How agency banking is transforming financial access in developing countries
- Only 49% of adults in sub-Saharan Africa own a formal bank account, with significant variations among countries.
- Agency banking has gained traction in Nigeria, providing convenience through proximity and responsiveness.
- Mobile money agents in sub-Saharan Africa nearly doubled from 2019 to 2023, according to recent IMF data.
The success of agency banking in enhancing financial inclusion is commendable, but it is crucial to address the operational and regulatory challenges that hinder its growth in rural areas. A collaborative approach involving governments, financial institutions, and local agents is necessary to ensure that the benefits of financial services reach the most underserved populations.
