All you need to know about the agency banking

According to a report by the World Bank, around 1.7 billion adults in the world remain unbanked as they don’t have a bank account. Back in 2014, this number was 2 billion. To fight this grim reality the governments of many countries have started to aggressively focus on financial inclusion.

At the same time, it’s also important to understand that availing banking services is not easy for all. Almost 59% of unbanked adults have stated the lack of affordable banking service as the major reason for them to not have an account. In addition to that, the exhausting documentation process makes the matter worse for the unbanked people. But with the latest FinTech developments, banking is all set to change forever.
The combination of internet and smartphone penetration has served well for the financial industry, especially the banking sector. It has empowered banks to offer their services to a person irrespective of his location. This new phenomenon is called branchless banking or agency banking. In this article, we will see what agency banking is and how it is impacting banking all over the world.

READ MORE : All you need to know about the agency banking 

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