Family Bank sets sights on agency banking to grow deposits

Family Bank is working to double its agency banking merchants to 10,000 by year's end in order to marshal up deposits.

The three months campaign will see the bank grow its transaction income base through an expanded agency network. Also in its plan is to optimise service channels that include ATMs, mobile banking, Internet banking among others.

Speaking during the campaign launch at its Dagoreti branch, Mr Peter Munyiri the bank’s CEO said the agency model is cost effective for both the agent and the bank.

Customers who have been in business for at least 18 months are allowed to operate the agency business with the main objective of mobilizing new deposits.

CLOSER TO THE PEOPLE

“The bank is launching this campaign to ensure that it reinvigorates Family Bank’s agency banking strategy ensuring that it plays the crucial role of taking the financial services closer to the people –enhancing access, bringing about convenience and extending benefits to customers,” said Mr Munyiri.

The outlets offer cashless and card based applications, deposits, and withdrawals, bill payments, balance inquiries, card collection and mini- statement.

The bank also announced that its ‘Pesa Pap’ – a product that allows customers to make transactions from their mobile phones through the USSD platform, has now taken the bulk of their transactions.

“Over 30 per cent of our transactions are not happening in the branches; Pesa Pap is taking the bulk of our transactions,” said Mr Munyiri.

Even as the bank deepens financial inclusion using Pesa Pap for Internet and mobile banking as well as agency banking, it targets to open another 100 branches countrywide by the end of 2016.