An Equity bank agent is a third party who helps in bringing banking services closer to Equity bank customers in a particular area. The agents offer cash deposits, cash withdrawals, balance inquiries, account openings, school fee payments, utility payments, and loan applications. Equity bank agents are awarded commissions based on the transactions. Here is how you can become an Equity bank agent in Uganda.
Contents
Requirements to Become an Equity Bank Agent
This section contains the relevant requirements needed to become an Equity bank agent in Uganda. Please note that to become an equity bank agent, your business should be registered and licensed as either a sole proprietor, limited company, or any category as specified by the central bank as fit for the agent banking business.
- Initial capital of UGX 2 million.
- New POS machine – UGX 2.1 million. You can also buy a reconditioned POS machine at UGX 1.1 million.
- Equity bank account.
- Bank Statements.
- Fully registered business.
- Physical premises.
- Articles and Memorandum of Association.
- Valid business permits and evidence you have been operational for the last 12 months in the same location.
- Other requirements as specified by the agent banking checklist (to be provided by your bank)
How to Become an Equity Bank Agent
1. Visit any Equity Bank branch near you.
2. Meet the Branch manager with all the relevant documents and share your agent request.
3. The bank manager will then give you agent application forms to fill in and an equity bank agent checklist. The bank will then send officials to visit your business premises.
4. Upon filling in your application and attaching the relevant documents as required. The agent application will be submitted for vetting and approval.
Read Also: Mobile Banking with Equity’s Eazzy Mobile Banking App
Who is Eligible to become an Equity Bank Agent
An Equity bank agent can be any person with a registered business from a mobile money agent, petrol station, supermarket or grocery store, pharmacy, hardware store, or retail shop that has been in existence for at least 12 months. Please Note that Equity agent banking shouldn’t be your primary business. To become an Equity Bank agent you should have a business bank account with Equity Bank and a physical address for a place you want to set up your agent banking business.
For further information regarding becoming an equity bank agent in Uganda, reach out to Equity through this link or contact customer support here at 031 2263422.