How to become a bank agent in Uganda

How to become a bank agent in Uganda - ugtechmag.com
Credit: Nilepost
- Advertisement -

In this article, we take you through how to become a bank agent in Uganda.

- Advertisement -

Banking agents are retail or postal outlets contracted by financial institutions or mobile network operators to process clients’ transactions. Instead of branch tellers, it is the owner or an employee of the retail outlet who conducts the transactions and lets clients deposit, withdraw, transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer.

Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and more. With that, anyone with a business now knows that they could become a bank agent. But how exactly do you become a bank agent in Uganda? Read on.

Related:
1. How to Become an Equity Bank Agent (EquiDuuka)
2. How to Become a Stanbic Bank Agent in Uganda
3. How to Become an Absa Bank Agent in Uganda
4. How to Become a Centenary Bank Agent (CenteAgent)

How to become a bank agent in Uganda?

To qualify, these are among the general requirements needed and procedures.

  1. You must be having a bank account in the bank you choose to work for. Additionally, the institution should be licensed by the Central Bank for a period of at least six consecutive months before you make your application.
  2. You must be running a licensed business and have been active for at least a year. You should also be having a presentable physical address, and also acceptable and safe place of work.
  3. At the chosen bank, the branch manager will ask you questions in regards to your business to ensure it meets the minimal standards. You will then fill out a bank agent Application form to which you should attach a documentation of your business.
  4. 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 the operation.

Those are the steps that you need to follow in order to become a bank agent. Good luck!