High costs are a key obstacle to financial inclusions. These include the costs incurred by financial institutions to roll out infrastructure to service low income areas, with low value transactions and the costs incurred by the customer to access banking services. Globally, agency banking provides an efficient, cost effective way to extent banking services to a wider community.

Financial institutions can extend the reach of banking services and acquire new customers by taking advantage of the low cost banking features available on our agency banking solution. Luminus Agency Banking supports banks’ financial inclusion strategies to reach a new mass market with an affordable banking offering.

With our agency banking solution, our clients can access financial services such as payments, money transfers, withdrawals, deposits and prepaid through registered agents. In addition, managed agents increase sales capacity by offering account opening services within in reach of the target customers.

Mobile or community stationed agents make use of integrated POS or mobile phones to offer financial services on behalf of the banks. Banks are able to effectively manage the service offering and associated risks using the agent profile management features of Luminus Agency Banking.