash Withdrawal (from accounts held with any bank)
  • Local Funds Transfer (To accounts across banks)
  • Bills Payment (including Airtime & Data Recharge, Electricity Bills, and other merchant bills)
  • BVN Enrollment
  • PIN Change (for card holders of that bank) etc.
This means that as a mobile money/bank agent, customers from most banks can come to you and perform the above services, instead of going directly to the bank.

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