How to be a bank agent: The advent of technology fueled by social distancing requirements in the wake of the coronavirus pandemic has sparked a rise in remote banking. This includes both mobile and agency banking.
Unlike years before, more people today have become aware that they can do all their banking by simply walking to a bank agent rather the traditional banking hall. Evidently, the rise of agency banking has also birthed new revenue streams for small and medium business owners
Today, you will be positioning yourself to reap from extra income as more and more Kenyans troop to agents by simply applying to become a bank agent. One of the best ways you can do this is by enrolling with a bank that already has a solid financial foundation, reputation, and ability to support your agency. And what better bank to get started with than the Co-operative Bank.
How Co-op Bank became a trailblazer with asset finance in Kenya
Currently, the bank has over 8.8 million customers with over 4. 4 million customers on the digital platform, M-Coop Cash. They have over 16,500 Kenyans living in the diaspora as their clients. The bank in partnership with various Saccos offers retail banking and related products through front-office service points (FOSAs) located at Sacco’s premises and to date 175 licensed Saccos have over 479 FOSA branches in operation. To date, over 164 SACCOs are enlisted in this partnership and over 1.18 million ATM cards have been issued to co-operative members. They also have the Coop Kwa Jirani agents with over 17,000 agents, internet banking customers who continue to grow.
The following are eligible to apply to become agents with the Co-operative Bank:
- Limited liability companies.
- Sole proprietorships.
- Partnerships
- Societies
- Co-operative societies
- State corporations
- Trusts
- Public entities
To apply to be a Co-op Bank Agent, you will need the following documents when you visit the Co-operative Bank branch for application:
- Certificate of good conduct (for the individual)
- PIN certificate
- Banks Statements if you are not a Co-op Bank account holder
- Business permits for the last 12 months
- Current business permit
- Certificate of registration
- Copy of ID or Equivalent
- Two passport size photo graphs
- Business Owners’/Directors’ CVs.
- CBK Form 3 & CBK Form 4 witnessed by commissioner of Oaths.
Corporates seeking to open agencies will need to provide the following additional documents:
- Audited books of accounts for the last two years
- Resolution to carry out agency banking.
- SASRA approval for FOSA’s
- VAT registration (where applicable)