Commercial agency banking got introduced in Uganda at the end of 2017 to pick up the gap caused by the advent of mobile money. Standard Chartered Agent Banking is still in its infant stages and this is all you need to know.
Lets first understand Agency banking, in its simplest form, is where a commercial bank secure the services of an agent to provide marked financial services on their behalf outside of the traditional avenues of tellers, ATM machines and bank premises. In other sense, this a business opportunity to both parties, Banks are looking to expand their territory in agency world to tassel mobile money agents and aspiring agents are ready to bag the commission for the next available gig from banks.
Standard Chartered Agent Banking provides the following services;
1. The agent should be able to provide customers with a receipt for every transaction, even for rejected or failed transactions.
2. Customers can only withdrawal or deposit cash in Uganda Shillings. Both cash deposit and cash withdrawal transactions are real time. You can conduct transactions any day of the week including public holidays.
3. For a cash deposit, customers can only require an account number and account name. For a cash withdrawal, they only require a debit card and your PIN.
4. Cash deposit is free of charge while cash withdrawal is charged UGX 2,000 per transaction. All the charges will show on a customer’s bank statement.
5. Once the transaction is completed, customers will be able to receive an SMS instantly. Email notification will be received at the end of the day.
6. Any cash deposit or cash withdrawal transaction done via Agent Banking will show with a narration of AGBK cash deposit / AGBK cash withdrawal narration along with the agent’s name.
7. Finally, When using Standard Chartered Agent Banking if you suspect unauthorized transactions or have disputed transactions on your account, please report this to our Contact Center. Provide details such as:
- Your full name
- Account number
- Transaction type (cash withdrawal or cash deposit)
- Date & time of transaction
- Amount involved
- Receipt of the transaction
