Technology has made banking easier than before, creating more opportunities for individuals and businesses to make extra cash.
Unlike traditionally, when people were required to visit bank branches for banking services, today, over 80 percent of banking needs can be solved in just a tap of a screen or by simply visiting a bank agent, reducing the time taken in bank queues.
Although not all banks in Kenya have agency services, lenders such as the Cooperative Bank of Kenya have agents in various parts of the country, allowing their customers to access convenient banking solutions while also creating employment.
Currently, the bank has over 17,000 agents countrywide, popularly known as Co-op Kwa Jirani, which offer services such as cash deposit taking, cash withdrawals, school fees payments, utility payments, balance enquiry, and mini-statements, among others.
The agents appointed by the lender earn a commission based on the withdrawals, deposits, and utility bill payments made by customers.
Below is the amount of money earned by Co-op Kwa Jirani agents on withdrawals.
Co-op Kwa Jirani cash withdrawal charges and agent commission
|
Amount (Kshs) |
Charges (Kshs) |
Agent Commission
(Kshs) |
|
50-2,000 |
50 |
20 |
|
2,001-5,000 |
50 |
20 |
|
5,001-10,000 |
70 |
30 |
|
10,001-20,000 |
80 |
35 |
|
20,001-30,000 |
100 |
45 |
|
30,001-40,000 |
120 |
55 |
|
40,001-50,000 |
140 |
65 |
|
50,001-100,000 |
250 |
120 |
Why you should partner with Co-op Bank when importing goods from China
How to become a Co-op Kwa Jirani agent
To become a Co-op Bank agent, one is required to have an account with Co-op bank. The minimum balance of an agent is determined by one’s appraisal forwarded to the Co-operative Bank.
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)
