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Business Management analysis

Money Agency Business

Agency banking is the delivery of financial services to customers by a third party on behalf of a licensed bank or mobile money operator. The third parties are non bank retail agents who rely on technology.

If you are already running an enterprise, such as a pharmacy, hardware, shop or retail stores you are eligible to become a banking agent. This way you can supplement your income and increase customer traffic to the business.

The requirements are almost the same across the main Kenyan banks. They include:

1. The banks expect you to have an enterprise that is strategically located and has the capability to serve multiple customers.

2. The enterprise must have the required licenses and you are expected to attach copies of your PIN and business permit. In addition to this, one needs to attain the central bank of Kenya license approval. It costs Ksh.1,000.

3. In order to qualify, the business should have been in operation for a minimum period of 12 to 18 months.

4. You have to attach your account statements, certificate of good conduct, copy of ID, resume and two passport sized photos.

Capital for the business.

The capital depends on your level of agency and where you want to locate your business. Let us generally say that you may need Ksh.100,000 to Ksh.500,000 to be a well established mobile money and bank agent. To succeed in the business , you must site your business in places where there is less or no bank branches, put in place adequate risk management strategies and ensure you have honest staff to prevent fraud.  

You must also enhance your cash management skills, raise reasonable working capital so as to have a higher float and ensure you adhere to the rules as a result you will surely become successful in the business.


Content created and supplied by: VinnyNgalia (via Opera News )

Agency Kenya Kenyan


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