Program · Fintech

FinReach Inclusion Program

Agent banking and mobile wallets bringing 480,000 people into the financial system.

Client: Union Bank
Industry: Fintech & Financial Services
Region: Sub-Saharan Africa
Year: 2023
Timeline: 2022 – 2023 · 22 months
Services: Business Development, Facilitation

Community banking agents meeting with customers

The engagement

Challenge

Union Bank’s branch network reached under a fifth of the population in its six target regions. Building branches to close the gap was not economic; the customers it would serve held balances too small to cover the fixed cost.

Approach

An agent-banking model using existing local merchants as the physical layer, with a mobile wallet as the account. The regulatory work — agent licensing, KYC at the agent tier, transaction limits — was the substance of the programme.

Agent network recruitment and training across six regions
Mobile wallet with tiered KYC matched to regulatory limits
Regulatory engagement on agent licensing and oversight
Financial literacy programme delivered through the agent network

Results

480,000 accounts opened across six regions in under two years, the majority to customers with no prior banking relationship. Agent economics proved self-sustaining at a fraction of branch cost.

Outcomes