The banking sector is quickly picking up from the gap that had been created by the introduction of mobile money services. With banking agents now visible in almost every business oriented location, and the recent taxes posed onto mobile money transactions, the clients are back in the queue.
You could own a business, and would want to become a bank agent yourself. The procedure of becoming one is simple.
The procedure
Agent Banking regulations stipulate that all agents shall belong to a financial institution. So, we recommend that you identify and visit a bank that you wish to work for as an agent because particular banks have particular requirements regarding agent banking.
Some of the banks outsourcing agents include Stanbic Bank, Barclays Bank, Bank of Africa, Diamond Trust Bank, DFCU Bank, Housing Finance Bank and GT Bank.
You must have an operating account in the financial institution, and the institution should be licensed by the Central Bank for period of six consecutive months prior to the making of the application.
You should also have a licensed business and should have been engaged in it for at least twelve months, a presentable physical address, as well as adequate and secure premises.
At the bank, you should be able to respond to questions from the Branch Manager in regards to your business and to ensure that it hits the minimum standards required. You will then fill out a bank agent Application form to which you should attach a documentation on your business.
Your application will be submitted to Bank of Uganda for vetting and approval. Once approved, you will open a Business account for purposes of Agent Banking (in case you do not have one) and deposit a specified amount for float purchase and another for Point of sale device security deposit to start operating.
