Report says Ugandans are ready for agency banking

A new report on a sector wide assessment of the opportunities presented by the Enactment of the financial institutions act 2016, indicates that 58% of Uganda’s adult population are potential users of agency banking. Citing an elaborate population interface with petrol stations, SACCOs, Pharmacies, Grocery shops, hardware shops and health centers, the reported authored by Financial Sector Deepening and Micro Save, adds that these for a strong platform for Agency Banking. However, among the foreseen challenges are bank product knowledge, handling of cash, power outages, working capital, security and loss of business identity for the bank.

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