You can now beat the long bank hall queue by banking at banks agents sprouting all over in town following the CBK Guidelines on agency banking
Here are some of important definitions:
“Agent” means an entity that has been contracted by an institution and approved by the Central
Bank to provide the services of the institution on behalf of the institution in the manner specified in
“Agent banking business” means the business carried out by an agent on behalf of an institution as
permitted under this guideline.
Here are some of activities the agent can perform on behalf of the principal:
- Cash deposit and cash withdrawal.
- Cash disbursement and cash repayment of loans.
- Cash payment of bills.
- Cash payment of retirement and social benefits.
- Cash payment of salaries.
- Transfer of funds.
- Balance Inquiry.
- Generation and issuance of mini bank statements.
- Collection of documents in relation to account opening…
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